FIDELITY HIRES WHOLESALE EXEC FROM LEGG MASON
Patrick Tam, vice president on the wholesale business team at soon-to-be-acquired Legg Mason, will leave the US firm on June 26 to join rival fund house Fidelity.
He will start in August on the Hong Kong intermediary business team at Fidelity, said a source familiar with the matter. It is understood he will replace Raymond Chan, who joined T. Rowe Price in March as client director of intermediary business for Greater China.
Fidelity declined to comment.
Tam’s responsibilities at Legg Mason will be assumed by the Hong Kong distribution team, led by Freeman Tsang, head of wholesale for China offshore, Hong Kong and Korea.
Tam’s move comes after it emerged in February that Franklin Templeton has agreed to buy Legg Mason, and is therefore a likely precursor to more departures.
M&G RAIDS PIMCO FOR ASIA INSTITUTIONAL HEAD
M&G Investments, part of UK insurance group Prudential, has hired Jaclyn Lim from rival fund house Pimco as its new head of institutional for Asia ex-Japan, reporting to Berny Lin, head of distribution for Asia ex-Japan.
Marcel de Bruijckere had overseen institutional business for the region until he left the firm in January 2019, according to his LinkedIn page. M&G declined to comment on how the function had been covered since then.
At Pimco, Lim was senior vice president covering institutional clients across Asia and intermediary relationships for Southeast Asia ex-Singapore. She was also a co-chair of the official institutions client coverage group.
Lim left Pimco at the end of May, and the firm will look to add resources to its South Asia client management team, said a Pimco spokeswoman.
Theresa Tan, who joined as head of South Asia in March, leads Pimco’s institutional business in Singapore and broader client engagement across South Asia, added the spokeswoman.
CDIB CAPITAL POACHES PE SPECIALIST FROM PING AN
Taiwanese private equity firm CDIB Capital International has hired Stephen Li as a Shanghai-based managing director from Ping An Trust Private Equity Capital.
He will focus on sourcing buyout opportunities and ensuring value creation in investment portfolios, said CDIB in a release. A spokeswoman said Li joined on May 1 as a replacement for Xie Yinghai, who left in February.
At Ping An in Shanghai, Li was responsible for monitoring, value creation, exit management and risk assessment of all assets under management.
Before that he had been the director of the Asia operations team at CVC Capital Partners, where he focused on post-investment operational value-add for the regional investment portfolio.
Li’s hire follows CDIB’s recent recruitment of Carlyle Group’s Asia credit team led by Tor Trivers.
BANK OF SINGAPORE HIRES NEW GLOBAL PRODUCTS HEAD...
Just a few days after it lost its former global head of products, Bank of Singapore has appointed Lim Leong Guan to fill the role, with immediate effect.
He fills the shoes left vacant after Marc van de Walle departed to join Standard Chartered last week. As part of his responsibilities Lim will be a member of the bank’s management committee, and he reports to chief executive officer Bahren Shaari.
In addition, Lim will be OCBC Bank’s head of group wealth products, much as van de Walle was before him.
A spokeswoman for Bank of Singapore did not answer questions on Lim’s appointment.
Lim joined Bank of Singapore from UBS, where he had been Asia Pacific head of wealth planning and Singapore head of investment platforms and solutions.
A spokeswoman for UBS did not immediately respond to questions on how the bank intends to replace Lim or cover his responsibilities.
...AND APPOINTS A NEW CHIEF ECONOMIST
Bank of Singapore has just hired Mansoor Mohi-uddin as its new chief ecnomist, pending regulatory approval.
Mohi-uddin fills the role left vacant after Richard Jerram left Bank of Singapore in June 2019. His job will require him to oversee analysis on the macroeconomic research and financial environment, and he will also sit on the bank’s investment committee, which decides on strategic and tactical asset allocations advice for clients.
He reports to Jean Chia, head of portfolio management and research office.
Mohi-uddin was previously the macro strategist of NatWest Markets, the investment arm of the Royal Bank of Scotland. He had also been the bank’s head of FX strategy and before that was global head of FX strategy at UBS, between 2002 and 2014.
A spokeseman for NatWest Markets did not immediately reply to questions on how it was covering Mohi-uddin's responsibilities.
HAITONG HIRES EX-SSGA STRATEGIST FOR ETFS
Haitong International Securities Group has hired Johnnie Yung as Hong Kong-based managing director for exchange-traded funds.
Yung joined the securities firm in May, according to his LinkedIn profile. A company spokesman comfirmed his appointment, but declined to provide further details.
He is previously head of portfolio strategists for Asia ex-Japan at State Street Global Advisors, a position he left in November. SSGA's portfolio strategists globally and Mark Hui, head of global equity beta solutions for Asia ex-Japan, are covering the responsibilities, a company spokeswoman said. She declined to comment on whether SSGA is finding his replacement.
ASHLEY ALDER APPOINTED FOR THIRD TERM AS IOSCO CHAIR
The chief executive of Hong Kong’s Securities and Futures Commission (SFC), Ashley Alder, has been reappointed as chair of the board of the International Organization of Securities Commissions (Iosco).
This is Alder’s third term as Iosco board chair. Before his first term, he was chair of the Iosco Asia-Pacific regional committee from 2013 and vice chair of the Iosco board.
The Iosco board is made up of 34 global securities regulators. Iosco is an international policy forum and standard-setting body for securities regulation.
Other people news reported by AsianInvestor in the past week: