Allianz GI names Asia-Pacific CEO
Allianz Global Investors has named Desmond Ng as its new head of Asia-Pacific. Ng, who is currently the asset manager’s Asia-Pacific head of institutional business and CEO for Greater China and Southeast Asia, will assume the position on January 1 next year.
Ng succeeds Douglas Eu, who has been promoted to CEO of Allianz GI’s US business. AsianInvestor last week revealed that Ng was one of the top contenders to be promoted to Asia-Pacific CEO when Allianz GI announced Eu’s US elevation.
Ng will report to Elizabeth Corley, AllianzGI’s global CEO.
An Allianz GI spokesperson said that given Ng's new job was 7.5 months away, it was "a bit premature" to say much at this stage regarding a replacement for his current position.
Hong Kong-based Ng joined Allianz GI in October 2014. He previously worked at US fund house Invesco between September 2006 and October 2014. He joined Invesco as head of institutional business, and was subsequently promoted to COO, head of sales and marketing and finally CEO for Greater China.
Prior to Invesco, Ng was head of Asian institutional business at Hong Kong-based JF Asset Management. JP Morgan Chase has been the owner of JF AM since 2001, following Chase Manhattan's purchase of JF's parent company in mid-2000 and the merger months later between Chase and JP Morgan. However, while the firm is now branded as JP Morgan Asset Management, when Ng worked there it was still called JF AM.
Allianz GI has about 600 staff in Asia Pacific, including 106 investment professionals predominantly based in Hong Kong. It has offices in Hong Kong, Singapore, Taiwan, Australia, Korea and Japan, with a joint venture Allianz Guotai Jun An in Shanghai.
Fidelity boosts private banking team
Fidelity has hired Sabrina Gan as head of private banks distribution for Southeast Asia. Gan, who joined Fidelity Worldwide Investment on May 11, joins from BlackRock where she was head of retail for Singapore. Gan will continue to be based in Singapore and reports to Szu Yi Chin, head of intermediary sales for Southeast Asia.
Fidelity said Gan’s position had been newly-created in a bid to deepen relationships with private banks and identify new opportunities in Singapore and Southeast Asia.
Gan worked at BlackRock in Singapore between April 2013 and May 2015. Prior to that, Gan worked as a mutual funds investment specialist for Schroders between September 2003 and March 2013. And from July 2001-September 2003, Gan was an associate in Ernst & Young's - now known as EY - audit and assurance department.
BlackRock is now looking for a replacement for Gan. A BlackRock spokesperson said: “We have an active recruitment programme in place to replace Ms Gan and hope to be in a position to make an announcement in the short term.”
All change at SocGen global markets
French bank Societe Generale has created a number of new Asia-Pacific roles in its global markets business. The appointments are part of a reorganisation of SocGen’s global markets business, which will take effect from May 18. The changes were announced on May 11.
Formerly Hong Kong-based Marc Saffon has relocated to Paris as global head of engineering. Jerome Niddam replaces Saffon as Asia-Pacific head of engineering, a role which involves structuring cross-asset investment solutions. Niddam will report to Saffon as well as Frank Drouet, Asia-Pacific head of global markets. Previously Niddam was Asia-Pacific head of pricing and new products for cross-asset solutions. At the same time, Olivier Daguet has relocated to Hong Kong from New York, where he was SG Americas Securities’ head of engineering. Daguet reports to Drouet and Niddam.
Guy Stear has been made Paris-based head of emerging markets strategy, replacing Benoit Anne, who has left SocGen. Last year, Stear relocated from Hong Kong to Paris as global head of credit strategy, as reported. Stear was Hong Kong-based head of Asia research between 2010-14. He reports to Patrick Legland, global head of research.
Additionally, Yann Garnier has been promoted to Hong Kong-based deputy Asia-Pacific head of global markets while retaining his previous role of Asia-Pacific head of sales. Garnier reports to Drouet and London-based global head of sales for global markets, David Escoffier.
Also Hong Kong-based, Timothee Bousser has been appointed head of equities and derivatives, and will retain his previous position in charge of equity derivatives. Stephane Loiseau remains Asia-Pacific head of cash equities, reporting to Bousser. Bousser reports to Drouet and Paris-based global head of equities and derivatives, Richard Quessette. Herve Mercat has been promoted to deputy head of equities and derivatives from Asia-Pacific head of trading for the cross-asset solutions group.
Guillaume Miquel has been promoted to Asia-Pacific head of fixed income and currencies (FIC) from Asia-Pacific head of FIC trading. Miquel reports to Drouet and London-based global head of FIC, Danielle Sindzingre.
Singapore-based Olivier Godin retains his role as Asia-Pacific head of commodities markets and continues to report to Drouet and London-based global head of commodities, Jonathan Whitehead.
Hong Kong-based Laurent Cunin remains Asia-Pacific head of prime services. He reports to Drouet as well as the newly-appointed global co-heads of prime services – London-based Chris Topple and Paris-based Christophe Lattuada.
Azentus alumni find new homes
Ting Khang joined technology, media and telecoms (TMT)-focused, Hong Kong-based hedge fund Sylebra Capital Management on May 11. Ting was an associate director responsible for TMT coverage for managed funds as well as Taiwan and Korea portfolios at Amundi Hong Kong between May 2013 and April 2015. Before that he was an Asia technology analyst at Highbridge Capital Management in Hong Kong between September 2010 and March 2013.
At the same time, Ji Mo started working as a portfolio manager at Amundi Hong Kong on April 30. Ji was one of six portfolio managers leaving Hong Kong-based hedge fund Azentus Capital Management on March 31. Earlier this year, Azentus gave investors the option of accelerating redemptions from its flagship hedge fund strategy, as reported.
Saurabh Agrawal, Kazuki Fukushige and Hiroyuki Takamatsu joined Azentus from Goldman Sachs in March 2011. Last month, the three portfolio managers joined hedge funds Nine Masts Capital, Eton Park Asia and Point72 (Hong Kong) respectively.
Like Azentus, Eton Park was founded by an alumnus of Goldman Sachs. Hong Kong-based Nine Masts Capital was founded by an alumnus of Deutsche Bank while Point 72 is the family office set up to manage Steven Cohen’s wealth after the hedge fund he founded, SAC Capital, was ordered to stop managing funds for outside investors in 2013.
CVC adds from Advantage
PE firm CVC Capital Partners has hired Atsushi Akaike as the new head of its Japan office. Akaike was previously a senior partner at Japanese PE firm Advantage Partners, leaving in December 2013 according to his LinkedIn profile.
Also joining CVC’s Tokyo office from Advantage Partners last month was Yukinori Sugiyama, who has been recruited as a senior managing director. Both Akaike and Sugiyama joined the firm on April 30.
Advantage Partners did not confirm whether or not replacements for Akaike and Sugiyama had joined the firm. The latest funds raised by the Japanese PE firm were the ¥216 billion ($1.8 billion) Advantage Partners IV in 2007 and a 20 billion Japanese yen ($167 million) two-year bridge fund in 2013. Last year, CVC’s fourth pan-Asia fund closed fundraising at $3.5 billion.
Other people news reported by AsianInvestor over the past week: