RCM Asia-Pacific says it has hired Elvin Yu to become its new head of business in Hong Kong. Previously, Yu had been a head of institutional business for Asia ex-Japan at Baring Asset Management since 2005. But then, late last year, Baring unwound its alternative portfolio and disbanded its institutional sales team in the region, with CEO Gerry Ng taking up the responsibilities himself.

Yu started work at RCM yesterday and will be responsible for the development and promotion of RCM's global, regional and Hong Kong institutional capabilities. In Hong Kong, the institutional bracket also includes the company's mandatory provident fund and ORSO pension services, where RCM says it envisages strong growth in the coming years. Yu will have additional responsibilities in managing RCM's client services team.

Yu is taking up a function that has previously been performed by Mark Konyn, CEO of RCM Asia-Pacific himself, and assisted by former relationship manager Mark Chan who left for JP Morgan about two years ago. Sources say Konyn has been searching for a candidate to fill the role for over a year until Yu came on board.

"This is a new position," Konyn says. "We have been considering this step for sometime but only began the search in the first quarter. It has taken time to find the right candidate who shares the ambition to grow the Hong Kong business and who has significant experience in Hong Kong and in the region." The hire is in recognition of the growth of the business in Hong Kong, he adds.

Prior to his time at Baring, Yu had spent about eight years working for Axa Rosenberg. His last title with Axa Rosenberg was associate director for institutional sales.