Schroders has appointed a deputy head of multi-asset investments for Asia, in line with a growing trend for asset managers to build their asset allocation expertise in the region, AsianInvestor can reveal.

Keiko Kondo, who previously worked at UBS Asset Management, will start in the newly created role at the UK firm on October 23 and report to Patrick Brenner, head of multi-asset investment for Asia.

Based in Hong Kong, Kondo will help manage target-return portfolios in Asia and contribute to Schroders’ global investment process.

At UBS AM, Kondo was a managing director and senior portfolio manager for multi-asset portfolios and had been with the firm since April 2004. UBS declined to comment on her replacement.

Prior to joining the Swiss firm, she held roles at Merrill Lynch, JP Morgan and UFJ Tsubasa Securities.

Kondo’s appointment follows the hire of Jason Yu, formerly with UK firm Standard Life Investments, in June as head of multi-asset product for North Asia. This followed the departure last year of Vincent Chan, formerly Singapore-based head of multi-asset product strategy for Asia.

Schroders had earlier said it was looking for a South Asia head of multi-asset product as well, but a spokesman said the firm had no further update on this at present.

Johanna Kyrklund, global head of multi-asset investments, said in a statement on Kondo’s appointment: “Our multi-asset business continues to grow in Asia and we are seeing increasing demand from investors for multi-asset outcome-oriented solutions.” 

Schroders joins a slew of companies, such as Aberdeen, Franklin Templeton, Pictet Asset Management and Allianz Global Investors, which have been bulking up or building multi-asset teams in Asia.

The multi-asset investment space in Asia has seen several major personnel moves this year, which recruiters have said indicate robust demand—and salaries—for talent in this high-demand area.

Indeed , UBS AM hired Rob Worthington in July from JP Morgan AM as Asia-Pacific head of investment solutions specialists to strengthen its multi-asset capabilities.

Schroders’ multi-asset business has some $82 billion of assets under management and employs around 85 investment professionals globally.