Old Mutual Global Investors (OMGI) has expanded its Hong Kong team with the appointment of Richard Mo as head of business in China.
In the newly created role, Mo is responsible for developing relationships with regulators, global financial institutions and distributors across the region.
Prior to joining OMGI, Mo spent 15 years at JP Morgan Asset Management in a variety of distribution roles, including head of China retail business.
The hire is the latest in a series of poaches from a high profile industry rivals for OMGI. The firm appointed former BlackRock fund manager Rob Weatherston to run its offshore Japanese Equity fund in May this year, and appointed a former Invesco Asset Management bond pair, Mark Nash and Nick Wall, in July.
OMGI set up a dedicated Asia division in April last year, led by head of Asian equities, Josh Crabb.
Carol Wong, managing director for Asia Pacific at the firm, said the recent deregulation of capital controls by the Chinese government has opened up China’s markets even further for foreign investors.
Earlier this month, Old Mutual Wealth – which OMGI is part of – reported a 31% year-on-year fall in profits for the first six months of 2016, despite "very strong" net client cash flows. Net inflows were up 39% to £3.2 billion (€3.7 billion). Flows into Old Mutual Global Investors were "particularly good", with assets under management up 7% from the end of 2015 to £111.2 billion.
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