Fidelity Investments is localizing its Taiwan business by hiring native Tung Tai-chin to head its business there. Tung has recently joined the firm from the United States, where she has worked for 25 years in the investment management industry, most recently as CFO and head of offshore product development at Charles Schwab's asset management business.
She will replace Patrick Shea as country head and managing director. Shea leaves at the end of the year for London, where he will serve as head of the 150-person institutional client service and operations team. Tung will report to regional CEO Brett Goodin in Tokyo.
Shea had been in Taipei for two-and-a-half years, before which he ran Taiwan from Hong Kong, where he had served as COO for three years. His main goal during this tenure in Taiwan was to build the local management team and take advantage of the infrastructure the firm had laid, such as its global funds network. The firm had initiated a recruitment search for a native Taiwanese to run the business in January.
Once he arrives in London, Shea's main task will be to implement a new, multi-currency defined-contribution service platform for the UK business that will enable the firm to both prospect for, acquire and transition new DC clients, as well as provide client service and operational support. Eventually the firm may roll out this platform to other markets outside of the United States, including Hong Kong.