Suraj Mishra has been promoted to CEO of Prudential Asset Management’s Singapore business, but his new duties include spearheading the firm’s development of a retail mutual-funds business in Hong Kong.
Mishra previously served as regional director of international funds, helping promote Prudential’s range of offshore products to Hong Kong, Korea, Malaysia, Singapore and Taiwan. Mishra’s predecessor, Kong Siew-Cheong, moved to to run the parent company’s Prudential Services, a unit based in Kuala Lumpur that serves as the back office for the group’s insurance businesses.
As Singapore CEO, Mishra is responsible for the asset management company’s P&L in that market, and reports to regional CEO Ajay Srinivasan in Hong Kong. Mishra will also be in charge of launching the asset management business in the Middle East, and will oversee the opening of an office in Dubai.
In Hong Kong, Prudential already has a joint venture with Bank of China International, BoCI-Prudential, that was established to service the Mandatory Provident Fund schemes market, which launched in late 2000. BoCI has decided to allow Prudential to pursue the cash retail market independently. The firm is now in the process of applying to the Securities and Futures Commission for a license to deal securities, which will then allow it to seek out distributors. The firm will also need to hire sales management professionals.
Despite intense competition, Mishra believes that Prudential Asset Management will succeed in Hong Kong, just as it has worked its way up to become a leading player in markets such as India and Singapore. Prudential has synergies with the parent life company and regional relationships with key bank distributors that it can use to get a leg up in Hong Kong’s retail space.
Mishra joined the organisation in 1998 as an official at Prudential ICICI Asset Management in India. As Singapore CEO he oversees a business with 147 staff on the ground that help manage S$32.2 billion ($20.4 billion) of assets.