Ng Chee Hung Frederick, the compliance officer and executive director at KVB Kunlun Financial Group (HKG:8077), is leaving the Hong Kong-focused retail FX brokerage effective November 17, 2017 “due to his future personal engagements which require more of his dedication,” according to a corporate statement.
The company has assigned Frederick’s tasks to its current CEO Liu Stefan, who has been appointed as the new compliance officer. It also announced the promotion of Wong Yiu Kit, the chief financial officer, to become its authorised representative.
Mr. Stefan joined KVB Kunlun back in 2006, and originally served as Managing Director. He was subsequently promoted to Country Manager of New Zealand and Australia in August 2011.
The outgoing compliance officer joined Cayman Islands-based KVB Group in 2006 and was made an executive director in 2009. Mr. Ng was tasked with managing the operations of KVB HK and was one of the responsible officers of KVB HK, KVB Securities and KVB AM (HK).
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Mr. Ng, who confirmed that he is leaving on good terms and that his departure reflects no disagreement with the board, parts ways at a difficult time for the firm, as it completed last year with an overall profit of HK $38.7 million ($4.99 million), a 59.1 percent drop year-on-year from HK$94.7 million ($12.2 million) in 2015.
Regarding the resignation letter, KVB Kunlun said: “Mr. Ng has no other matter regarding his resignation that needs to be brought to the attention of the shareholders of the Company. The Board would like to thank Mr. Ng for his valuable contributions to the Company during his tenure of office.”
Mr. Ng has more than 20 years of experience in the financial services industry across several regions in Asia and North America.
Before joining KVB Group, he served in various roles including as vice president and regional forex manager at Credit Agricole. He also was employed with the Royal Bank of Canada as a forex manager.