Published by Asia Asset Management – 29th Jan 2019
Principal also named Pedro Borda as senior vice president and chief operating officer (COO) of its investment subsidiary, Principal International. He replaces Renee Schaff, who will become president of Principal Retirement and Income Solutions, the company’s pension unit, in March.
Mr. Cheong is currently Principal’s president for North Asia, based in Hong Kong. His new role, in which he will also oversee all of South Asia, will become effective on March 2, the company says in a statement on January 25. Mr. Borda is currently the president for South Asia and India.
“This alignment of the Asia markets under his (Mr. Cheong’s) leadership will enable Principal to focus on regional growth opportunities,” the company says. Meanwhile, Mr. Borda will “play an integral role in partnering with the company’s global leadership teams to develop and implement business development and digital transformation strategies”.
According to a spokeswoman for Principal, the company split the Asia president post into two, one overseeing North Asia and one for South Asia, in 2016. The decision was made when Rex Auyeung, the then president for Asia, retired.
“As Pedro will be moving to the US to replace Renee Schaaf as COO of Principal International, instead of naming another president of South Asia, Principal has decided to recombine South Asia and North Asia again, and just named Thomas president of Asia,” she tells Asia Asset Management.
Mr. Cheong has led Principal’s retail pension and asset management businesses in China and Hong Kong since he joined as head of North Asia in 2015. He was promoted to president of North Asia in 2017. He will remain based in Hong Kong when he takes on the new position.
“Thomas’s extensive experience in asset management, pension, and life insurance businesses makes him the ideal person to lead and reinforce Principal’s long-term commitment to our Asia markets,” Luis Valdes, president and chief executive officer of Principal International, says in the statement.
US-based Principal’s asset management arms, including Principal International, had approximately US$426 billion of assets under management as of September 30, 2018.
