Former GM takes helm at Taiwan’s ING SITC
14 May 2014
Category: News, Asia, Global, Taiwan
By Hui Ching-hoo
Taiwan’s ING Securities Investment and Trust Company (ING SITC) has appointed former general manager Ashwin Mehta as the firm’s new managing director, according to a report from Commercial Times.
The appointment comes four months after Japan’s Nomura Asset Management, Hong Kong-based Alpha Magnus Investments, and Skyline Investment Holding jointly acquired the firm from its parent ING Group for an undisclosed amount. Nomura Asset Management and Alpha Magnus Investment currently hold 51% and 25% stakes in ING SITC, respectively.
Mr. Mehta is the representative from Alpha Magnus Investments. He held the position of general manager at ING SITC between April 2010 and July 2013.
The appointment is still subject to approval from Taiwan’s financial regulator. The firm is slated to be rebranded in the third quarter, and will become the first Taiwanese asset manager with a Japanese background.
ING SITC Taiwan is among the top ten investment management firms in Taiwan with approximately NT$58.9 billion (US$1.96 billion) in AUM as of the end of March.