A top private-equity executive at China Investment Corp. has resigned, according to people familiar with the matter, joining other recent departures from the giant sovereign-wealth fund.
The Citigroup Inc unit hopes to rebuild its operations in Japan under the new 57 year-old chief, after receiving its third administrative penalty from Japan's financial watchdog at the end of last year, the paper said.
He has vast experience in the banking industry and started his working career with Citibank in 1985, where he progressively held senior positions in various Asia-Pacific countries including regional responsibilities until 2008.
At UBS he transferred from Hong Kong, where he also headed the Asian syndicate desk, to London in May 2010 to run the global EM effort.
He will focus on institutional sales to Australia’s growing domestic asset management industry. Its concentration on alpha oriented strategies such as sustainable and responsible investing, quantitative, Asia-Pacific and alternative capabilities are
A 1,193-member panel of Hong Kong billionaires, academics and professionals chose Leung over two other candidates to lead the city for the next five years.
He has served as an economist at financial institutions since the late 1980s, would join the central bank shortly after it surprised the markets with unexpected monetary easing and a new inflation goal of 1 percent.
"We are comfortable that Schroders is well placed to cover these departures until replacements have been appointed, a process which is underway," said Standard & Poor's.