A veteran U.S. distribution fundster is taking over an Asian multinational's business in the Americas.

Boston-based Matthew Appelstein, head of U.S. institutional for Eastspring Investments, was promoted to head of the Americas. Singapore-based Eastspring had $241 billion in AUM as of the end of 2019 and is a subsidiary of Prudential plc in the UK.

Appelstein referred inquiries to a company spokesperson.

Jeff Smith, who previously served as head of the Americas for Eastspring, has left the firm, a company spokesperson confirms.

In his new role, Appelstein will report to Xavier Meyer, head of distribution at Eastspring. Appelstein has a team of three people reporting to him.

"Matthew brings many years of experience working in all these markets," a spokesperson from Eastspring tells MFWire. "We felt it was important to bring in someone of his caliber to expand our presence in the US marketplace."

As head of the Americas, Appelstein is "responsible for our US sales and distribution activities including US Institutional, sub-advised, professional buyer and offshore marketplace , Canada and Latin America," that spokesperson for Eastspring tells MFWire.

"We are in the process of making significant investment in this market including introducing new investment products and vehicles, as well as working with new partners to expand our footprint here," the spokesperson continues. "The Americas are one of the largest pools of capital in the world. Eastspring brings Asian expertise and on the ground presence that is unmatched. We see our investment expertise as a strategic opportunity as US investors look to Asia for more and more investment opportunities."

An alumnus of UMass Amherst's Isenberg School of Management, Applestein has served at Eastspring for nearly a year and a half, joining as Head of U.S. Institutional. Prior to Eastspring, Appelstein served at RBC Global Asset Management for nearly seven years. Before that, he served at Old Mutual Asset Management (OMAM) for eight years in a variety of roles including executive vice president, head of global distribution and marketings. Appelstein also served at Fidelity Management Trust Company for six years; Fidelity Investments for 13 years; and Coopers and Lybrand for seven years. 

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