Strengthening its imprint in Asia, EFG has brought in several seasoned asset managers from UBS to form a new team and increase restructuring its bases in Hong Kong and Singapore.

Stating commitments to expand appreciably in Asia by 2022, EFG has hired a team of independent assets managers, with long ties to UBS in the region, to lead efforts in Hong Kong, notably focused on increasing Greater China business.

Kitty Chou joins the Zurich-listed private bank as head of independent asset managers for North Asia, and will report in Hong Kong to regional head of private banking, Richard Straus. Chou, who is a veteran of wealth management, formerly at UBS, has worked in Zurich and Hong Kong. She recently served as hub head and global financial intermediary markets lead for UBS in Hong Kong, where, the bank said, she was among the first to set up a large scale IAM business under UBS for the region.

Also moving from UBS, Kenneth Chan joins EFG as Chou’s deputy for North Asia, and will report to her. Chan served as head of business development for global financial intermediary markets at the largest wealth manager, and prior to that was head of independent asset managers at Pictet. He has also spent time at Standard Chartered.

Both will join an IAM team that includes Karen Ho, Amanda Fong and Alice Chan. The three will report to Kenneth Chan.

In a statement yesterday EFG said that its independence and entrepreneurial thinking, combined with an open architecture and good execution, has become “compelling” for clients.

“As an autonomous pure-play private bank, we are not obligated to offer proprietary products to our clients. Instead, we strive to deliver the best and most innovative solutions, leveraging the expertise of our investment solutions department and our partnerships with a number of approved counterparties,” Angela Bow, deputy head of Asia Pacific for the bank, said. EFG’s 2019 financial results were confirmation that the bank had successfully shifted from integration to growth, and “attracting seasoned professionals who want to grow with us,” she said.

The Swiss bank has been asserting its Asia plans, seen in hiring record numbers of RMs in 2019, according to last month’s year-end financials, and increasing assets managed by close to 20 per cent.

The newly-established team will operate in a reorganised structure, working closely with Kelvin Tan, a senior banker and team leader, and in tandem with counterparts at the branch in Singapore, led by Gino Ragazzini, the bank said. The remit for the team will range from client relationship management to portfolio management and reporting.