CIC appoints new board chairman
China’s sovereign wealth fund hired Li Xiaopeng as chairman of the board of supervisors on Monday. He replaces Jin Liqun.
Li previously served as senior executive vice president of the Industrial and Commercial Bank of China, where he was employed since 1984.
The China Investment Corporation’s board of supervisors is responsible for overseeing the company's accounting and financial activities, and also monitors the ethical conduct of the board directors and senior executives.
It still remains unclear who will be the CIC new chairman after former head Lou Jiwei became finance minister in March.
While Tu Guangshao, vice mayor of Shanghai, was the front runner to replace Lou, recent Chinese media reports suggest Tu will not fill the post now.
According to the CIC’s website, Lou is still chairman and CEO of the CIC.
Credit Suisse exec joins JP Morgan prime services sales
Former Credit Suisse executive David Leahy joined JP Morgan as managing director and head of Asia-Pacific prime services sales.
Leahy, based in Hong Kong, will lead the Asian sales effort for its prime brokerage business, which is overseen by Neil Hounslow.
Leahy reports to Laurence Bailey, Asia Pacific head of investor services.
Both Hounslow and Leahy stem from Swiss bank Credit Suisse, with Hong Kong-based Hounslow previously Asia-Pacific head of flow financing until late 2011. Leahy joins from Credit Suisse’s London office where he held several senior roles within prime services, including head of hedge fund and institutional coverage for in EMEA. He was with Credit Suisse for nine years.
A spokesman says that Leahy’s role is newly-created, although declined to comment further about the platform.
A number of other banks are bulking out their prime brokerage businesses in the region. HSBC just brought in directors Jean-Paul Linschoten and Adrian Harrison in prime services sales; while RBS named David Gray head of prime services and client execution for the Asia Pacific.
HSBC promotes director, PM
HSBC Global Asset Management announced two promotions in its Asia team.
Sanjiv Duggal, currently investment director in Singapore and lead manager of the HGIF Indian equity fund, has been appointed head of Asian and Indian Equities and will be based in Hong Kong.
He will continue to manage the HGIF Indian equity fund, and report to Bill Maldonado, regional chief investment officer for Asia-Pacific and global strategy CIO.
Viresh Mehta, formerly a senior portfolio manager for the HGIF Indian equity fund, also in Singapore, will relocate to Mumbai as head of equities for HSBC GAM India. Mehta will report locally to Tushar Pradhan, India CIO and functionally to Duggal.
The two appointments, which are subject to regulatory approval, are said to be newly-created.
“We generally believe it is best, where we can, to have our investment analysts located within the markets they cover,” says a spokesman for the bank. “This brings benefits in terms of proximity to companies and local insight.
"This new structure gives us the advantage of having more of our team on the ground in India, while retaining [Duggal’s] insight and expertise in Indian equities and fulfilling our regulatory commitments in terms of the fund’s structure,” the spokesman adds.
Pioneer hires UBS head of sales
UniCredit subsidiary Pioneer Investments hired Paul Bolinowsky as Australia country manager as part of its expansion efforts across the Asia-Pacific region.
Reporting to Jack Lin, Asia and Middle East head, Bolinowsky will be based in Sydney and is responsible for promoting the group’s funds to the Australian superannuation industry, as well as other large public and corporate institutions.
Bolinowsky joins from UBS Global Asset Management Australia, where he was most recently head of institutional sales until late 2012. Bolinowsky’s role at UBS has since been absorbed by Ben Heap, head of Australia and New Zealand.
A spokesman for Pioneer says that the role is newly-created and forms part of Lin’s five-year plan to expand its Asia business.
Lin came on board mid last year from Janus Capital, and was brought into the group to boost its Asian assets and broadening its distribution network. As reported last November, Martin Park is now sales director for Korea, Hiromi Wada as the company’s Japan representative and Matthew Marks is institutional sales director for Asia.
By March this year, Pioneer’s AUM rose to $214 billion from $189 billion in mid-July last year. International AUM, which includes Asia, currently accounts for 9% – a rise of 3% from mid-July.
Eastspring names head of retail sales
Prudential-owned Eastspring Investments has made a number of regional promotions, all effective in May.
Koh Hui-Jian was appointed to head of retail sales, a newly-created position. She will oversee the group’s entry into the UK and Europe wholesale market, as well as carry on with her prior responsibilities as head of retail sales for Singapore and Hong Kong. Koh reports to Guy Strapp, CEO.
Additionally, Caron Ng has been promoted head of retail sales for Singapore, and reports to Koh. Caron joined the business in May 2011, and was most recently assistant director.
Last month, Eastspring promoted its Vietnam chief executive Henk Ruitenberg to head the firm’s expansion plans for retail and institutional investors in the UK and Europe, to be based in Luxembourg, as reported.
In addition, Beonca Yip, who was previously head of retail, left the organisation last month to pursue personal interests. Although holding the same title, a spokeswoman denied that Koh comes to replace Yip, as Yip had marketing responsibilities, while Koh is solely focused on retail sales.
Aviva appoints Lim head of Asia Pacific business development
UK-based asset manager Aviva Investors appointed Lim Beng Eu Asia Pacific head of business development.
In the newly-created role, Lim will oversee financial institution and institutional sales, and will also head Aviva’s client service and marketing teams for the region. He reports to Pat O’Brien, CEO Americas and Asia Pacific.
Previously Lim solely oversaw institutional sales.
Another relatively newcomer is Lye Peixian, who joined the Asian institutional team last October as a business development associate from fund house Capital International.
Abu Dhabi Bank promotes Watts to GM, CIO
The National Bank of Abu Dhabi (NBAD) has promoted Mark Watts to general manager, head and chief investment officer of the group’s asset management arm.
In his new role, effective May, Watts’ responsibilities include overseeing NBAD’s segregated institutional business and mutual funds. He also serves on NBAD’s mutual fund and REIT boards.
Watts joined the bank in 2010, and was most recently head of fixed income, where he oversaw the launch of the Cautious Income Fund and Sukuk Income Fund.
He will continue to head the fixed income division, with the support of two fund managers and a team of research analysts, according to a spokeswoman.
As of March 2013, NBAD’s assets under management are AED6.15 billion ($1.67 billion).
Watts replaces Alan Durrant, who departed from the group after nearly four years at the bank. According to LinkedIn and UK media reports, Durrant is currently at London-based boutique house Harwood Capital, where he is chief executive officer of the newly-launched Harwood multi-manager funds.
LaSalle hires Morgan Stanley director COO
Property specialist LaSalle Investment Management has appointed Tiziana Galassini as chief operating officer and head of product development for its client capital group division, effective this week.
Galassini, based in London, will work with the group’s fund managers and fund-raising executives around the world, including in Asia, although no one from the region will report to her.
She reports to Jon Zehner, client capital group’s global head.
Glassini joins the group from Morgan Stanley in London where she was most recently executive director in its real estate banking and advisory team.
Other people moves reported by AsianInvestor in the past week: