Lin Xianghong and Li Qian were appointed as executive directors at Value Partners, the fund manager said in a Hong Kong Exchange filing on Aug. 23.
According to the filing, Ho Man Kei Norman has tendered his resignation as executive director but retains his position as senior investment director.
Lin was also made co-chair of the board alongside Co-Founder Cheah Cheng Hye, replacing So Chun Ki Louis who has resigned as co-chair. So continues to be executive director and co-chief investment officer of the firm alongside Cheah.
Lin is concurrently vice-chair of GF Holdings (Hong Kong), a fully owned subsidiary of Chinese securities company GF Securities, which acquired a 20.2% stake in Value Partners in June last year.
Li is deputy general manager of GF Securities, a role he has held since July 2021. Both Lin and Li's roles at Value Partners are for an initial term of three years commencing Aug. 23.
Value Partners posted assets under management of $5.4 billion as of June 30, down 3% from Dec. 31, across equities, fixed income, alternatives, multiasset and quantitative strategies. The firm has been slashing its staff size. As of June 30, it had 125 employees in Hong Kong compared to 141 a year ago, and 27 in mainland China compared to 39 a year ago.
The number of people in its Singapore office grew slightly to nine from eight and remained the same at two in London. The company also closed its Malaysian office and lost all five staff there.
On Sept. 2, Bloomberg reported that Cheah and So plan to step down from their roles by January. A Value Partners spokesperson said on Sept. 3 that the company has nothing further to add to the Aug. 23 announcement.
