DES MOINES, Iowa--(BUSINESS WIRE)--Principal Financial Group® announced today that Rex Auyeung, chairman of Principal Asia, will be retiring in June 2017 after 23 years of service. Thomas Cheong, vice president of North Asia, and Pedro Borda, vice president of South Asia and India, will continue to lead business operations in the region.
“Rex has been one of our most important assets in Asia; helping to strengthen and expand our business relationships across the continent,” said Luis Valdes, president of Principal International. “While he will be greatly missed, I am confident our operations in Asia will continue to be strong thanks to the experienced leadership of Thomas Cheong over North Asia, and Pedro Borda over South Asia and India.”
Auyeung joined Principal in 1994. He has led Principal International operations in Asia, which includes Hong Kong, India, China and Southeast Asia. Under his direction, the region has grown to more than $120 billion AUM. Auyeung developed and strengthened relationships in the region through strategic joint venture partnerships, including CCB Principal Asset Management, Principal Pnb Asset Management in India, and CIMB-Principal Asset Management in Southeast Asia.
Following Auyeung’s retirement, Cheong and Borda will report directly to Valdes as they continue to lead North Asia and South Asia, respectively.
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