Allianz Global Investors has brought a former employee back from a hedge fund to take over an Asian stock strategy.
The firm will hand its £36.2 million Total Return Asian Equity Fund and an offshore fund to Pan Yu Ming, who returned to Allianz this week, Financial News reports. He will succeed Raymond Chan, chief investment officer for Asia-Pacific equities at the firm, who has managed the fund for the past three months. The fund is down 4.3% between April and September of this year.
Chan will now serve as deputy manager under Pan Yu Ming.
Pan Yu Ming formerly managed two other funds for Allianz before moving to CSOP Asset Management in 2010.