The search for the Securities and Futures Commission's new chief executive, slated for entry in late 2020, is underway with the current deputy named by industry veterans as an ideal successor.
Julia Leung Fung-yee was a named by Hong Kong Securities Association chairman Gordon Tsui Luen-on, as an ideal candidate due to market familiar and a business-friendly track record.
«When [Leung] was at the government, and now at the SFC, she was always very sincere in helping local stockbrokers and fund managers to develop their businesses,» Tsui said in an «SCMP» report, recalling Leung’s five-year public sector stint as the undersecretary for financial services and the treasury.
Flexible on Age, Nationality
SFC chairman Tim Lui Tim-leung, who is part of a five-strong committee tasked with finding Alder’s replacement, did not comment on claims of Leung’s frontrunner status but highlighted flexibility on candidates’ demographic profile.
«We will adopt a flexible approach about the age issue when selecting the candidate,» Lui said. «We are open-minded about whether [Alder’s] successor should be a local Chinese, or someone from overseas.»
Pushed for Another Alder Term
Lui commended Alder for carrying out reforms to strengthen the SFC’s structure and also shared his efforts to keep the incumbent chief executive in office.
«I have tried to persuade Alder to stay on. However, he considered it was the best time to leave after nine years at the SFC,» Lui said.
Current SFC chief executive, Ashley Alder, notified coworkers this week that he would not seek another term after his contract expires in September 2020 and a spokesperson subsequently confirmed the decision.
