The former Asia head of Old Mutual Global Investors (OMGI) has joined Ping An Asset Management in Hong Kong, as part of the Chinese firm's international buildout, AsianInvestor can reveal.

Carol Wong started in September as managing director for institutional business development at the firm, which is the fund management arm of China’s second largest insurer by assets, Ping An. Her remit will also cover private banks and family offices, AsianInvestor understands.

Wong's regulatory licence for Ping An AM became effective on October 4, according to Securities and Futures Commission records.

Carol Wong

Ping An AM declined to specify a number for the size of the business development desk, which it started building up earlier this year after adding several senior investment professionals over the preceding months.

Wong had overseen sales for Asia at OMGI but left the UK firm – which was renamed Merian Global Investors this month – in July, amid cutbacks it made in the region earlier this year.

She had joined in November 2013 and before that had worked at BNP Paribas Asset Management.

PING AN AMBITIONS

Ping An AM is keen to build its third-party distribution network for its products, including private credit, private equity and hedge funds. The firm's assets under management largely comprise the investment portfolio of its parent insurer, but it is looking to expand its client base of institutions and intermediaries.

Tung Hoi, co-chief investment officer of Ping An Insurance and chairman and chief executive of the group's overseas insurance business, had told AsianInvestor in May: “We are mainly aiming to manage Chinese capital in Hong Kong – that’s the design of this business model." 

Over the past two years Ping An has been building its international asset exposure and growing the client base of its asset management arm outside its domestic market and has been aggressively expanding its investment capabilities in Hong Kong.

Moreover, Ping An AM has been ramping up its quantitative investment capabilities for both its parent insurer’s general portfolio account as well as for its third-party client business.

Joe Marsh contributed to this story.