Lazard Asset Management has hired an Asia veteran to look after regional distribution. He comes from rival Capital Group, amid other changes at the latter firm.
The US asset manager has seen William Tan exit, not long after it appointed a head of institutional business for Asia.
The $1.5 trillion US fund house has poached a sales veteran from Hong Kong rival Income Partners, as it sharpens its focus on different client segments.
But the US asset management giant has already ruled out using the mutual recognition of funds scheme or setting up a wholly foreign-owned entity in China.
The US firm will not use the Hong Kong-China mutual recognition of funds scheme but plans to wait for rules allowing direct access to mainland retail clients, says its Asia head.
Korean asset manager says the industry can't survive with products based on past market conditions after joining forces with high-conviction firm US firm to deliver pension solutions.