Tribunal upholds fraud verdict against ex-Citi Asia staffer

BlackRock cuts to hurt Asia less; Malaysia's PNB names new CIO; Merian appoints HK sales head, global CEO; Sanne opens Tokyo branch; AllianzGI replaces Asia general counsel; and more.

Fullerton creates PE team, replaces sales chief; SoftBank adds head of real assets; HK SFC tipped to ramp up enforcement action; Vanguard moves insto head; Manulife AM poaches from Mercer; UBS WM names Asia co-heads; BNP Paribas WM appoints China co-heads.

The Asian insurance giant has named a well-known industry figure to the role previously held by Benjamin Deng, adding to a list of recent investment staff changes in the sector.

Some insurance firms are shifting money from pooled funds into separate accounts to dampen the higher profit-and-loss volatility expected to result from a new reporting standard.

The Hong Kong group has appointed Willis Towers Watson as an outsourced chief investment officer to invest its pension funds, sources familiar with the arrangement say.