Taiwan’s Cathay Financial Holdings, citing “restructuring needs”, has moved Cheng Shu-fen from chief investment officer and senior vice president to senior adviser, with no immediate plans to appoint a new CIO.
The company, one of Taiwan’s largest financial conglomerates, made the announcement on its website on December 30, two days before Cheng assumed her new role.
The “reappointment is due to restructuring needs” and the firm “will continue to leverage her expertise and talents in engaging with international organisations, overseeing responsible investment, conducting economic research, and other related areas”.
“There are currently no plans to appoint a replacement for the CIO position,” the company adds.
Cheng joined Cathay Financial in 2012 from Merrill Lynch, where she was vice president and head of research for Taiwan.
Cathay Financial has around NT$14 trillion (US$445.2 billion) of total assets.
