After less than two years running the Asia-Pacific business of UBS Global Asset Management, Kai Sotorp is leaving Hong Kong to run Manulife Asset Management’s global wealth and asset management business.
This is the second recent high-profile departure from UBS Global AM. On May 14, AsianInvestor reported that Scott Keller, who ran pan-Asia distribution at the Swiss firm, left to join T. Rowe Price as its regional head of global investment services.
Sotorp is moving to Toronto to serve as president and chief executive of Manulife AM and global head of wealth and asset management, effective July 1. He replaces Jean-Francois Courville as president and CEO, who left that role in January 2013, whlie the global wealth and AM post is a newly created one.
Sotorp will report to Warren Thomson, chairman of Manulife AM, with a remit to expand the $269 billion firm’s global presence. Thomson previously ran fund, pension and investment operations on an interim basis.
Sotorp joined UBS Global AM in September 2012 to replace Christof Kutscher, who had retired. In Hong Kong he oversaw a $120 billion book of business.
Sotorp had worked in a variety of roles, notably in Chicago running the Americas and also running its Japan operation.
It’s thought that Sotorp will be with UBS until the end of June and that the firm is considering its options for a replacement. The fund house declined to comment.