KKR appoints China MD at subsidiary
Private equity group KKR has appointed Matthew Chang in a newly created position as managing director for China at its global subsidiary KKR Capstone.
Based in Beijing, Chang has already started and will oversee the operations and management of KKR’s portfolio companies across China.
A company spokesperson said Chang’s hire “reinforces KKR Capstone’s ability to improve the operations of KKR’s portfolio companies in a fast-growing market.
“There’s been a lot of growth in China, and it’s great to have him on the ground to maximize KKR’s value-adding prospects.”
KKR Capstone has more than 60 executives across North America, Europe and Asia working with portfolio companies to drive operational improvements, according to its website.
Previously Chang worked for three years at Roland Berger Strategy Consultants in Shanghai, where he was the practice leader for operations and head of its Asia Pacific health-care practice.
Chang has held senior management positions at AlixPartners, where he was China managing director, Diageo, where he was Asia strategy director, and McKinsey & Company.
A spokesman for Roland Berger Strategy Consultants confirms it has found a replacement for Chang, although did not confirm the person’s name.
KKR & Co. had $94.3 billion in assets under management as at December 31 last year.
BNPP IP hires head of institutional unit
French fund firm BNP Paribas Investment Partners tapped AMP Capital’s former CIO David Kiddie to be CEO of its institutional business, it was confirmed this week.
Kiddie is set to take over from Philippe Marchessaux, who was running the instituional line in addition to his position as CEO, on June 30 based in London. It sees Kiddie relocate from his former job with AMP Capital in Sydney earlier this year for personal reasons.
The move follows an internal restructuring last October when the firm created three business lines.
Kiddie has now been brought in on the institutional side; Christian Dargnat runs distribution; and Ligia Torres is in charge of emerging markets for Asia Pacific.
Marchessaux will continue as chief executive of BNP Paribas IP based in Paris. Kiddie will report to him.
Kiddie’s appointment comes as something of a surprise, given that AMP Capital’s chief executive Stephen Dunne had been discussing how Kiddie could continue to work for AMP Capital after relocating to the UK.
Mark Beardow replaced Kiddie as chief investment officer for global equities and fixed income at AMP Capital this January.
Millennium Global Investments names Asia MD
Alternative fund house Millennium Global Investments has named Xin Hai as managing director of business development for Asia (ex-Japan) and Australasia.
Xin took up the role in March in Hong Kong at the $10.8 billion fund house, which runs currency overlay strategies. He reports to chief executive Mark Astley and is expected to travel extensively in Asia.
The role was newly created for Asia-based business development activities.
Previously Xin had worked at Haxius Consulting, a firm he founded in 2012 in Hong Kong specialising in risk management and training institutions and companies on the use of onshore and offshore renminbi.
Before setting up Haixus, Xin worked for eight years at Overlay Asset Management, where he had been head of currency overlay for Asia Pacific.
Overlay AM was a former BNP Paribas business that ceased operations in 2012, media report.
“The tough currency trading environment over the last few years, partially due to central banks’ activities, has resulted in a contraction of currency overlay industry and some managers have exited the business,” Xin tells AsiainInvestor. “We believe that the demand for currency overlay services will pick up substantially.”
Schroders replaces head of global equities
UK-based fund house Schroder Investment Management has named Alex Tedder as its new head of global equities.
Tedder is due to take over the role in June from Virginie Maisonneuve, who exited for Pimco in October, as reported.
Peter Harrison, who had filled in on an interim basis, will revert to head Schroders’ equities business globally.
Tedder joins from American Century Investments, where he was co-head of global and non-US large cap strategies, managing a team of 15. The firm had $21 billion in assets as of December 31, 2013.
Separately, Schroders named Denis Parisien as portfolio manager and member of its emerging markets debt relative return team based in New York. He reports to James Barrineau.
Parisien joins from Deutsche Bank Securities in New York, where he was head of emerging market corporate debt research and strategy for almost four years.
Investec AM adds to multi-asset team
South African fund house Investec Asset Management has added three staff to its global multi-asset team, two external hires and one internal move.
Atul Shinh joins as investment specialist responsible for product and process management. He previously worked at Mercer, where he led manager research coverage for diversified growth strategies globally.
Edmund Ng joins as a portfolio manager responsible for leading equity research and development of equity strategies. He was previously at TT International, where he managed long-only Europe, Australasia, Far East and long/short European equity strategies.
Meanwhile Michael Streatfield takes on responsibility for portfolio construction and quantitative analysis. He has been with Investec Asset Management since 2000. He has previously worked for Towers Watson and Old Mutual.
Other people moves reported by AsianInvestor this week: