Principal International has hired former chief executive officer at Invesco Hong Kong to head up its Greater China asset management business. Chan takes on a newly created role as vice president, head of Greater China.

She returns from two years out of the industry with a remit to expand PrincipalÆs assets in the region as well as its asset management operation, with a particular focus on taking advantage of pension and fund management reforms.

Rex Aeyeung, senior vice president and chief executive Asia, says: ôThis move reflects our long-term commitment to the region through strengthening our asset accumulation and asset management capabilities, which comprise of pre-retirement accumulation, post-retirement payout, mutual funds and institutional asset management.ö

In Hong Kong, PrincipalÆs business includes MPF funds established in 1996 and retail funds distributed through the companyÆs bank network. Its China business so far includes a joint venture with China Construction Bank set up last year and, according to a source at the company, plans to pursue a role in the countryÆs burgeoning pensions market, with enterprise annuity a particular focus.

Principal has not yet developed its business network in Taiwan, though the source says this is a target in the firm's aggressive strategy to grow in the Greater China region.

Chan has 16 years of industry experience covering mutual funds, institutional asset management and pensions including Orso and MPF.

Prior to her last position at Invesco Hong Kong, she worked at companies including Swire Group, Price Waterhouse, KPMG and the Securities and Futures Commission of Hong Kong.