Fan Yonghong quits China Asset Management
One of the founders of China’s largest fund house has exited after 15 years with the firm.
Fan Yonghong told Chinese media via a text message that he resigned as deputy chairman from China Asset Management last week, according to the 21st Century Business Herald.
China AMC had removed Fan’s name from its online product prospectus as of Monday, but declined to comment on the departure or whether he would be replaced.
China AMC opened its doors in 1998. Assets stood at Rmb240 billion ($39 billion) at the end of March.
Speculation began in 2011 that he was set to leave. He resigned from the role as general manager in May 2012 but remained as deputy chairman.
Allianz GI names new Korea CEO
Allianz Global Investors has named Eugene Eun Soo Chung as chief executive of its Korea division to replace Wonil Lee, who left in February. Lee is taking time off.
Subject to board approval, Chung will start on June 17. He was most recently CEO and president at KyoboAxa Investment Managers, a Korean joint venture.
Chung previously spent seven years at Allianz GI, holding the CIO title from 2001-2006. From 1999-2000, he was head of fixed income portfolio management for Allianz Insurance, its subsidiary.
Chung reports to Douglas Eu, head of Allianz Global Investors’ business in Asia Pacific.
“[Chung] brings with him more than 20 years of experience in different areas of the financial industry – securities, insurance as well as asset management,” Eu tells AsianInvestor.
Eu says the firm is targeting pensions, life insurance companies and banks, which are mostly interested in alternative and offshore investment funds. He also notes that Allianz aims to launch 12 new retail products soon, but declined to go into any detail.
Arnaud Carcel, most recently deputy CEO and COO at KyoboAxa Investment Managers, is taking over Chung’s position.
Manulife promotes Nutting in HK
Canada-based Manulife has promoted Lawrence Nutting to chief distribution officer for Hong Kong at its insurance arm Manulife (International), effective May 17.
Nutting oversees the distribution channels in Hong Kong, covering agency force and independent distribution, which includes banks, brokers and independent financial advisers.
He was most recently general manager of JV Manulife-Sinochem in Shanghai. He first joined the JV in August 2004 as vice president for China agency development, managing the sales team.
Nutting started at Manulife in January 2003 as assistant vice president for regional agency development and training.
He replaces Emil Lee, who had held the role of chief distribution officer since late 2011. AsianInvestor could not ascertain what Lee's future plans are by press time.
Manulife-Sinochem will replace Nutting in Shanghai, but declined to give more details.
HK SFC makes advisory appointments
Hong Kong’s Securities and Futures Commission has announced several appointments and rehires to its advisory committee for the next two years, effective June 1.
Mark Shipman, Hong Kong-based global head of the investment funds practice at law firm Clifford Chance, joins the advisory committee, and will serve a two-year term through May 31, 2015.
Other appointments include Au King-lun, CEO at Bank of China Hong Kong Asset Management and Vincent Duhamel, head of Asia at private banking and asset management firm Lombard Odier.
SFC executives on the committee include chairman Carlson Tong, CEO Ashley Alder and executive director and deputy CEO Alexa Lam.
The committee, which advises the SFC on regulation and policy matters, comprises 12 members. This year, six new members joined, while the rest were re-instated.
Citi plans more international Asian desks
US bank Citi has announced plans to open six more Asian desks by June 2014 to serve the region's corporate clients around the world, bringing the number of Asia-focused desks to 25.
The new desks will include four China desks across Africa, Latin America, Russia and Southeast Asia, and two Korean desks, also in Southeast Asia and Latin America.
They will support and advise Citi’s Chinese and Korean clients across a variety of areas, including corporate banking, investment banking, local debt raising, foreign exchange, cash management and trade finance.
At the moment, Citi has seven China desks in London, New York, Algiers, Dubai, Johannesburg, Singapore and Hong Kong, and six Korea desks, in New York, Bratislava, Moscow, Beijing, Chennai and Shanghai.
Instinet adds sales executives
Instinet, the agency broker and equities execution arm of Nomura, has made a number of appointments and hires.
Karan Wadhera becomes head of regional sales trading, and Joe Hancock executive director on the same team. These two appointments come after the migration of all Nomura’s equities trading business, including its high-touch sales trading, programme trading and electronic trading, to Instinet.
Other changes include Shaun Bramham, previously COO of Nomura’s Asia ex-Japan equities business, getting promoted as Instinet’s Asia Pacific head in March. His predecessor Glenn Lesko returned to the US this month after being promoted to global head of client strategy and US international product and sales.
Previously Wadhera was head of sales trading for Nomura India, while Hancock most recently worked at Mirae Asset Securities before joining Instinet.
“We expect to make further additions to our sales trading team over the coming months,” Bramham says.
Following Nomura’s migration, Instinet will gain access to clients in new markets such as Malaysia, Thailand, Taiwan, Indonesia and India. Previously it covered Hong Kong, Singapore and Australia.
Martin Currie appoints investment manager
UK asset manager Martin Currie hired Damian Taylor as investment manager on its Asian equities team.
Edinburgh-based Taylor, who starts in early July, will report to Andrew Graham, investment director and head of Asia.
Previously Taylor was chief financial officer for Rocketer, a specialist IT business in London, and before that, an investment director at private equity firm Boundary Capital. He began his career at Goldman Sachs before moving over to Morgan Stanley.
Other people moves reported on AsianInvestor this week: