SSGA loses heads of equity solutions and compliance

State Street Global Advisors is in the process of replacing its Asia heads of both global equity beta solutions and compliance, David Chai and Daisy Won, AsianInvestor can reveal.

Following Chai’s departure last month, SSGA is conducting an internal and external search for the Hong Kong-based role overseeing equity index investment for the region, said a company spokeswoman. Susan Darroch, head of global equity beta solutions for Asia-Pacific ex-Japan, continues to oversee the team.

Chai had been with the Boston-based firm for 16 years, having joined in Australia in May 2001 as a portfolio manager in the global structured products group. In 2006, he relocated to Hong Kong to take up his most recent post, in which he oversaw. Chai previously worked at Commonwealth Investment Management as a portfolio manager in the index and transition team. 

Meanwhile, Won left SSGA in May after nearly five years with the firm, and her replacement as Asia ex-Japan head of compliance will join shortly, the spokeswoman told AsianInvestor. Before Won moved to the US firm, she had worked at AIG Investments, Manulife, Hong Kong Monetary Authority and Morgan Stanley.

AsianInvestor could not ascertain what Chai would be doing next. Won is now an independent compliance professional, according to her LinkedIn page.

Meanwhile, SSGA has hired Lee Sing-Yin in Singapore as client service manager covering Southeast Asia. She joined from Western Asset, a bond fund house that is part of Legg Mason, where she was a client service associate for five years covering institutional clients in North and Southeast Asia. Prior to this, she worked as a senior analyst in Mercer’s investment consulting team in Singapore and Malaysia for five years.

The personnel changes comes as SSGA is in the process of hiring a new head of South Korea in Seoul, as it considers upgrading its office there to a subsidiary, as first reported by AsianInvestor. Obtaining such a licence would allow it to conduct commercial activities there.

At present the firm has a chief Korea representative, who provides client liaison and support to the local institutional customer base