CIMB-Principal rings changes at the top

May 1, 2013

The Kuala Lumpur-based asset manager has appointed new chiefs for Malaysia, Thailand and its Islamic funds business.

Kuala Lumpur-based CIMB-Principal Asset Management, a joint venture between CIMB Bank and US-based Principal Global Investors, has reshuffled its chief executives of Malaysia, Thailand and Islamic funds.

After four-and-a-half years as CEO of the firm, Campbell Tupling stepped down in early April, to be replaced by Pedro Borda, Mexico head of Principal Financial Group (PFG) since 2004.

The change in CEO is understood to be a routine rotation. Tupling is believed to have a role lined up with another firm, as his preference is said to have been to remain in Asia rather than return to a senior role in PFG’s headquarters in Des Moines, Iowa. He declined to comment when contacted by AsianInvestor.

Munirah Khairuddin remains deputy CEO at CIMB-Principal in Malaysia, reporting to Borda, in a role she has held since November 2008, when Tupling was named CEO.

Borda joined PFG in 1996 as managing director of Ethika AFJP, a pension company in Argentina. In 1999 he relocated to Mexico as managing director of Principal Afore, a wholly-owned affiliate of PFG.

Tupling has been with PFG for over 14 years in various positions, including Asia chief operating officer, co-head of the institutional pension segment in the US and managing director of Principal International Spain. Before joining PFG, he spent 15 years with AIG in various capacities, including managing director of AIG Mexico and AIG La Tandilense (Argentina).

Meanwhile, AsianInvestor understands that Jumpon Saimala is set to take over as head of CIMB-Principal's Thai unit. He was previously CEO of ING Funds Thailand, which was acquired late last year by Singapore’s UOB Asset Management.

Prakarn Tawisuwan is currently acting managing director at CIMB-Principal Thailand. Anusorn Buranakanonda held the post previously, but AsianInvestor could not ascertain when he vacated it.

CIMB-Principal declined to confirm or comment on Saimala's appointment, and Saimala could not be reached by press time. ING declined to comment on whether he would be replaced.

Before joining ING Funds, Saimala was head of wealth management at TMB Bank in Bangkok. And prior to that, he had also worked at ING Funds for nine years, most recently as head of the mutual fund and investment consulting department.

In addition, Noripah Kamso has retired as CEO of CIMB-Principal Islamic Asset Management and has been replaced by Ramlie Kamsari on March 1. Kamsari was brought into CIMB-Principal Islamic AM in February last year with a view to him succeeding Kamso, who had held the post since 2008, before which she was CEO of CIMB-Principal AM.

Since joining CIMB Group in 2004, Kamsari has held several senior positions, including CEO of CIMB Futures and CEO of CIMB Insurance Brokers. He was also head of Islamic equity markets and derivatives at CIMB Investment Bank.

With RM35.6 billion ($11.7 billion) in AUM as of January 31, CIMB-Principal has offices in Indonesia, Singapore and Thailand, in addition to Malaysia, and clients worldwide, from Japan to the Middle East.