23 Jan 2019
(Hong Kong) 23 January 2019 – Eastspring Investments (Eastspring), the USD 1951 billion Asian investment management arm of Prudential plc, announced today that Wai-Kwong Seck is joining as Chief Executive Officer on 15 April 2019, succeeding Guy Strapp, who has decided to retire after 12 years with the firm, six of those as the Chief Executive Officer. Guy will remain in the business until April to ensure a smooth transition.
In his new role, Wai-Kwong will be responsible for growing the business, deepening its investment capabilities and expanding Eastspring’s global and local retail and institutional client base.
Wai-Kwong has more than 30 years’ investment and senior management experience. He joins from State Street Bank & Trust Company, where he was Chief Executive Officer of the Asia Pacific Region (APAC) based in Hong Kong. He had overall responsibility for the strategic direction, management and growth of the custody, fund accounting, markets and data businesses, operating through seven regional branches to service clients in 17 geographical markets in APAC.
Nic Nicandrou, Chief Executive, Prudential Corporation Asia, said: “I am delighted that Wai-Kwong has agreed to join as Chief Executive Officer of Eastspring Investments. His appointment reflects our commitment to accelerate the growth momentum of our leading asset management business in the region and achieve long-term success. Wai-Kwong brings to the role not only invaluable investment insights, but a wealth of experience built up over a long and illustrious career. His outstanding track record of delivering growth and value to shareholders and clients will enable the long-term success of Eastspring.
“I would like to thank Guy for his contribution to Eastspring. He has played a key part in the evolution of Asia’s leading asset management business and the expansion of our high-quality investment teams over this period. I would like to wish him well for the future.”
Guy Strapp, Chief Executive Officer of Eastspring Investments, commented: “I am delighted to have had the opportunity to lead Eastspring and oversee an incredible era of organic and inorganic growth as we have expanded across Asia - resulting in the doubling of profits and assets under management, and the creation of an unrivalled footprint. I’m proud of what we have achieved as a firm and I will enjoy watching the ongoing expansion of the business with interest.”
Wai-Kwong Seck said: “I am excited to be taking on the role of Chief Executive Officer for Eastspring. It has a proven track record and is a leading player in Asia. Having worked in the sector and in the region throughout my career, I am acutely aware of its potential and significant opportunities. With its strong investment capabilities, Eastspring is well poised to achieve the next level of growth. I look forward to being part of building and shaping Eastspring’s future.”
Wai-Kwong has extensive experience in the financial services industry, having worked across Asia and the US, spanning wealth and asset management in both the institutional and retail space, investment banking, M&A, business development, and the stock exchange. Prior to joining State Street in 2011, he was Chief Financial Officer of the Singapore Exchange for eight years. Previously he held senior-level positions in The Monetary Authority of Singapore, the Government of Singapore Investment Corporation, Lehman Brothers and DBS Bank
1Assets Under Management as at 30 September 2018
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Note to Editors
About Eastspring Investments
Eastspring Investments is a leading Asia-based asset manager that manages over USD 195 billion (as at 30 September 2018) of assets on behalf of institutional and retail clients. Operating in Asia since 1994, Eastspring Investments is the Asian asset management business of Prudential plc, an international financial services group, and has one of the widest footprints across the region*. We provide investment solutions across a broad range of asset classes including equities, fixed income, multi asset solutions and alternatives and are committed to delivering high quality investment outcomes for our clients over the long term. Eastspring Investments is a signatory to the United Nations-supported Principles for Responsible Investment (PRI), a voluntary program which encourages best practice in environmental, social and corporate governance issues.
For more information on Eastspring Investments, please visit: www.eastspring.com
*Eastspring Investments (excluding JV companies) companies are ultimately wholly-owned / indirect subsidiaries / associate of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV's) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
About Prudential Corporation Asia (“PCA”)
PCA is a business unit of Prudential plc* (United Kingdom), comprising its life insurance operations in Asia and its asset management business, Eastspring Investments. It is headquartered in Hong Kong.
PCA is a leading life insurer that spans 12 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Prudential has a robust multi-channel distribution platform providing a comprehensive range of protection, savings and investment products to meet the diverse needs of Asian people.
Eastspring Investments manages assets on behalf of retail and institutional investors. It is one of the region’s largest asset managers, with a presence in 11 major Asian markets as well as distribution offices in the US and Europe. It has USD195 billion in assets under management (as at 30 September 2018) and provides investment solutions across a broad range of asset classes.
*Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for 170 years and has £664 billion in assets under management (as at 30 June 2018). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
Prudential plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York (PUK.N).
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