Funds veteran quits posts at association and Invesco
Edith Ngan is second executive to leave the US firm recently
Hong Kong Investment Funds Association chairman Edith Ngan Man-ling has resigned from the association and as chief executive of Invesco Hong Kong.
She is the second high-profile executive to quit the US fund house's Hong Kong office recently, following chief investment officer Alfred Ho.
Ms Ngan said last night she had decided it was time to move on after spending eight years with Invesco. 'I have built up the Mandatory Provident Fund business and retail business for the company and I think it is time to move on to bigger challenges in the industry.'
Ms Ngan's sudden departure means she will not complete her one-year term as association chairman, due to expire in September.
The association's vice-chairman, King Au, head of institutional and private clients for HSBC Asset Management (Hong Kong), has replaced her as chairman. Ms Ngan's boss, Andrew Lo, the Asia-Pacific chief executive of Invesco, will assume her responsibilities.
Her departure follows decisions by HSBC and Standard Chartered Bank last month to suspend sales of Invesco fund products pending the outcome of litigation against a US unit of its parent.
An Invesco spokesman said Ms Ngan's resignation had nothing to do with the banks' moves.
Other fund managers, however, said the sales suspension may have put a lot of pressure on Ms Ngan.
'Fund companies have no branch networks and it is a nightmare when banks stop selling funds for you,' one fund manager said.
But Ms Ngan said Invesco Hong Kong had done well and met sales and profit targets last year under her leadership.
'I have brought Invesco to pass through the most difficult times of the stock market,' she said. 'If it would be for sale reasons, I would have gone long before but not now, when the market is so strong.'
