The Hong Kong head of unit-linked business at UK insurer Prudential has quit for a new role which will start in December, AsianInvestor has learned. Donald Chan's departure is believed to have led to a team restructuring.
The fund selection function for Asia will now be led by CY Foo, director of external funds at Prudential Asset Management in Singapore. Two colleagues at Prudential Hong Kong’s marketing team will assist Foo on product selection, say industry sources.
Sources also said that the plan is to combine Chan’s unit-linked team with another insurance product team as part of the restructuring.
Chan, who resigned in August, had been responsible at Prudential for developing business strategies for unit-linked products (ULPs), universal life and high-net-worth business. The latter involves trust and tax planning, and providing high-end medical and other insurance products.
Chan’s team of six oversaw fund selection for ULPs – insurance plans with a fund component – and provided sales training to agents and marketing support to product launches.
Prudential declined to comment except to confirm that Chan had left.
He will join a newly set up firm in Hong Kong in December, but declined to disclose its name. The company will be providing asset management services (via mutual funds and other investment vehicles), insurance brokerage services, overseas investment immigration plans and high-net-worth client services.
The venture, which is backed by well-established firms, will form strategic partnerships with banks and brokers in China. It will use the Hong Kong-China mutual recognition fund scheme to provide funds to Hong Kong investors, and vice versa, and distribute funds via the brokerage unit.
Chan had joined Prudential Hong Kong in 2013 from Hong Kong-based insurer AIA, where he was head of unit-linked business for Hong Kong and Macau. He was at AIA for 10 years from 2002 to 2013.