((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) (Correction: It should be clarified in paragraph 5 that Schroders has divested most, not all, of its mutual fund products at Neuberger Berman) by Selena Li
James Sun, Fidelity International’s head of China, has left the company, the asset manager announced Thursday, after serving in the senior role for about a year.
Sun, a veteran of Chinese funds who was appointed chief executive to run the British firm’s China funds management business last May, left for “personal reasons,†Damien Mooney, Fidelity’s head of Asia ex-Japan, told staff. At Reuters two sources close to the matter.
Edmond Tan, former head of finance and strategy at the Chinese subsidiary, has been appointed interim CEO and will report to Mooney, effective immediately, according to a company statement.
Under Sun’s leadership, the Chinese subsidiary obtained approval to launch the first foreign-owned target-return pension fund in the market. She also launched the company’s first mainland China-Hong Kong mutual recognition fund, the company said.
The change in leadership at one of the few wholly foreign-owned fund management companies on the market comes after British rival Schroders announced last week that it had sold most of its mutual fund products to Neuberger Berman.
Fidelity’s Chinese subsidiary managed 4.5 billion yuan ($663.10 million) in assets at the end of March, a small fraction of its global assets under management of $1.06 trillion. ($1 = 6.7863 Chinese yuan)
