Published by Asia Asset Management – 21st September 2016
Global investment management firm PIMCO has hired Steve Chiu as a senior vice president and head of Hong Kong retail.
Reporting to Michael Thompson, head of global wealth management Asia ex-Japan and head of Singapore, Mr. Chiu will lead PIMCO’s efforts in building distribution partnerships with financial intermediaries in Hong Kong, with a particular focus on retail banks, insurance companies and independent financial advisors.
“Steve brings over 25 years of wealth- and asset-management experience to our business. His hiring underscores our commitment to growing this segment in the region and in Hong Kong. We are committed to bringing the best resources across the firm to deepen our engagement with these partners in delivering our industry-leading investment solutions and client servicing,” says Mr. Thompson.
Mr. Chiu comments: “I am thrilled to join the growing PIMCO wealth-management team. I am keen to work with our financial-intermediary partners in capturing the significant opportunities in the retail space and support them in meeting the unique investment needs of their clients.”
To capture the rapid private-wealth growth in Asia ex-Japan, PIMCO has been increasing resources within the wealth-management business. This build-out enables PIMCO to expand and deepen relationships with private banks, retail banks and family offices in Hong Kong and Singapore, as well as engage with potential clients in new markets including Thailand, Malaysia and the Philippines.
To this end, the company also hired Stacie Wang as head of China, global wealth management. Ms. Wang joined PIMCO in early August this year and is responsible for building partnerships with intermediaries in China, with a strategic focus on private banks, retail banks, domestic asset managers, wealth-management platforms, financial advisors and family offices.
In addition, PIMCO’s existing Asia ex-Japan global wealth management business team heads have assumed dedicated channel responsibilities in order to systemically prospect and develop the opportunities available. These include Todd Staley leading the family office sub-channel, Henry Chui on private banks North Asia, and Freida Tay on Singapore retail.
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