Citi hires new Asia head of funds due diligence

Citi has hired Gary Sim as Asia head of traditional managed investment due diligence to replace Chua Boon-Lee, who joined Singapore’s Central Provident Fund in July.

Sim started his new job last week in Singapore, where he runs due diligence on funds for the region for both the consumer and private bank, a post Chua had held since December 2009.

Sim previously looked after funds selection for the fund-of-funds business at LGT Investment Management in Singapore. His duties have been taken on by Kelly Chung, Asia head of managed solutions at LGT IM in Hong Kong, according to a source.

LGT IM, part of Lichtenstein-based LGT Bank, declined to confirm or comment.

Sim now reports to Paul Hodes, Asia head of traditional managed investments and consumer wealth management products in Singapore. Hodes was previously head of Citi’s Malaysian retail bank and took up his current role in August.

Citi is among the biggest wealth managers in the Asia-Pacific region, with $193 billion in assets. LGT IM manages assets in Asia of around $10 billion, and its global AUM stood at 86 billion Swiss francs ($94 billion) at the end of 2010.