From the press release desk this week…

People moves

Pimco poached Stephen Chang, head of Asian fixed income from JP Morgan Asset Management to fill the role of executive vice president and portfolio manager. Based in Hong Kong, Stephen Chang will assume his new role on 7 May. He will report to Rob Mead and Tomoya Masanao, both co-heads of portfolio management in Asia Pacific, and to Mohit Mittal, Newport Beach-based portfolio manager. Stephen Chang was at JPMorgan AM for 14 years, where he managed and co-managed seven funds…

JP Morgan Asset Management is relocating global multi-asset solutions strategist Patrik Schöwitz to Hong Kong from New York. Schöwitz is responsible for determining global economic and asset-allocation strategies for both institutional and retail clients. In addition to his existing role, he will focus on formulating macro-thematic insights to inform the firm’s asset allocation views. He will continue to report to John Bilton, global head of multi asset strategy…

Launches

MFS Investment Management has established an Investment Advisory Council. The council, consisting of current and former investment professionals from the firm, aims to enhance the firm’s investment culture, provide mentoring and consultation on team interviews, portfolio construction and risk management…

The Industrial and Commercial Bank of China has established investment banking services in its Singapore branch. The service reflects the bank’s interests in offering capital market services for Chinese companies to tap into Singapore’s capital markets under China’s Belt and Road Initiative. The initial focus would be on real estate developers and property owners in tier-one or tier-two cities in China, as potential listing candidates for REITs and business trusts on Singapore’s exchange…

Fintech

Standard Chartered Bank has opened an innovation hub in Hong Kong to promote financial technologies and data science across the region. The bank has also invested HK$100m ($12.8m) to hire developers aiming to promote innovation internally to enhance efficiency of banking services. The initial stage of the innovation development focuses on wealth management and client due diligence for micro and small corporates…

China

China’s authorities extend their anti-corruption campaign to the financial industry. China Huarong Asset Management chairman Lai Xiaomin is under investigation for alleged corruption and severe disciplinary breaches, according to the official news agency Xinhua. Hong Kong-listed China Huarong AM is one of the four largest asset managers in the country. Lai has been serving in his current role since September 2012…