TMF Group has hired a new commercial director for its funds services business in China, its latest appointment to capitalise on the country’s booming funds market.
Derek Chen has been appointed as a senior executive to focus on commercial projects for its fund administration and investment structure business, with the goal of developing and maintaining a network of prospects and business development opportunities.
TMF Group added that Chen will also work with its wider global funds team to find innovative solutions to clients’ needs.
Prior to joining the fund administrator, Chen was previously a vice president at Apex Group for two years. He was also a senior investment manager at several Chinese asset managers.
“Derek’s extensive experience working within private and sovereign wealth funds gives him unique insight to our clients’ needs: Derek will be instrumental in delivering solutions to managers investing regionally and globally,” said Andrew O’Shea, global head of fund services, TMF Group.
“Our fund services department in China continues to grow rapidly and Derek will support our clients both domestically and internationally.”
Last year, TMF Group hired a former hedge fund administration expert from State Street to lead its fund services division for the China and Taiwan market. Sabrina Li joined the firm in October to lead the build out of its hedge fund and private equity services business in the two countries.
The hires comes amid heightened expectations in China’s alternatives assets, particularly in its private funds market. As of November 2020, China’s private equity market totalled nearly 16 trillion yuan ($2.45 trillion), a 16% increase year-on-year according to data from the Asset Management Association of China.