Paris-headquartered Lyxor Asset Management has named a new head for its Shanghai-based joint venture Fortune SG Fund Management.

Lyxor Asset Management, a subsidiary of Societe Generale, has appointed a new head for its Asian business.

Alexandre Werno assumes the Shanghai-based role of executive vice general manager of Fortune SG Fund Management with effect from 24 March 2014. He replaces Gilbert Tse, who was named head of Lyxor Asia on the same month. Werno was previously a senior advisor to the general manager at Fortune SG. He joined Societe Generale in 2001 and then moved to Hong Kong in 2007 to beccome part of the global markets division, where he was in charge of institutional business development in China. 

Fortune is a joint venture created in 2003 between China Baosteel Group's Fortune Investment and Lyxor Asset Management and specialises in equity, money market and alternative investment funds. It has branches in Shanghai, Beijing and Shenzhen and a subsidiary in Hong Kong with Renminbi qualified foreign institutional investor capabilities. 

For 2014, the firm said it plans to diversify its offerings and develop new sectorial equity funds and index linked products, propose cross-border solutions and alternative business both on the fund of hedge funds and alternative managed accounts.