Mercer will name a new head of its institutional and wealth business in China after Leo Shen left the investment consultancy late last month, while private markets specialist Valerie Wong has also moved on, a spokeswoman for the firm said.
Shen, who had been China wealth business leader in Shanghai since joining in February 2019, resigned for family reasons and left on December 25, the spokeswoman told AsianInvestor.
Until Shen’s replacement is appointed, Catherine Li, Mercer’s chief executive for China, and Janet Li, Asia wealth business leader, will oversee the firm’s mainland business.
Wong’s last day with Mercer was November 30, the spokeswoman said, declining to comment on whether she had been or would be replaced or how her responsibilities were now being looked after.
Wong had joined the firm as principal on the alternatives team in Hong Kong in January 2018. She told AsianInvestor she was seeking another opportunity.
Mercer integrates its advisory business for both institutional and wealth management and institutional clients in a combined wealth division.
According to Shen’s LinkedIn page, he had advised sovereign wealth funds, insurance companies, pension schemes, banks, wealth managers and family offices in China on investment processes, asset allocation, portfolio management, risk, ESG and manager selection for domestic and overseas investment.
He had also been responsible for sales and marketing of offshore fund-of-fund products in China to institutional investors.
Shen had been appointed a consultant by a Chinese sovereign wealth fund and regulator on offshore investment and pension reform and remains an adviser to the China pension management committee of the Insurance Asset Management Association of China, his LinkedIn page shows.
Before joining Mercer, he had previously worked at Rongtong Global Investment, Century Fortune Investment Management and Morgan Stanley.
Shen could not be reached for comment.
Wong, meanwhile, had sourced primary, secondary and co-investment opportunities in Asian private equity and private debt, and advised institutions on allocation to alternatives, sourcing of investment opportunities and post-investment monitoring, her LinkedIn page shows.
Previously, she had been a director of group investment at Hong Kong-based insurer AIA, with a focus on external managers and alternative investments. Her other employers include Vision Investment Management and JP Morgan.
This story has been updated to show that Wong is seeking another opportunity.