Weekly roundup of people news, Oct 26

Barings replaces regional distribution head; Eastspring hires China equities CIO; HSBC PB adds Asia search head; PSA gets new chief; Fitch names boss of new China unit; and more.
Weekly roundup of people news, Oct 26


Edmund Chong has left his role as Hong Kong-based head of wealth and retail distribution for Greater China and Southeast Asia at Barings. It is understood he will be replaced at the fund house by Mandy Lui, formerly of BNP Paribas Asset Management.

At BNP Paribas, Lui was head of wholesale distribution for China, Hong Kong and Singapore, according to her LinkedIn page. The French firm declined to comment on her departure.

Chong, whose Hong Kong regulatory licence with Barings expired on October 12, had joined the firm in April 2015 as Asia ex-Japan head of sales, client service and business development.

He was hired in April 2015 to lead the mutual fund distribution business, at the time when Barings was readying its Hong Kong-domiciled fund range. Chong had reported to Gerry Ng, chief executive for Asia ex-Japan.

Barings, part of the US-based Mass Mutual Financial group, confirmed Chong's departure but declined to comment further. 

AsianInvestor could not ascertain Chong’s next move.


Eastspring Investments said it has appointed Michlle Qi as chief investment officer for China equities for its wholly foreign-owned enterprise (WFOE) amid a mainland hiring push, after receiving a private fund management (PFM) licence last week.

Eastspring, the fund management arm of UK insurer Prudential, registered with the Asset Management Association of China for its PFM licence on October 16, having received its WFOE licence in March.

Qi joined the firm's Shanghai-based WFOE from Bank of Communications Schroder Fund Management in June. She reports jointly to Virginie Maisonneuve, Singapore-based chief investment officer, and Michael Lu, Shanghai-based general manager for China.

As a result the fund house can now manage and sell onshore equity, fixed income and multi-asset products to high-net-worth individuals and institutional investors in China.

Including Qi and Lu, Eastspring's WFOE now has 11 staff and aims to increase that to around 20 by the end of next year. It also plans to build its fixed income and multi-asset investment teams in Shanghai over the course of next year.

Qi had been a senior fund manager at BoCom Schroders, which did not reply to AsianInvestor’s query about her departure or replacement.


Recruitment veteran Thomas Stemp has joined HSBC in Hong Kong to lead senior hiring across Asia Pacific for the private banking division, which plans major staff additions in the region.

Thomas Stemp

He is understood to have started as executive search partner for Asia in late September, reporting to Dominic Ryalls, London-based global head of executive search. 

The role has been created as the private bank moves to hire around 30 sector specialists globally, who will have had deep market knowledge in their specific areas, a source told AsianInvestor.

An HSBC spokesman confirmed Stemp's appointment and that it was targeting a major hiring drive in Asia, but declined to comment further.

The bank has said it aims to add 700 people by 2022 in the roles of relationship managers, product specialists and family wealth planners, with most planned hires in Hong Kong and Singapore.

Stemp was previously been managing director of Stemp International, the search firm he founded in May 2012. Prior to that, he had overseen the private bank hiring division at Pelham Search Pacific in Hong Kong.

Stemp could not be reached for comment.


The Pension Schemes Association (PSA) in Hong Kong has named Shirley Lam as chief executive, succeeding Heman Wong who left after holding the position for only seven months.

Shirley Lam

Lam took up the new role on October 2, Wong's last day Wong at the PSA. She was previously Hong Kong-based Asia head of affiliate distribution for wealth and asset management at Manulife Asset Management, a position she left at the end of June.

A spokeswoman at Manulife AM declined to comment on whether the company has named Lam's replacement or who is now responsible for her former duties.


Fitch Ratings has appointed Danny Chen as chief executive for Fitch Bohua, its new Beijing-based subsidiary.

Danny Chen

He joined Fitch Bohua in August and reports to the chairman of Fitch Bohua, Kwong Li. Both are based in the Beijing office, which began operations in July. Before joining Fitch Bohua, Chen was CEO of Qingdao Conson Financial, a financial holding firm.

Fitch Bohua has filed an application with the National Association of Financial Market Institutional Investors and People’s Bank of China for a licence to rate onshore bonds in China’s interbank bond market. A licence is expected soon, a Fitch spokesman said.

Fitch Bohua has nine analytics staff and plans to raise its total headcount to 25 by the end of this year.

This will include a head of ratings, seven financial institutions analysts and seven structured finance analysts, along with compliance, business development and support staff, the spokesman added.

The move may help drive harmonisation between the Chinese and international credit rating systems, the relative lack of which has long been a concern for foreign investors.


Indosuez Wealth Management has appointed Shirley Lau as head of structured products in Asia.

She replaces Ni Yan, who has relocated to Geneva and remains with Indosuez Wealth, a spokesman for the group said.

Based in Hong Kong, Lau will lead the structured product teams in Hong Kong and Singapore to develop and expand Indosuez WM’s structured products and over-the-counter derivatives platform in different asset classes, a media statement said.

Lau was previously with ABN Amro Private Banking as head of special product.

LGT, which has acquired ABN Amro’s private banking operations in Hong Kong, Singapore and Dubai, declined to comment on Lau’s departure or on whether a replacement had been named.


Kathy Shih

UBS's Asia-Pacific president Kathy Shih is set to retire at the end of this year and will be replaced by Edmund Koh.



Shih, who has been with the Swiss bank for 32 years, including heading up the Asia Pacific wealth management business for 14 years, started her current role in January 2016.

Her last day will be December 31, a UBS spokeswoman said.

Koh, who is currently head of wealth management for Asia-Pacific and Singapore country head, will take over as Asia-Pacific president on January 1.

Edmund Koh


He will report to UBS group chief executive Sergio Ermotti, though it has not yet been determined where Koh will be based, the spokeswoman said.



Koh will continue in his current roles until a replacement has been found, the spokeswoman told AsianInvestor.

Other people news reported by AsianInvestor in the past week:

Robeco raids BlackRock for new China chief

Robeco hires Joshua Crabb amid other HK changes



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