Aberdeen Standard Investments (ASI) has appointed David Lam as head of Hong Kong to oversee local business planning and support investor and distributor relationships.
He replaces David Peng who left in May after Standard Life Investments merged with Aberdeen Asset Management and rebranded as ASI, a company spokeswoman tells Asia Asset Management (AAM).
Mr. Peng was the former Hong Kong-based head of Asia at Standard Life Investments.
Mr. Lam, whose appointment took effect on August 6, was previously chairman of the advisory board of Hong Kong-based Carret Private Investments.
In his new role, he reports to Ian Macdonald, ASI’s deputy head of Asia Pacific, the company says in a statement on August 9.
He will oversee planning and development of ASI’s Hong Kong business, ensuring it is aligned with the company’s strategic objectives for the Asia Pacific region. He will also support relationships with investors and distributors.
“David’s track record in the financial services industry is impressive and his appointment signifies the commitment we have to our clients in Hong Kong,” Mr. Macdonald says in the statement.
Mr. Lam tells AAM that ASI sees “great opportunities” in Hong Kong and China, noting that the city is typically “the first port of call for Chinese institutions for their offshore headquarters and investments”.
According to Mr. Lam, China’s increasing economic strength, and the outsourcing of asset management by large global investors to external managers, suggest that investment opportunities for global asset managers are expected to grow “meaningfully”.
“Given heightened market volatility, increasingly investors are looking to diversify into different asset classes for better risk-adjusted returns,” he says.
ASI currently employs 60 people in Hong Kong, with on-the-ground investment teams managing regional portfolios across different asset classes, including China equities, multi-asset, private equity and emerging-market debt.
The Scotland-based company managed £557.1 billion (US$714.78 billion) of assets globally as at June 30, 2018.
