Mainland-backed boutique bank Reorient Group has hired former State Street Global Advisors (SSGA) Asia head Ting Li as co-CEO.
Li joined the bank this week, according to regulatory filings.
Li was previously head of Asia ex-Japan at SSGA, and resigned earlier this summer after spending 14 years at the firm. SSGA has not yet announced a replacement for LI.
In a filing to the Hong Kong Stock Exchange (HXEx), Hong Kong-based Reorient said that Li joined the bank as co-chief executive on Tuesday (August 25). Brett McGonegal, formerly sole chief executive, is now Reorient’s other co-CEO.
In the HKEx filing, Reorient said that Li would be paid an annual salary of $800,000.
In June this year, Reorient shares surged by more than 150% after it revealed new investors, including Jack Ma, founder of Chinese e-commerce giant Alibaba. YHFL Financial Holdings, in which Ma has a 40% stake, bought 56% of Reorient.
Reorient has been expanding in recent years, and in 2013 it gained a US broker-dealer licence, which it planned to use to create new distribution channels for public stock transactions and China-focused research.
Reorient acquired one-third of Seoul-based EQ Partners, a private equity firm with $800 million in AUM, in February 2013.
Li joined SSGA in 2001 and worked in risk management on the US fixed income trading desk, fixed income investment, Asia-Pacific risk management, product development and China market development.
Earlier in her career, Li worked for China Construction Bank and Korea Exchange Bank in China.
At AI Week in May, Ting Li told AsianInvestor how SSGA, her then-employer, was handling the RQFII quota it had recently been handed by Chinese regulators.
McGonegal joined Reorient in 2011. Prior to that he was a managing director at Cantor Fitzgerald HK Capital Markets and co-head of the equity sales and trading desk. Prior to Cantor Fitzgerald, he managed the institutional IPO business for Charles Schwab Capital Markets as a senior managing director and also helped form E*Trade’s capital markets institutional sales and trading businesses in New York.