((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) by Selena Li
James Sun, Fidelity International’s China director, has left the company, the asset manager announced Thursday, after serving in the role for about a year.
Mr. Sun, a veteran of Chinese funds who was named 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, officials said. 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 Mr. 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 all 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 (XX.XX billion euros).
(1 $ = 6,7863 yuans)
