The president of the global investment management division at fund research firm Morningstar, has started at Dimensional Fund Advisors as chief of Asia ex-Japan, say reports.

It marks the start of a new Asia private client division for Dimensional Fund Advisors, a $245 billion global asset manager, which will open offices in Hong Kong and Singapore as it targets wealthy individuals as well as institutions, confirmed a spokeswoman. 

Chen Peng will move to Asia from the US for the role. In addition to his role as CEO, Asia ex-Japan, Chen will be a member of Dimensional’s investment policy committee. The firm also plans to leverage his experience in the global defined contribution marketplace as it continues to expand in that area.

Chen served as president of Morningstar’s global investment management division since January 2010. Prior to that, he was president and chief investment officer at Ibbotson Associates. 

Chen is the second big hire for the firm in Asia. Earlier this year Dimensional hired Carlos Venes with a remit to build institutional business in Asia ex-Japan.

Both men report to Eduardo Repetto, Dimensional’s co-CEO and chief investment officer, who is based at the firm’s headquarters in Austin, Texas. Venes has a dual reporting line, also reporting to Peng Chen.

Founded in the US in 1981, Dimensional has its trading base and Australian business in Sydney and its US operations, and already has a number of marquee institutional clients throughout Asia.