Clare Zhao was named as head of institutional business for Asia-Pacific, head of China business and head of exchange-traded fund business at Value Partners Group, a spokesperson confirmed.
The positions are newly created and part of the firm's decision to streamline its business. Value Partners managed $5.3 billion in assets as of March 31.
"Previously, institutional businesses were led by the respective local leaders across APAC. We have decided to consolidate these under Clare to ensure better coordination and execution of our institutional strategy, and to better serve the needs of clients in the region," the spokesperson said.
"The same logic applies to Clare’s role as the head of China, as her strong experience would help to ensure the onshore and offshore teams work seamlessly to develop further in the fast-changing but increasingly important mainland China market," he said.
The ETF business was previously led by the investment team, which will now focus on fund management and the delivery of solutions to clients, the spokesperson added. As the new head of ETF business, Zhao will lead efforts in ETF business development and strategy.
Zhao joined the firm on April 29 in Hong Kong and reports to the leadership committee, which comprises co-Chairs and co-Chief Investment Officers Louis So and Cheah Cheng Hye.
Value Partners is currently led by its leadership committee after June Wong stepped down from her position as chief executive officer and executive director in April.
The firm also laid off eight employees based in Shanghai in late April, according to a Reuters report.
"Given the fast evolving landscape in the asset management industry in mainland China, we have made a decision to streamline our onshore business operations to improve efficiency of the business," the spokesperson said, without confirming the number of people laid off.
"We remain confident and committed to the onshore China market, and will continue to invest resources which commensurate our business strategy," the spokesperson said.
Zhao joined from Amundi, where she was head of China business and oversaw the company’s institutional business and led the qualified domestic limited partnership and wholly foreign-owned enterprise teams in Beijing. Amundi had €2.12 trillion ($2.29 trillion) in assets under management as of March 31. An Amundi spokesperson declined to comment on her departure.
