Rex Auyeung to step down as Asia chairman at Principal International
15 February 2017
Category: News, Asia, Global, India, USA
By Asia Asset Management
Rex Auyeung, chairman of Principal Asia at Principal International, will be retiring in June this year after 23 years of service.
Having joined Principal Financial Group (Principal) in 1994, he has since led Principal International’s operations in Asia out of Hong Kong; with Hong Kong, India, China and Southeast Asia being under his direction. During Mr. Auyeung’s tenure at the firm, its AUM in the region has grown to US$120 billion (as at end-December 2016). He has also developed and reinforced relationships in Asia by means of strategic joint venture partnerships including CCB Principal Asset Management in China, Principal Pnb Asset Management in India, and CIMB-Principal Asset Management in Southeast Asia.
Thomas Cheong, vice president of North Asia, and Pedro Borda, vice president of South Asia and India, will continue to lead business operations in the region for the firm, reporting directly to Luis Valdes, president of Principal International.
“Rex has been one of our most important assets in Asia; helping to strengthen and expand our business relationships across the continent,” comments Mr. Valdes. “While he will be greatly missed, I am confident our operations in Asia will continue to be strong thanks to the experienced leadership of Thomas over North Asia, and Pedro over South Asia and India.”
Founded in Iowa in the US in 1879, Principal is now a global investment management company offering retirement services, insurance solutions and asset management. As of December 31 last year, the group had $591.6 billion in AUM.