PGIM Investments has hired a Franklin Templeton veteran to be its vice chairman for Asia, a newly created role.
David Chang has been hired for the newly created senior leadership position of vice chairman for Asia, overseeing the asset management businesses in India, Taiwan and its China joint venture with Everbright Securities, PGIM Investments said in a press release Thursday. The appointment, based in Hong Kong, is effective immediately, the release said.
PGIM Investments is the retail and high net worth (HNW) distribution unit of PGIM, which is the $1.5 trillion global investment management division of U.S.-based Prudential Financial. The company said it has seen increased demand from Asian intermediary investors and private banks, particularly for income-focused, alternative and ESG-related investment services.
Boosting Asia Business
Chang will work to expand the Asian hub for PGIM Investments, and boost its presence in the region, as well as support growing the global intermediary business in Greater China, the release said. He will report to Stuart Parker, who is president and CEO of PGIM Investments, the release said.
Parker said in the statement: «Building out our Asia-based team with exceptional local leadership is a top priority for PGIM Investments. Bringing in someone with David’s experience will enable us to accelerate our growth whilst demonstrating our commitment to the region.»
Franklin Templeton Veteran
Previously, Chang was at Franklin Templeton for more than 20 years, holding the role of CEO and regional head of Greater China since 2007, as well as acting as senior advisor to provide strategic guidance to the Asia Pacific team, PGIM Investments said. Chang is also on the board of Independent Advisors to the Family Office Association in Hong Kong, providing advice on family governance, running family businesses, philanthropy and other areas, the release said. Chang acts as an independent advisor to the Raffles Family Office in Hong Kong, the release said.
Chang’s appointment comes after PGIM Investments tapped Jessica Jones as head of Asia in August 2021. Jones is a veteran of Goldman Sachs Asset Management, where she was managing director and head of the retail client business for Asia ex-Japan. She was hired to expand PGIM Investment’s global intermediary business in Asia, building teams in Hong Kong and Singapore, the company said in August.
In addition, in December 2021, PGIM Investments hired Sashi Nambiar as head of Southeast Asia and Wincy Mak as head of marketing for Hong Kong and Southeast Asia. And in late March, the company said it created a head of wealth management role for Australia, appointing Benjamin Price to handle the wealth management distribution strategy to the Australian intermediated wholesale advice market, including private banks and advisory firms for HNW individuals and sophisticated investors.
