Value Partners’ management team has seen two more departures in the aftermath of a recent leadership reshuffle at the Hong Kong-based fund house, AsianInvestor has learned. The duo in question are Lai Voon-San, managing director of robo-advisory, and Albert Teoh, managing director of China business.
The departure of Teoh, who has been with Value Partners since 2011 and most recently oversaw business development for China, may raise questions over the firm's mainland strategy.
It received a licence in March to set up an investment management wholly foreign-owned enterprise (IM-WFOE) in China, its second mainland WFOE – the first being an advisory unit set up in 2011.
Lai had been with Value Partners since 2013 and had also served as deputy chief executive and senior fund manager in the past, according to his LinkedIn page. He has also worked for Oppenheimer Investments and MF Global.
An industry source said Lai and Teoh had left in June, but a spokeswoman for Value Partners declined to confirm the date or whether they had been replaced.
The latest departures follow several others this year amid a management overhaul initiated by new CEO Au King-Lun, who took over in December 2016, replacing former chief Timothy Tse.
Au subsequently brought in Wayne Shum, a former colleague at BOCHK Asset Management, as his new head of sales, as first reported by AsianInvestor.
Raymond Tam, former deputy chief executive and head of sales, and William Chow, former head of exchange-traded funds, both moved on in February. Other individuals to have exited include Jasmine Hung from the institutional sales team, investment analyst Andrew Lai and head of marketing Anne Lui.