Hong Kong's fiscal reserves will be managed by a resident for the first time when Amy Yip York-tak takes over as the executive director in charge of reserves management at the Hong Kong Monetary Authority (HKMA). Ms Yip will replace John Nugee, who is returning to the Bank of England, from which he has been on secondment since 1992. HKMA chief executive Joseph Yam said Mr Nugee's management of the Exchange Fund had been invaluable. 'The fund and our Foreign Exchange Reserves have shown excellent and sustained growth in the past few years. Much of the credit for this should go to Mr Nugee and the team he has built at the HKMA,' he said. Ms Yip, a vice-president of Citibank, will join the HKMA on October 1. 'Ms Yip has many years of solid experience and a distinguished record in the financial industry, with specialisation in investment and fund management in the past 10 years,' Mr Yam said. 'Her wide experience will undoubtedly be valuable to the HKMA, and her private-sector experience will add to the HKMA's expertise.' Ms Yip was educated in Hong Kong and the United States, receiving an MBA from Harvard Business School. She spent eight years with J.P. Morgan before joining Rothschild Asset Management in 1988 as an executive director. In 1991, Ms Yip joined Citibank and was business manager for five years before taking up her post in March as planning director for Citibank Private Bank, Asia Pacific. Hong Kong's foreign reserves topped US$60 billion at the end of June, the seventh largest in the world.
