Foreign public mutual fund company LLB Fund appoints new leadership: LLB Asia-Pacific CEO takes over as Chairman

The reporter from 《The Daily Economic News》 learned that recently Boundless asset management announced a change in senior management in a filing notice released by its wholly foreign-owned mutual fund subsidiary. The former chairman Ajai Mohan Kaul has retired, and Boundless Asia CEO — Michael Frazier Thompson — has taken over as chairman.

Boundless asset management opened in January 2024 and is the fifth wholly foreign-owned mutual fund company approved to carry on business operations in China.

According to the announcement, Michael Frazier Thompson previously served as the head of PIMCO (Pacific (601099) Investment Management Company) Asia Singapore business and wealth management business in Asia (excluding Japan); head of PIMCO Aisia Limited (HongKong) for the Asia region; head of global financial institutions business and Europe market and client relations at the Intermediate Capital group; head of global fixed income business development and product strategy at Boundless; head of global institutional business. He is currently the Chief Executive Officer of Boundless Asia Pacific.

This personnel adjustment is a rare replacement of core senior management since Boundless asset management began its business operations in 2024, and the appointment of this foreign executive to lead a key core management position in foreign mutual funds is not an isolated case. In the context that restrictions on foreign ownership in public fund operations have been fully lifted, having foreign executives at the helm has become the norm for the development of foreign public funds.

Boundless asset management changes leadership: a veteran retires, and the Asia-Pacific helmsman steps in

Recently, Boundless asset management issued an announcement. The former chairman Ajai Mohan Kaul stepped down on March 26 due to retirement. On the same day, Michael Frazier Thompson officially assumed the role of chairman of the company. This change has been reviewed and approved by the company’s shareholders and board of directors, and has been filed with the regulatory authorities.

The reporter from 《The Daily Economic News》 noted that Ajai Mohan Kaul retired in late 2025 from his position as Chief Executive Officer of the Asia-Pacific region at the company, and now he is also retiring from his concurrently held position as chairman of Boundless asset management.

The newly appointed chairman, Michael Frazier Thompson, holds dual citizenship of the United Kingdom and South Africa. He has more than 30 years of global asset management industry experience. He previously served as the head of PIMCO Asia Singapore business and wealth management business in Asia (excluding Japan); head of the Asia region at PIMCO Aisia Limited (HongKong); head of global financial institutions business and Europe market and client relations at the Intermediate Capital group; head of global fixed income business development and product strategy at Boundless, and head of global institutional business, among other roles. In August last year, he was appointed CEO of Boundless Asia Pacific, responsible for growth of business in the Asia-Pacific region, client distribution, and strategic planning. By concurrently taking on the chairmanship of Boundless asset management, he will oversee the company’s overall strategy for the China market.

Boundless asset management was established in September 2021. It is 100% controlled by Boundless Hong Kong Co., Ltd., which is under the American asset management giant Boundless Group. It was formally approved to begin its business operations in January 2024, making it the fifth newly established wholly foreign-owned public mutual fund company after BlackRock, Loomis, Fidelity, and Schroders.

According to Wind data, as of the end of the first quarter this year, Boundless asset management has set up four public mutual fund products (with share counts combined), including two hybrid funds, one bond fund, and one product for index increase. Managed by five fund managers, the latest total assets under management are RMB 837 million.

Among them, the two hybrid funds—Boundless Intelligent Selection Hybrid A and Boundless Intelligent Distance Hybrid A—were respectively established in April 2024 and April 2025. As of March 30, the returns of these two products since the beginning of this year were -3.86% and -2.74%, respectively, both ranking at around the bottom 30% of the industry.

Governance changes in foreign public mutual funds: having foreign executives at the helm becomes an industry norm

In fact, in recent years, with foreign capital public fund ownership policies requiring 100% control taking effect, many foreign public mutual fund companies have already had foreign nationals appointed as chairman or general manager by their foreign shareholders, which has become a common phenomenon in the industry.

For example, in 2023 Morgan Fund Management (China) Co., Ltd. (hereafter Morgan Fund) shifted from a joint venture structure to a fully foreign-owned wholly controlled structure. In the same year, both its chairman and general manager underwent changes. The chairman, Daniel Watkins (Chinese name: Wu Qingtian), holding British nationality, officially took office in April 2023.

Public information shows that Daniel Watkins previously held multiple roles, including deputy chief executive officer of Morgan Asset Management’s European business, chief operating officer of Morgan Asset Management’s European business, and global investment management operations director. When he took on the role of chairman at Morgan Fund, he also served as chief executive officer of Morgan Asset Management’s Asia business, a member of the Asset Management Operations Committee, and a member of the Group’s Asia-Pacific management team.

Another wholly foreign-owned fund company—Morgan Stanley Fund—its chairman Todd Coltman (Chinese name: Gao Jiewen) is also a foreign national.

Public information shows that Todd Coltman is American. He previously worked as a lawyer at multiple top law firms. He joined Morgan Stanley in 2004 and officially took over as chairman of Morgan Stanley Fund starting September 2022.

At that time, the company said that having Gao Jiewen at the helm further reflects Morgan Stanley’s continued support for the development of the company’s business, as well as its firm long-term commitment to China’s capital markets. Gao Jiewen will continue to work closely with the company’s management team, increase investment in building a local team and improving business capabilities, and provide better services for investors in China and around the world.

Some industry insiders have analyzed for the reporter that in the early stage of joint-venture public mutual funds, according to joint-venture agreements and industry practice, the chairman was usually appointed by the Chinese shareholders, while foreign shareholders mainly participated in company management by appointing the general manager, heads of investment research and other roles, and less often directly served as chairman. But starting in 2020, China removed the ownership ratio limits on foreign investment in public funds, allowing wholly foreign-owned public fund companies with 100% foreign control. After policy liberalization, international asset management giants such as BlackRock, Fidelity, and Boundless established or acquired public fund licenses one after another, achieving full ownership and control.

Against this backdrop, foreign public mutual funds are directly appointing core senior executives by foreign shareholders, and it is becoming industry norm for foreign nationals to serve as chairman and general manager. This aligns with foreign shareholders’ long-term plans for the China market, and also makes it easier to combine global asset management experience with China market practices, further driving China’s public mutual fund industry to align with international standards in governance models, investment research systems, and product innovation.

(Editor: Li Yue )

     【Disclaimer】This article only represents the author’s own views and is not related to Hexun. The Hexun website makes no express or implied guarantees regarding the accuracy, reliability, or completeness of the statements and viewpoint judgments contained in this article. Readers should treat this as reference only and bear all responsibility themselves. Email: news_center@staff.hexun.com

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