“We plan to hire more than 20 new professionals with a focus on client management, marketing, operations and legal and compliance across Hong Kong and Singapore. We have already filled some of these key positions,” said Michael Thompson, head of global wealth management Asia ex-Japan and head of Singapore, in an email reply.
The build-out aims to “capture the rapid private wealth growth in Asia ex-Japan,” and to “expand and deepen relationships with private banks, retail banks, and family offices in Hong Kong and Singapore, as well as engaging with potential clients in new markets including Thailand, Malaysia and the Philippines,” according to a press release from the firm.
The latest hiring includes Steve Chiu, who became senior vice president and head of Hong Kong retail on the wealth management business team.
He will help “building distribution partnerships with financial intermediaries in Hong Kong, with a particular focus on retail banks, insurance companies and independent financial [houses],” according to the firm.
Chiu was most recently the vice president of investment funds at Manulife Asset Management Hong Kong.
Stacie Wang joined in early August as head of China within the global wealth management team. She is responsible for “building partnership with intermediaries in China, with a strategic focus on private banks, retail banks, domestic asset managers, wealth management platforms, financial advisors and family offices".
The firm is also considering entering the onshore China market, Bloomberg reported.
Pimco, a unit under Allianz, also appointed Abhi Shroff as senior vice president and head of southeast institutional business development in June.