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SCMP Reporter

Stuart Leckie will step down as chairman of Fidelity Asia-Pacific after only 18 months - raising questions in the fund management industry about his sudden departure.

 He will be replaced temporarily by British-based Barry Bateman, head of Fidelity International, while the fund management firm searches for Mr Leckie's replacement.

 Mr Leckie said he would like to return to Britain - the only reason given for his abrupt departure.

 'I have made a decision to go back to the UK by the middle of next year,' he said.

 'I will work as a consultant until at least the end of the year to make sure it's business as usual and will work closely with my replacement, once one is found.'  Mr Leckie had lobbied for changes to the proposed mandatory provident fund (MPF) to make the system more user-friendly for big international fund management companies.

 He was known to have disagreed with the Government over how provident funds should be invested, industry sources said.

 His actuarial background made him an ideal candidate to put together a system for Fidelity to offer provident fund management services, according to his peers, though he hardly had time to begin the process.

 Fidelity Investments Asia-Pacific's Selina Chong said the incoming MPF would involve a three to five-year planning process, a longer commitment than Mr Leckie was willing to make.

 When the MPF will be introduced and in what form is still an open question.

 Mr Leckie said he will continue to act as deputy chairman of the Retirement Scheme Association.

 'We have a meeting tomorrow morning [today] with the technical sub-committee of the association to look at government proposals for the MPF and I will be there,' he said.

 His deputy chairmanship of the association represented a conflict of interest for some members.

 As a fund management company, Fidelity was in a position to act as a service provider for the territory's retirement schemes.

 Mr Leckie's duties as Asia-Pacific chairman covered the region, including Tokyo.

 'Fidelity's ambitious plans will continue in Hong Kong and Japan,' he said.

 Mr Leckie said his departure did not represent any change in strategy or restructuring for the firm.

 He said he would simply be replaced.

 Once Mr Leckie severs his ties with Fidelity, he hopes to keep his ties with Hong Kong through non-executive directorships, or other duties that would leave him flexible.

 He said he did not plan to work for Fidelity in London.

 Mr Leckie also plans to serve out his one-year term as chairman of the Hong Kong Club and he continues to be involved with the territory's Rugby Football Union. When he moved to Hong Kong in 1979, Mr Leckie first worked for Wyatt Company (Hong Kong), helping to establish the company in the region.



Fidelity chief steps down amid MPF concerns