Herbert Smith’s Asia managing partner is resigning to become chief executive officer of the Hong Kong Securities and Futures Commission, according to a source familiar with the situation.

The appointment of Ashley Alder to Hong Kong’s top financial regulatory post, first reported in the Financial Times Friday, is to be officially announced Aug. 1. Alder, 52, will leave Herbert Smith, where he has been head of Asia since 2005, on Sept. 30 and take up the SFC position right away.

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