Daisy Ho, the president of Fidelity International's China business, will leave the company to pursue another opportunity, a spokeswoman confirmed Thursday.
A 16-year Fidelity veteran, Ms. Ho took on the head of China role at the start of 2020. She couldn't immediately be reached for comment.
The spokeswoman said Rajeev Mittal, Fidelity International's managing director, Asia-Pacific ex-Japan, "will lead the China business alongside the China senior leadership team while a search for a replacement is commenced."
Ms. Ho is moving on just as Fidelity International earlier this month garnered initial approval to set up a wholly owned fund management company in Shanghai — only the second foreign firm, following BlackRock, to progress that far since Chinese regulators in April 2020 dispensed with the need to take on a local joint venture partner.
A Fidelity spokesman, in a separate emailed statement, said the company will continue to make preparations and looks forward to receiving the final approval needed to start business operations.
The spokeswoman, calling Fidelity's China business "a key strategic pillar for our company," said the firm will continue to work closely with the China Securities Regulatory Commission and other regulatory bodies on the company's next steps in China.
