Lily Zhu, the former publisher at Euromoney who drove the publication’s substantial growth in both global wealth management and in Asia, has joined OMFIF as a managing director.
Zhu, who started work at OMFIF on 5 October, will lead a new institute focused on wealth management. The institute will promote best practice for sophisticated private investors, their family offices and their wealth management advisers as well as engage them in discussions about policy and global finance.
OMFIF’s new focus on wealth management clients complements its work with other major investor groups. Through Global Public Investor, OMFIF tracks around $42tn in assets held by central bank reserve managers, public pension funds and sovereign funds. The forum’s membership among private sector asset managers is growing. Assets held by ultra-high net worth individuals total around $46tn.
David Marsh, chairman of OMFIF, welcomed Zhu’s appointment. ‘Lily’s arrival is an important next step for OMFIF,’ he said. ‘High-level individual investors are becoming increasingly sophisticated and influential. Like other major investor groups in the OMFIF network, they value a neutral forum for ideas and knowledge. Our new wealth institute, under Lily’s guidance, will give them a seat at the table alongside peers and policy-makers.’
Zhu will also lead OMFIF’s commercial business in Asia, working across existing institutes to build membership and participation from major financial institutions in the region.
Mark Burgess, chairman of OMFIF Asia Pacific, said: ‘Lily’s expertise and experience in Asia will significantly boost our offering in the region. I look forward to working with her to cover trends in monetary and economic policy, sustainability and the digitalisation of financial markets, all part of OMFIF’s core strengths.’
John Orchard, OMFIF’s chief executive who worked previously with Zhu at Euromoney, said: ‘I have seen first-hand Lily’s incredible determination and drive, and her ability to create powerful networks of important people. As such, she is a natural fit for what OMFIF does best.’
Zhu, who will become a member of OMFIF’s senior management team, said: ‘OMFIF’s model of building trusted networks of policy-makers, investors and other influential markets participants, where they share knowledge and ideas, is ideally suited to the wealth management industry as well as to the deeper globalisation of Asian financial markets. I am delighted to join OMFIF and look forward to welcoming my long-standing friends and clients into the OMFIF family.’
Lord Lamont of Lerwick, former UK chancellor of the exchequer and a member of OMFIF’s advisory council, commented: ‘I have been greatly impressed with Lily’s ideas for expanding OMFIF’s remit in these important areas. I look forward to working with her to develop our global reach and provide the type of insight that this powerful network of investors will greatly appreciate.’
Zhu’s appointment was welcomed by wealth management leaders and senior bankers in Asia.
Andrew Cohen, executive chairman of JP Morgan Global Wealth Management, said: ‘Lily has been a fantastic partner over the years. She is incredibly professional and truly has a global vantage point, which differentiates her from her peers. She is a pleasure to work with and always brings creative and dynamic ideas to the table. I am lucky to have worked with Lily for a number of years and look forward to continuing the partnership.’
Li Tong, chief executive of Bank of China International, said: ‘Lily has a broad and deep understanding of Asian institutions’ business practices in the international market. Lily’s work has helped to create an important bridge between East and West among the corporates, governments and influential individuals. I wish Lily great success in her new venture at OMFIF!’