Schroders has confirmed that Terence Bong, the head international private bank sales team in Asia, has left the company.

Schroders has confirmed that Terence Bong, the head of the international private bank sales team in Asia, has left the company.

Bong will be replaced by Albert Tse, head of intermediary distribution for South East Asia.

“We are grateful to Terence for his leadership in building our private bank business and wish him well in his future endeavours,” a spokesperson for Schroders said.

In March, Al Clark, head of multi-asset for Asia Pacific, left Schroders to join Nikko Asset Management as global head of multi asset.

UK-listed Schroders saw net revenues in its wealth management business surge by 88 per cent to £100.5 million ($170 million) in the first half of 2014, boosted by the inclusion of Cazenove Capital, which was bought a year ago.

Profit before tax and exceptional items more than doubled to £26.3 million (H1 2013: £10.6 million).

Schroders’ acquisition of the Cazenove business has been part of a flurry of wealth management merger and acquisition activity in recent months. For example, Rathbones, another UK-listed firm, has bought Jupiter Fund Management’s private client and charity investment business and the London-based private client wealth business of Tilney Asset Management - previously owned by Deutsche Bank.

Across the whole of Schroders, net revenue was up 13 per cent to £728.6 million (H1 2013: £645.1 million) and profit before tax and exceptional items was up 15 per cent to £261.5 million (H1 2013: £228.0 million). The strength of sterling over the past twelve months hit profit before tax of approximately £18.0 million.

Net inflows were £4.8 billion, taking assets under management at the end of June to a record £271.5 billion (30 June 2013: £235.7 billion).