Weekly roundup of people moves, Jan 9
ING IM names Japan chief
ING Investment Management has hired Hiroshi Kimura as its Japan chief executive to replace Douglas Hymas, who left ING IM Japan last year, as reported.
Kimura joined on January 5 from Alliance Bernstein in Tokyo, where he was Japan head of retail client relations and deputy head of the Japan client group.
Masaru Nakabachi, a director on the client relations team, has assumed Kimura’s former role leading the Japan retail team.
Kimura had worked for Alliance Bernstein for six years. Before joining, he worked at Credit Suisse Asset Management, Rothschild Asset Management and Taiheiyo Asset Management.
ING IM International – which has operations in Japan, Singapore, the Middle East, Europe and the US – will be renamed NN Investment Partners. Its parent company, NN Group, was listed in July 2014.
ING Group owns a 68.1% stake in NN Group. ING IM’s operations in China, Malaysia and Thailand were sold in 2012; the Korea business in 2013; and Taiwan and India in 2014.
Convoy unveils management reshuffle
Hong Kong's Convoy Financial announced a management reshuffle in an effort to drive its regional expansion, effective from January 1.
It appointed Rosetta Fong as group vice-chairman to work closely with chairman Quincy Wong in promoting the brand domestically and overseas. Previously Fong had served as chief executive officer of Convoy Financial.
Simultaneously the group promoted Mark Mak to group CEO. He had worked as chief financial officer of Convoy Financial since joining the group in 2002 and also as CEO of Convoy China, said a spokeswoman. Replacing Mak as CFO now is Christie Chan.
Convoy noted that chief distribution officer Henry Shin would fill in as acting CEO of Convoy China, leading the unit’s management team and supporting its development. He will handle both roles concurrently.
The spokeswoman said that since Mak needed to focus on business development in Hong Kong as group CEO he had relinquished his role as head of Convoy China. She declined to comment when asked whether Shin's acting role as Convoy China CEO would become permanent.
Established in 1993, the group comprises Convoy Financial Holdings, Convoy Asset Management and Convoy Collateral. It serves corporate and individual clients with services including financial planning, insurance, asset management, MPF, securities and futures dealing, risk management, mortgage referral and loan services.
Nomura builds out Asia wealth unit
Japanese bank Nomura announced the hire of Amanda Chen as deputy head of its wealth management division for Asia ex-Japan.
Based in Singapore, Chen joined on January 5 from Morgan Stanley private wealth management in what is a newly created position.
It comes after Nomura created a business division last June combining its wealth management platforms for Asia and Japan to create synergies and enhance product and service delivery. It is striving to become an Asian, rather than a Japanese, bank.
The overall wealth management division is headed by senior managing director Juntaro Kimura. Chen reports to Nobuhiro Sano, co-head of welath management for Asia ex-Japan. Hiromasa Yamazaki serves as chairman of Asia wealth management.
Previously Chen was head of the strategic transaction group at Morgan Stanley private wealth management. She has also worked at the US bank as head of private wealth management Singapore and a member of the executive committee.
Before that Chen had worked at Lehman Brothers in equity derivative structured sales.
Franklin Templeton lures Young from Schroders
US fund house Franklin Templeton has appointed Alan Young as head of institutional business for Greater China.
Based in Hong Kong and effective from December 1, Young will report to David Chang, head of Greater China. Young replaces Max Wong at Templeton, who moved to alternatives firm Oaktree Capital Management in June in Hong Kong, as reported.
Young was previously Hong Kong head of institutional sales at Schroder Investment Management, which is seeking a replacement.
Before Young joined Schroders in 2012, he was head of North Asia sales at State Street Global Advisors covering Hong Kong, Taiwan and Korea.
Prior to that he worked for Barclays Global Investors, focusing on institutional clients for iShares' ETF unit. He also spent six years with Goldman Sachs Asset Management covering Greater China.
Anita Fung quits as HSBC's HK chief
HSBC's Hong Kong chief executive, Anita Fung, will leave the firm in mid-February, as reported by FinanceAsia, a sister title to AsianInvestor.
Fung, a two-decade veteran of the bank, will pursue other opportunities outside the company, the memo said, without specifying. FinanceAsia was unable to immediately reach her for comment.
Helen Wong, currently China CEO of HSBC, will become CEO of Greater China, overseeing China, Hong Kong and Taiwan – a newly created role effective March 1. Wong will take over Fung's responsibilities until HSBC finds a permanent replacement.
Wong reports to Peter Wong, deputy chairman and CEO for Asia Pacific at HSBC, and joined HSBC in 1992. She has held senior management roles in global banking and markets and led the bank's expansion into mainland China, having been appointed deputy CEO of HSBC China in 2009 and president and CEO in 2010.
David Liao, currently China head of global banking and markets for HSBC, will succeed Wong as China CEO.
Fung has been CEO of HSBC's Hong Kong division since 2011. She was previously head of global banking and markets for Asia Pacific in 2010, and before that treasurer and head of global markets for the region for five years. She had joined HSBC in 1996 as head of domestic markets in Hong Kong and was later appointed head of trading for Asia Pacific.
Morningstar names Korea research head
Andy Jung Seung-Hye joined investment research house Morningstar’s Korea joint venture as director of manager research on January 5.
She oversees four manager research analysts and replaces Richard Ahn, who was head of the Korea research team until he left in September 2014.
Jung reports to Grant Kennaway, head of Asia-Pacific manager research, and Chae Jung-Tae, Morningstar's Korea chief executive.
Jung returns to Morningstar, having worked as a deputy manager on the research team in Korea from 2000 to 2003. At the time Morningstar owned a 40% stake in the then joint-venture with Shinheung Securities.
In 2008, Shinheung Securities was acquired by HMC Securities. Morningstar increased its stake to to 80% in 2009, with Shinheung Holdings’ CEO and chairman, Ji Seung-Royng, owning the remaining 20%.
Jung has also worked for Korean fund rating agency Zeroin, fund house Fidelity, investment consultancy Towers Watson and in Woori Bank’s retirement pension department.
EII Capital Management adds PM
Roberto Versace is set to join real estate investment firm EII Capital Management’s Singapore office as co-portfolio manager this March.
He is due to come in to replace Tsan Sueng Eng, who left the firm, as reported. Versace joins existing Singapore team members Michael Wong, co-portfolio manager, and senior analyst Justin Eng.
Versace has been Asian real estate securities portfolio manager with BNY Mellon Investment Management Singapore since 2010.
Before that he worked in a number of real estate securities roles in Australia between 1999-2010 with Macarthur Cook Investment Management, Babcock & Brown and Colonial First State Global Asset Management.
BNY Mellon IM did not respond to questions on his departure by press time.
EII Capital Management also announced it had hired Michael Hudgins as New York-based chairman of the firm’s global investment committee. He joins from JP Morgan Asset Management, where he worked as a global Reit/real estate strategist since June 2007.
The additions of Versace and Hudgins will see the firm’s investment team rise from 12 to 14 across three offices.
EII Capital Management also announced it had opened a London office headed by Andrew Cox, who joined the firm in September 2014 from GIC Real Estate.
Along with Cox, Paul Pulze will be based in the London office. Pulze joined EII Capital Management in November 2014 from AEW Capital Management.
Ropes & Gray names head of HK property practice
Eduard Sheremeta joined law firm Ropes & Gray on January 5 as a partner to run its real estate practice in Hong Kong. He had previously served as a partner in DLA Piper’s property group in the same city since March 2013.
Sheremeta is the firm’s first dedicated real estate lawyer in Asia and has brought brought an associate – Allan Ma – with him from DLA Piper.
DLA Piper declined to comment when asked whether Sheremeta or Ma had been or would be replaced.
Sheremeta has almost 15 years' experience in real estate law in Asia, focused on China and Japan. He was a partner at law firm Skadden Arps from 2007 to 2013 before joining DLA Piper. He has also been a Tokyo-based vice-president at Morgan Stanley and worked for law firm Atsumi & Sakai.
Other people moves reported by AsianInvestor in the past week:
Buy-side switch 'unlikely' for ex-StanChart staff