Prudential Corporation Asia has announced new appointments in its regional funds business. Mark Toh has been named regional head of partner relationships for Prudential Asset Management and non-executive chairman of Prudential Fund Management Berhad (PFMB). Thomas Cheong has been named CEO of PFMB, taking over the role previously held by Toh for the past nine years. Both Toh and Cheong report to Arne Lindman, Hong Kong-based CEO for funds in Asia.
In his new role, Toh splits his time between Singapore and Malaysia. He is responsible for building and strengthening relationships with global and regional bank distributors, maintaining close relationships with Prudential's life insurance businesses in Asia and spearheading a number of regional strategic initiatives to grow Prudential's fund management business in Asia.
Toh has more than 30 years of experience in the financial services sector, many of which have been with Prudential. He became CEO of PFMB in 2000, where he was instrumental in launching a number of innovative products for Malaysian investors, including the first guaranteed fund, the first absolute return fund and the first offshore funds in Malaysia. It is also under his leadership that PFMB became the worldwide hub for all of Prudential's Islamic investments.
Kuala Lumpur-based Cheong, meanwhile, is responsible for developing the strategy to further grow the Malaysian funds business as well as developing and maintaining relationships with key customers, distributors and regulators in this market. He has been with Prudential for nine years.
Cheong joined PFMB from Citic-Prudential Fund Management, the joint venture fund management business of Prudential Corporation Asia and Citic Group in China. Most recently, he served as interim CEO of that business, after serving as COO and CFO for the past five years. He previously held other senior roles at Prudential Corporation Asia and in Prudential Assurance Corporation Singapore, the Singapore life insurance business.
Prudential Corporation Asia comprises the life insurance, asset management and consumer finance operations of Prudential plc in Asia.
Prudential's fund management business is one of Asia's largest, with $68 billion in assets under management and operations in 10 markets: China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and the United Arab Emirates. A joint venture in Saudi Arabia is underway. The company's presence in Asia began in 1997 when it formed a fund management JV with India's ICICI Bank.