Exclusive: T Rowe Price hires head of intermediary for Asia from Eastspring
US-headquartered investment management firm T Rowe Price has appointed Glen Lee as its first head of intermediary for Asia ex-Japan as of Tuesday (July 12) as the asset manager commits resources to the region.
Lee will lead the intermediary distribution teams in Hong Kong and Singapore, which AsianInvestor understands comprise six senior distribution executives, each with at least a decade of experience.
Lee is an industry veteran with over 20 years of experience in asset management. In May, AsianInvestor broke the news that Lee had left Eastspring after three years with the firm. The Asian asset management arm of Prudential had declined to comment at the time.
Based in Singapore, Lee will report to Elsie Chan, head of distribution for Asia ex-Japan, who told AsianInvestor that the firm plans to commit more resources in the Hong Kong and Singapore intermediary business to support growth in the business “as we increase our distribution platforms and footprint in the region”.
“Clients are watching inflation risks and the central banks’ monetary policies closely. At the same time, these risks have created opportunities for us to meet clients’ changing demand in a new paradigm,” she said.
The firm declined to comment on whether it planned to expand the team, whether in Singapore or Hong Kong, but said in a statement that Lee has been tasked with deepening the firm’s relationships and business partnerships with the region’s private banks, retail banks, insurance companies and independent financial advisors.
In terms of asset management trends, Chan said the firm has observed interest gradually returning to Chinese equities and a growing demand for alternatives particularly private credit.
“Many clients recognise that China is a dynamic market and investing in China requires fundamental research that allows for idiosyncratic alpha generation to weather market volatility while pursuing positive investment outcomes,” she said.
Chan added that there is keen interest for an actively managed Chinese equities strategy that is able to identify future winners outside of the mega-caps. Healthcare-related stocks have also continued to draw interest from clients, she said.
In response to the growing demand for private credit, the firm has acquired alternative credit manager Oak Hill Advisors (OHA), which was completed in December 2021.
“In terms of fixed income, clients recognise that portfolios need to have much more nimble duration management in the current interest rate environment, so absolute return fixed income portfolios that adopt an unconstrained approach to invest across global fixed income assets have been well-received,” Chan said. “Given the rise in bond yields, we are also seeing interest in fixed maturity products.”