State Street Global Advisors (SSgA) continues with an internal reshuffle, appointing Singapore-based Hon Cheung to a newly created role as regional director of the official institutions group in Asia.

SSgA has also named Cecilia Chin in Hong Kong as head of client service across Asia ex-Japan. Previously, Chin was head of sales and marketing for SSgA in North Asia and her appointment comes as the firm looks to centralize its sales and client service roles across the region.

The appointments follow the relocation of Lochiel Crafter, its chief investment officer for Asia-Pacific, from Sydney to Singapore to be closer to Asian clients. Both Hon Cheung and Cecilia Chin report to Bernard Reilly, senior managing director at SSgA Asia in Hong Kong.

This division of SSgA oversees investment management services provided to large entities such as central banks, government agencies and monetary authorities. Established in 2000, the official institutional group is run out of London and now comprises of four dedicated staff members there.

According to Reilly, the formation of the Asia official institutions group was driven by the different investment demands of central banks and monetary authorities as opposed to pension funds and by the exponential asset growth of government institutions.

ôInstitutions like central banks, government agencies and monetary authorities have different return objectives and time frames to pension funds, which was really the catalyst in forming this group,ö says Reilly. ôAs the amount of official assets in Asia continues to grow, the timing was right to have a dedicated person on the ground.ö

In his new role, Cheung will receive support from SSgAÆs existing fixed-income and equities team and from the official institutions group in London. He will report to the Hong Kong-based Reilly and to John Nugee, managing director and head of the official institutions group in the United Kingdom.

Cheung brings a total of 19 years of investment-industry experience to his new role and was a key player in the development of SSgAÆs Pan Asia Bond Index Fund, which was the first income ETF in Asia and sponsored by many of the institutions that Cheung will be dedicating his energy towards. Prior to accepting this newly created position, Cheung was managing director of SSgAÆs Singapore business.

CheungÆs current position will be taken over by Wang Sheau-Yien. As managing director of SSgAÆs Singapore business, Wang will also report directly to Reilly. In addition to these responsibilities, she will also serve as head of sales for Asia ex-Japan. Wang joined SSgA seven years ago and has had responsibility for business development and client service for Southeast Asia.