Yu Xiaobo, head of the China business of the Hong Kong-based fund manager, has resigned from his post. Value Partners has made two senior appointments to help fill his shoes.
The Hong Kong-based fund house's president has become the latest in a procession of senior executives to depart over the past three years.
The Hong Kong fund house has laid off senior executives, including its Southeast Asia head and managing director for alternative products, as it moves to rationalise its business further.
Another long-standing staffer has left the Hong Kong-based fund house after a series of senior departures and reshuffles, and is understood to be joining a rival.
Shum is leaving after just eight months with the Hong Kong-based asset manager, which last week saw its planned acquisition by China's HNA Group fall through.
Last week mainland regulators handed private fund management licences to Invesco and Value Partners, and eased foreign-ownership limits on financial services firms.