China AMC general manager quits

22 August 2014   Category: News, Asia, China, Global   By Hui Ching-hoo

China Asset Management Corp (China AMC), the second largest Mainland asset manager, announced on August 21 that the firm’s general manager, Teng Tianming, has left his position.

The firm’s managing director, Yang Minghui, has taken up Mr. Teng’s post in an interim capacity, effective August 19. Mainland Chinese media reported that Tang Xiaodong, deputy head of the international division at the China Securities Regulatory Commission (CSRC), will be named as the firm’s new GM by its major shareholder, CITIC Group.

Mr. Teng succeeded long-serving CEO Fan Yonghong in late 2012 after the latter departed to join China Life Asset Management.

As of June 30, China AMC was the second largest asset manager in the country after Tianhong Asset Management, with total AUM of around 316.7 billion RMB (US$50.68 billion).