Related News
No contract renewal so Pearce leaves Ping An
By Bei Hu |
January 10, 2009, Saturday
|
Print Edition
Print Edition
JOHN Pearce has left as chief investment officer of Ping An Insurance (Group) Co, China's second-largest insurer, insiders said yesterday.
Pearce, who was involved in Ping An's efforts to expand its international asset management business, left after his contract expired "recently" and was not renewed, according to the insiders. Sheng Ruisheng, a spokesman for Ping An, declined to comment, Bloomberg News said. His departure came amid pressure on Ping An to scale back its expansion overseas after losses on its investment in Fortis, formerly the biggest Belgian financial services company.
Ping An said on October 5 that it would post an impairment charge of 15.7 billion yuan (US$2.3 billion) in its third-quarter results on losses from its stake in Fortis. The Chinese insurer in November 2007 paid 1.81 billion euros (US$2.5 billion) for 4.2 percent of Fortis.
Ping An's Hong Kong-traded shares fell 4.3 percent. Investment bank UBS AG downgraded the stock. Ping An's Hong Kong shares have lost 54 percent of their value since the end of 2007.
Pearce, who was involved in Ping An's efforts to expand its international asset management business, left after his contract expired "recently" and was not renewed, according to the insiders. Sheng Ruisheng, a spokesman for Ping An, declined to comment, Bloomberg News said. His departure came amid pressure on Ping An to scale back its expansion overseas after losses on its investment in Fortis, formerly the biggest Belgian financial services company.
Ping An said on October 5 that it would post an impairment charge of 15.7 billion yuan (US$2.3 billion) in its third-quarter results on losses from its stake in Fortis. The Chinese insurer in November 2007 paid 1.81 billion euros (US$2.5 billion) for 4.2 percent of Fortis.
Ping An's Hong Kong-traded shares fell 4.3 percent. Investment bank UBS AG downgraded the stock. Ping An's Hong Kong shares have lost 54 percent of their value since the end of 2007.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
