Eddy Wong, chairman and CEO of J.P. Morgan Asset Management's Taiwan business, was appointed CEO of China International Fund Management, J.P. Morgan's joint venture with Shanghai International Trust Corp., effective immediately.
Mr. Wong replaces another J.P. Morgan Asset Management veteran in that role, Eddie Chang, who is retiring, a Hong Kong-based spokeswoman confirmed.
A search is underway to fill the Taiwan CEO position. In the interim Dan Watkins, JPMAM's Asia-Pacific CEO, will oversee Taiwan, with Henry Tong, Taiwan Asset Management general manager, continuing to manage daily operations, reporting directly to Mr Watkins.
The spokeswoman said there was nothing further to report on J.P. Morgan Asset Management's plans to lift its 49% stake in CIFM to 51%. On May 7, Shanghai-based Shanghai International Trust Co. announced it was putting 2% of its 51% stake in CIFM out for bid, with analysts saying that move positions JPMAM to become the first offshore money manager to get a controlling stake in a fund management company on the mainland.