Old Mutual Asia head leaves
Carol Wong, Old Mutual Global Investors’ managing director for Asia, is leaving the company following other recent departures in Hong Kong and changes to its international business structure.
In April this year Old Mutual moved management of two of its Asia funds to a global equities desk laying off the three-strong Asian equities investment team.
Carol Wong had joined OMGI as managing director and head of distribution for Asia in November 2013 to help develop the regional strategy. She had previously worked with BNP Paribas Asset Management.
During her tenure the firm strengthened its China business by hiring Richard Mo to develop relationships with regulators, financial institutions and distributors in the country.
Carol Wong said in a statement that after more than four years with the business, she felt it was time to move on to the next challenge.
The number of individuals licensed with Old Mutual in Hong Kong peaked at 17 in late 2015 but has now fallen to eight, with six of those licences ceasing this year, according to figures from Hong Kong’s Securities and Futures Commission.
The changes in Asia follow an overhaul of Old Mutual’s fund management business at a head office level. In September 2017 the company, which manages the funds business, rebranded its multi-asset its multi-asset unit as Quilter and sold off its single-strategy business for £600m.