Manulife Wealth and Asset Management has hired Margaret Madden, a 17-year veteran of Fidelity International, as Asia head of product development, AsianInvestor can reveal.

Her predecessor was Elka Leung, who left Manulife in November to join JP Morgan Asset Management as Asia-Pacific head of product development. She had been in the role for around four-and-a-half years, according to her LinkedIn page. 

Based in Hong Kong, Madden started in the new role on April 24 and is responsible for establishing product development and management processes and fostering product ideas, said a spokeswoman in an email.

  Margaret Madden

The spokeswoman could not give details by press time on whom Madden reports to or the size of the product development team.

She had been with Fidelity in Hong Kong since September 2004 and before that worked as director of European business development at Fidelity Investments in the UK. Fidelity declined to comment on whether she had been replaced.

Madden has also worked at HSBC Asset Management.

Meanwhile, Manulife WAM is working to build out its China business. For example, it struck a landmark investment partnership with China Life, the biggest mainland insurer, in May.

In addition, Michael Dommermuth, Asia head of asset and wealth management at Manulife WAM, said in March it was moving its China institutional sales team from Hong Kong to Shanghai. He was speaking to AsianInvestor shortly after the firm won a licence to set up an investment company wholly foreign-owned entity.