(Yicai Global) May 31 -- Eddie Chang, general manager at China International Fund Management, the asset management firm whose 49 percent stake is held by the US firm J.P. Morgan Asset Management, finished his almost-10-year term of office and retired today.
Eddy Wong will take over the helm as the general manager, online news outlet The Paper reported.
Wong assumed the post of chairman at J.P. Morgan Asset Management (Taiwan) and was in charge of the US firm's Taiwan business from 2017. Before that he served as its head of UK and China Fund Distribution and was responsible for the Hong Kong and Chinese mainland markets.
Wong has over 15 years' experience in financial services and previously worked for many top financial institutions, including HSBC Global Asset Management, London-based Standard Chartered and Prudential Asset Management in the UK.
Founded in May 2004, Shanghai-based China International Fund Management mainly provides asset management services to Chinese, which include setting up and managing securities investment funds. JP Morgan Asset Management, the unit of New York-based global investment bank J.P. Morgan Chase, holds 49 percent of its stake, while Shanghai International Trust and Investment owns the rest.
Shanghai International Trust and Investment plans to transfer 2 percent of its stake in the Shanghai joint venture, the pre-disclosure statement on a property deal released on May 7 by Shanghai United Assets and Equity Exchange noted. This news inspired insiders to predict that China International Fund Management will become the first publicly-offered fund firm truly controlled by foreign investment within the sector, but no follow-up information has thus far emerged.
Some 25 fund companies, including securities firms licensed to publicly offer funds, have changed their general managers this year, almost a fund firm changing its head every week on average.
The reasons for these resignations are mainly personal, while some leave due to working arrangement, being kicked upstairs to the chair, or expiration of their term of office. Some also get booted by the board.
Editor: Ben Armour