Daisy Ho, Fidelity International
Fidelity International’s China president Daisy Ho has decided to leave the company to pursue another opportunity, a Fidelity spokesperson told FSA.
Currently based in Shanghai, Ho worked at Fidelity for more than 16 years and was promoted to China president at the asset manager in January 2020.
Ho was the first person in that seat as Fidelity prepared for its full transition from a private fund manager to an asset management company in China. Her responsibilities included providing overall leadership and management of the firm’s business, investment, operations, and other key functions in China.
The company said the exit of Ho will not affect its China strategy.
“Having recently received our initial approval for our China asset management company in Shanghai, we retain our utmost commitment to our China business – a key strategic pillar for our company,” said the spokesperson.
“We continue to work closely with the China Securities Regulatory Commission (CSRC) and other regulatory bodies on our next steps in China.”
Fidelity was approved to set up a wholly foreign owned enterprise mutual fund company by the CSRC earlier this month.
The mutual fund business will be run by a Shanghai-based new company, which is wholly owned by Fidelity International Asia Holdings, a Singapore-based entity.
It has a registered capital of $30m and can conduct public and private mutual fund management business, according to the Chinese regulator.
The US-based asset manager has to complete the establishment of its retail mutual fund unit, apply for a securities business licence, and launch public mutual funds within six months.
Blackrock was the first foreign firm to receive an onshore retail license. The CSRC approved the Blackrock China New Horizon Mixed Securities Investment Fund last week, making it the first-ever public mutual fund run by a foreign asset manager.
