Prudential Corporation Asia has announced the appointment of Lee Won-Ki as CEO to drive the continued growth of its Korea business, PCA Investment Trust Management (PCA Asset).

Mr. Lee brings 25 years’ experience in asset management and broking in Korea and Australia to the role. He will report to Prudential’s Chief Executive of Funds in Asia, Graham Mason.

PCA Asset manages more than 6,795 billion Korean won (US$5.7 billion) funds under management (as at September 30, 2009) and offers more than 60 public funds – both offshore and onshore - in Korea. With a QFII quota of US$300 million in Korea, PCA Asset is a pioneer in the local market and one of the leaders in the Korean China A share space.

Mr. Mason welcomed Mr. Lee’s appointment, saying: “WK joins our business at a very exciting time with the recent filling of the second tranche of our US$100 million QFII quota. His strengths in driving growth and expanding the business mix will bring significant benefits to our business.

“WK has a strong research and investment background and is well known as one of the few who, in 2002-2003, recognised the opportunity in Korea market’s which have experienced significant rises in the ensuing years. His experience will add to PCA Asset’s strong investment team,” Mr Mason said.

Mr. Lee joins PCA Asset from KB Asset Management, where, as CEO, he took the firm from about sixth market ranking based on funds under management, growing the business from US$12.5 billion to third with US$21.4 billion. He expanded the business beyond its concentration on fixed income to a greater focus on equities and an expansion of the retail customer base to 70%.

Prior to this role, Mr. Lee was head of research and strategist with Merrill Lynch Securities in Korea where he led the equity research team. He has also held senior roles at Regent Asset Management and Bankers Trust (in Sydney and in Korea).