China Travel & Tourism News
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Prudential Financial still looks for new CEO
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| 30-Jun-2005 - Xinhua |
Prudential Financial Inc. said Wednesday it was still looking for a successor to the chief executive of its Chinese fund management joint venture, after media reports said it might have hired the head of a rival fund manager.
The Financial Times reported Wednesday American International Group Inc. (AIG) had confirmed the chief executive of its AIG-Huatai Fund Management Co. joint venture had stepped down.
The paper cited industry experts who said they believed the executive, Teh-Hsiu Fu, would replace the head of Prudential's Everbright Pramerica Fund Management Co. venture.
AIG-Huatai Fund Management Co. said Wednesday it couldn't confirm Fu was leaving the company. AIG has a 33 percent stake in the joint venture with Huatai Securities.
The report said Pramerica chief executive Paul Thompson, the only Western investment expert to lead a Sino-foreign fund management business, was planning to resign amid growing concerns over the performance of the company's Chinese mutual fund.
Prudential Financial has a 33 percent stake in its joint venture with Everbright Securities, a division of China Everbright Ltd.
But Prudential Financial Global Communications vice president Michael Hanretta said Wednesday Thompson's departure "at the appropriate time" had been planned since the venture was formed, and that the search for a successor was ongoing.
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| 30-Jun-2005 - Xinhua |
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