M&G Investments, the asset management arm of M&G plc, appointed Steven Wang as general manager to lead its new Taiwan office, the company's fifth in Asia-Pacific, according to a statement on Tuesday.
Based in Taipei, Mr. Wang is tasked with leading and growing M&G's institutional and wholesale business in Taiwan, and is responsible for leading local teams to build relationships with clients and partners.
"The securing of the (Securities Investment Consulting Enterprise) license will enable M&G to reinforce its existing client base and build significant new client relationships in Taiwan — the largest and fastest growing wealth center in Asia with asset management revenues ranked third after China and Japan," a spokesman said.
He added that Taiwan is a key market, and that the establishment of the office allows the firm to provide tailored investment solutions to Taiwanese investors.
"Taiwan is a natural next step for M&G's strategic expansion where the regulator has strong ESG ambitions and M&G can provide a diverse range of sustainable investment capability," he added.
M&G plc has £306.5 billion ($401.3 billion) in assets under management.
The company also appointed Berny Lin as chairman of the board of directors for M&G Taiwan.
Mr. Lin will retain his position as head of distribution for Asia ex-Japan and will continue to be based in Hong Kong while splitting his time across the Taiwan, Hong Kong, and Singapore offices, the spokesman said.
Within Asia-Pacific, M&G also has offices in Australia and Japan. In June, M&G hired Manabu Fujita to lead its Japan office.
Mr. Wang was most recently head of product development in Taipei at Eastspring Investments. Eastspring, which has $221.4 billion in assets under management, did not immediately provide details about his replacement.