Yuanta SITC chairman resigns

20 February 2014   Category: News, Asia, Global, Taiwan   By Hui Ching-hoo

Kao Kang-sheng, chairman of Taiwan’s Yuanta Securities Investment Trust Company (Yuanta SITC), has resigned from his position as chairman, effective from March 1.

Seventy-year-old Mr. Kao made the decision to step down from his post as he has already passed Taiwan’s official retirement age of 65.

Mr. Kao has held various senior positions at Yuanta Futures, Yuanta Securities, and Yuanta Commercial Bank. Prior to joining the Yuanta Group, he served in several government departments and financial entities including the Ministry of Finance, the Central Bank of Taiwan, the Taiwan Futures Exchanges, and First Commercial Bank.

Local media is speculating that Francis Tu, vice chairman of Yuanta SITC, is being lined up to succeed Mr. Kao at the helm of the company. 

Yuanta SITC is the largest asset manager in Taiwan with total assets under management of around NT$279.8 billion (US$9.32 billion) as at January 31 this year, which represents a 14.6% market share.