Leo Shen joined Allianz Global Investors in Hong Kong as head of fund management business, China.
The position is new and Mr. Shen joined Jan. 4. He will lead AllianzGI's strategic efforts to set up an "onshore fund management business in China," after which he will be "responsible for managing the business," according to a statement by the company.
The company has a wholly foreign owned enterprise on the mainland, Allianz Global Investors Asset Management (Shanghai) Ltd., which is licensed to offer onshore private fund management products to local institutional and high net worth investors.
Mr. Shen was leader of Mercer's China wealth and investment businesses. A Mercer spokeswoman said a search is underway to replace Mr. Shen.
Allianz Global Investors also hired Zheng Wang on Jan. 4 as a Shanghai-based portfolio manager focusing on Chinese multiasset investments. He replaced Ray Zeng. Mr. Wang was a portfolio manager at Mirae Asset Investment Management (Shanghai). Further details were not immediately available.