PAAI deputy GM Zhang Houqi quits
28 January 2014
Category: News, Asia, China
By Asia Asset Management
Zhang Houqi, general manager (GM) of Ping An Annuity Insurance Company of China Ltd (PAAI), resigned from his position on January 24 after less than two months in the post.
The former deputy GM of China Asset Management Co Ltd (China AMC) joined PAAI in December 2013 after having served at the asset management giants for 11 years. Prior to that, Mr. Zhang held senior positions at China Securities Co Ltd.
Local media cited remarks left on Mr. Zhang’s Weibo account, a Chinese microblogging website, which said his reasons for leaving PAAI were to do with differences of opinion between him and the company’s chairman, Du Yongmao, on the structure of its enterprise annuity (EA) operating model.
PAAI is the second largest Mainland pension service provider with total assets under custody of 72.2 billion RMB (US$11.4 billion) and assets under management of 80.4 billion RMB as of the end of 2013.