(Yicai Global) June 30 -- J.P. Morgan Asset Management has named its China President Desiree Wang as the new chief executive officer of its wholly-owned mutual fund management company in the country.

Wang replaced Eddy Wang as J.P. Morgan Asset Management China’s new CEO, JPMAM said on its official WeChat account yesterday. Eddy Wang will move to Hong Kong, where he will head JPMAM’s Asia-Pacific institutional business, it added. Both appointments took immediate effect.

JPMAM and Shanghai International Trust set up China International Fund Management in Shanghai in 2004, with the former owning 49 percent and the latter the rest. JPMAM received approval to acquire its partner’s stake in January, making CIFM the sixth wholly foreign-owned mutual fund in the Chinese mainland. CIFM changed its name to JPMAM China in April.

As of the end of the first quarter, CIFM managed 86 public funds with a total net asset value of CNY131.3 billion (USD19.1 billion), ranking 38th among more than 150 mutual fund firms in China.

Desiree Wang has been managing the firm’s business activities in the Chinese mainland for a long time and has built excellent and strong relationships with many parties, said Dan Watkins, JPMAM’s Asia-Pacific CEO. Such valuable experience makes her an ideal candidate to lead the China team, he added.

Wang joined JPMAM in 2008 and was China president from 2014. Between 2016 and 2021, she was general manager of JPMAM’s investment management and advisory unit in China. Before joining the New York-based firm, she also worked at BlackRock and Industrial and Commercial Bank of China.

JPMAM will rely on its rich global resources to further give play to its global investment research capabilities and empower business development in China, Watkins said.

Eddy Wang was CIFM’s general manager before JPMAM bought out its partner.

Editors: Dou Shicong, Futura Costaglione