Fidelity International’s China head James Sun has left the firm, the asset manager said on Thursday, after serving in the top job for about a year.
Sun, a China fund veteran who was appointed general manager to lead the Britain-based firm’s China fund management firm last May, left for “personal reasons,” Fidelity‘s Asia ex-Japan head Damien Mooney told staff, two sources with knowledge of the matter told Reuters.
Edmond Tan, former head of finance & strategy at the China unit, has been appointed acting general manager and will report to Mooney, effective immediately, according to a company statement.
During Sun’s tenure, the China unit received approval to launch the market’s first foreign-owned pension target fund. It also launched the company’s first Mainland-Hong Kong mutual recognition fund, the company said.
The leadership change at one of the handful of fully owned foreign fund management companies in the market came after British rival Schroders last week said it sold all of its mutual fund products to Neuberger Berman.
The Fidelity China unit managed 4.5 billion yuan ($663.10 million) worth of assets as of the end of March, a small fraction of its global assets under management of $1.06 trillion.
Reuters
