SCHRODERS' STAFF CUTS TO AFFECT ASIA
UK asset manager Schroders is cutting about 5% of headcount globally in a move that will affect its Asian business across the board, including distribution, investment and back-office staff.
The firm had some 5,000 employees globally as of March this year, which suggests around 250 will be leaving.
A spokesman for Schroders said the cost reduction programme was taking place across functions in the group, but did not elaborate on the scale of the planned cuts in Asia.
"Asia remains one of the key growth areas for the group, and we are looking at realigning our resources in the region to allow us to continue to invest in areas of strategic growth, consistent with our strategy to grow within our core businesses, private assets and moving closer to the end consumer," he added.
SSGA'S ASIA HEAD OF PORTFOLIO STRATEGISTS EXITS
Johnnie Yung has left his role as head of portfolio strategists for Asia ex-Japan at State Street Global Advisors. His Hong Kong regulatory licence with the US fund manager ended on November 26.
A spokeswoman told AsianInvestor that SSGA was recruiting a replacement for the Hong Kong-based role. In the interim, Yung’s responsibilities will be covered by other portfolio strategists globally and Mark Hui, Hong Kong-based head of global equity beta solutions for Asia ex-Japan.
AsianInvestor was unable to ascertain Yung’s next move.
BNY MELLON IM’S GREATER CHINA INSTITUTIONAL HEAD LEAVES
Jessie Zhang, formerly head of institutional distribution for Greater China at BNY Mellon Investment Management, left the US firm on November 21.
Eric Yu, previously vice president for institutional distribution, will now oversee institutional business for China and Hong Kong, a company spokeswoman said.
Yu’s new title is head of China for institutional distribution. He continues to focus on the Greater Bay area and takes on additional responsibility for China and Hong Kong institutional distribution, she said.
AsianInvestor could not ascertain Zhang’s next move.
CHINA EVERBRIGHT CIO TO DEPART
James Pan is to leave his Hong Kong-based role as chief investment officer at China Everbright, AsianInvestor can confirm. He heads the asset manager's real estate funds, institutional sales and financial platform business.
An announcement on this move will be made through official channels in due time, a company spokesman said, without elaborating further.
PING AN AM CIO EXITS
Larry Zhang, the Shanghai-based chief investment officer and deputy general manager of Ping An Asset Management, has left the company, according to two sources familiar with the situation.
Zhang had joined the firm, part of Chinese insurance group Ping An, in January last year to lead its quantitative investment team. He was previously the head of public equities at sovereign wealth fund China Investment Corporation.
Ping An declined to comment on his departure. AsianInvestor could not ascertain Zhang’s next move.
KOREAN HEDGE FUND CLOSES HK OFFICE
Growth Hill Asset Management, a Seoul-based hedge fund firm that invests in Asian equities, has closed its Hong Kong branch following client redemptions, a well-placed market source told AsianInvestor.
Jason Jaewon Oh, who had headed the Hong Kong branch as an investment director, is understood to be among the departures from Growth Hill. He declined to comment when contacted by AsianInvestor.
The company set up the office in early 2017 – at which time it had $350 million under management, largely allocated to Korean stocks – with a view to expanding its investment scope. AsianInvestor could not reach Growth Hill for comment, or ascertain further details on other staff who left the Hong Kong branch.
ABERDEEN STANDARD'S CHINA/HK MARKETING HEAD TO EXIT
Aberdeen Standard Investments will see its long-standing head of marketing for Hong Kong and China depart next year. Wincy Mak will move on in February after nine years with the British fund house, a spokeswoman told AsianInvestor.
Her responsibilities will be assumed by the local and regional marketing teams, overseen by David Mitchell, Asia-Pacific head of marketing, she added.
AsianInvestor could not ascertain Mak's next destination.
M&G LAUNCHES APAC CREDIT ORIGINATION TEAM
UK fund house M&G transferred Matthew O’Sullivan to Singapore in August to build a credit and alternatives origination team.
In the new role of head of Asia-Pacific origination, O'Sullivan reports to Alex Seddon, London-based co-head of private credit.
O’Sullivan was previously co-head of ABS credit research at M&G in London and has worked for the firm since 2006.
Joining him is Gareth Anderson as associate director of Asia Pacific origination. He has moved from affiliated Prudential Capital, part of M&G Investments, where he was originating and investing in credit assets in Singapore. He did a stint with M&G in London before that.
The spokesman said M&G expected to grow the team over the next few years.
ABERDEEN STANDARD NAMES AUSTRALIA FIXED INCOME HEAD
Aberdeen Standard Investments (ASI) has appointed Garreth Innes as head of Australian fixed income, reporting to Adam McCabe, Singapore-based head of fixed income for Asia and Australia.
Innes was previously an investment director on the Australian fixed income team. From late November he took over management oversight of the Australian fixed income team, in addition to credit research and investment management, a company spokeswoman said.
He has replaced Nick Bishop, who left the firm in February to join Gresham Partners, according to his LinkedIn page.
The Asia and Australia fixed income team now comprises about 20 investment managers, analysts and ESG experts, the spokeswoman said.
JLL APPOINTS GREATER CHINA RESEARCH HEAD
JLL has appointed Nelson Wong as head of research for Greater China and Hong Kong, effective from December 1.
Based in Hong Kong, he reports to Fung Kin-keung, Greater China chief executive, and Gavin Morgan, chief operating officer for Greater China, both of whom are based in Hong Kong.
JLL did not respond to queries about how Wong's function had been looked after previously.
Prior to joining the property-focused investment company, Wong was portfolio manager at CBRE Clarion Securities. It is part of real estate and infrastructure investment manager CBRE Global Investors.
CBRE GI did not respond to inquiries as to when Wong left the firm and who assumed his responsibilities.
Nelson had previously worked at JLL (then Jones Lang Wootton) from 1997 to 2004, and has also held real estate research roles at Morgan Stanley and Deutsche Bank.
DEUTSCHE NAMES HEAD OF SOUTH ASIA SECURITIES SERVICES SALES
Deutsche Bank has appointed Margaux Blumenfeld as head of securities services sales for South Asia, effective December 2.
Based in Singapore, Blumenfeld reports to Anand Rengarajan, Singapore-based Asia-Pacific head of securities services for corporate banking, and to Rebekah Flohr, New York-based head of securities services sales.
In the newly created role, Blumenfeld oversees business development in the investor and intermediary segments for custody and fund administration in South Asia. Deutsche Bank declined to comment on who previously looked after these duties before Blumenfeld came on board.
Blumenfeld was previously a Hong Kong-based relationship manager at State Street. A company spokeswoman said the US firm was in the process of recruiting her replacement.
FIDELITY INTERNATIONAL NAMES NEW CIO
Fidelity International has promoted Andrew McCaffery to London-based global chief investment officer for asset management to succeed Bart Grenier, who had held the post since January 2018.
Grenier will return to the US from the UK in mid-February 2020 to take up a senior position at Fidelity Investments, the company said in a statement.
McCaffery was previously London-based CIO for alternatives and solutions, and had also been Grenier’s deputy, since joining Fidelity in July.
Before that, he was Aberdeen Standard Investments in a range of senior roles, most recently including global head of strategic client investments and global head of alternatives.
Other people news reported in the past week on AsianInvestor.net: