The Canadian and Korean asset management operations of two life insurers have agreed to jointly take advantage of rising institutional investor demand for Asian alternative assets.
The Canadian fund house has hired the experienced sales executive after the exits of Kim Jun-Ku last year and James Chen in July, as it looks to build its private markets business.
James Chen, who oversees institutional coverage for Asia, won’t be directly replaced. But a Manulife alumnus has rejoined to help run the China business.
The German insurer is using its new holding company as a platform to develop its business faster in China, but more rivals will be there soon.
Asset owners have been caught between a rock and a hard place. Volatile equity markets are forcing them into fixed income but options are fast dwindling.
The Canadian institution's asset management arm has hired a senior executive to help develop its investment management business in the "must-win battlefield" of China.