Wai-Kwong Seck will retire after four years as CEO of Eastspring Investments and was replaced on an interim basis by CIO Bill Maldonado, the company said in a statement on Monday.
Mr. Maldonado took over as interim CEO on April 6 and Mr. Seck will remain with the company until the end of June to help with the transition. Mr. Maldonado will retain his current position as CIO, the statement said.
Mr. Seck joined the $221 billion asset management arm of U.K. insurer Prudential in 2019 and has held C-level positions at State Street and the Singapore Exchange since 2003.
Mr. Maldonado has been the firm's CIO since 2021, is chairman of the executive management committee and reports to Anil Wadhwani, CEO of Prudential, the statement wrote.
"He is well positioned to take on the interim chief executive officer role having worked closely with Wai-Kwong and the executive team to deliver on the firm's corporate growth strategy," Eastspring said.
Prior to joining Eastspring, Mr. Maldonado spent 28 years at HSBC Global Asset Management in positions including Asia-Pacific CIO and global CIO, equities.