The board of Absolute Asia, which is a subsidiary of Natixis Global Asset Management, said it has divided the two roles which Sung previously filled and has named François Théret as CIO and is now looking for a CEO.
Théret will also serve as co-portfolio manager for the Absolute Asia AM Pacific Rim Equities Fund and the Emerging Asia Fund.
Meanwhile, Joyce Toh a co-portfolio manager for the Emerging Asia Fund, will join Théret as co-portfolio manager on the Absolute Asia AM Pacific Rim Equities Fund.
Before moving to Absolute Asia, out-going CEO, Sung was with Morgan Grenfell Investment Management for 12 years as a fund manager in Hong Kong, then as associate director in Singapore, and finally as director of MGIM HK, where he managed a portfolio of Asian institutional assets and mutual funds.
Théret joined Absolute Asia in September with 16 years of experience in the finance industry. Prior joining the company, he was the head of global emerging equities at the Paris-based Natixis Asset Management. He was also an emerging Europe portfolio manager and analyst. He joined Natixis in 2005 as a senior analyst.
Apart from Natixis, he worked with AXA Investment Managers, Crédit Lyonnais Asset Management, and TAL, a subsidiary of Canadian Imperial Bank.
Founded in 1998, Absolute Asia AM's that specialises in Asia Pacific ex Japan equities had assets under management worth US$810m as of March-end. Natixis' assets were worth US$785.3bn as of March-end.
