People Moves
Summary Of Asia-Pacific Executive Moves In Wealth Management - May 2015
May was a busy month for moves in global and Asia wealth management.
The Southeast Asia head of Royal Bank of Canada Wealth Management in Singapore left the firm; Grace Barki was appointed to her role in September 2012. Her future plans at the time of the report were unclear. Barki has nearly 30 years of private banking and corporate banking experience, beginning her career in 1985 and subsequently taking on senior leadership positions in the corporate banking and the private banking divisions of global banks.
Gold Bullion International, a precious metals provider to investors and wealth managers, appointed Jammy Chan as head of business development for Asia to spearhead its expansion into China. Chan joined after four years as head of investment in China at the World Gold Council. He has previously held senior roles at Huaan Asset Management, Amundi and Fidelity. Chan will be based in Hong Kong.
The National University of Singapore and the Monetary Authority of Singapore jointly appointed macroeconomist Professor Andrew Rose as the MAS Term Professor in Economics and Finance for a period of two months. Professor Rose, who is the BT Rocca Jr Professor of International Business at the Haas School of Business at the University of California, Berkeley, is hosted by NUS Business School during the term of the professorship.
Newton Investment Management's £4.4 billion ($6.9 billion) fund manager Jason Pidcock quit to build an Asian income strategy at the UK's Jupiter Asset Management. Pidcock is well-reputed in the industry, having managed the £4.4 billion Newton Asian Income Fund since it launched 10 years ago. The fund has returned 64 per cent over the past five years, compared to a sector average of 35.9 per cent.
ANZ appointed Peter Chan as chief executive for the Philippines, taking over from Panadda Manoleehakul, who continued to lead the work programme connected to the bank’s creation of a branch presence in Thailand. Manoleehakul was appointed to a new senior role with ANZ later in the year. Chan reports to Sameer Sawhney, who is managing director for Southeast Asia and India, ANZ. Serving in a number of roles since joining the bank in 2008, Chan was chief of staff to Andrew Géczy, chief executive for international and institutional banking. Prior to this role, Chan was head of institutional relationships for ANZ Taiwan and before that established ANZ’s corporate and institutional business in Hong Kong.
Deutsche Bank announced a mass of changes to its management board, including a previously-agreed departure of the head of the private and business clients arm, as it pushes through its Strategy 2020 targets. There were also changes in areas such as Asia-Pacific and the UK, as well as in compliance.
Anshu Jain, co-chief executive, took on responsibility for strategy and organisational development, the business area at the bank managing delivery of transforming the bank’s operating model to boost efficiency, and which had reported to Stefan Krause, chief financial officer.
Krause assumed responsibility for global transaction banking from Jain and for the non-core operations unit from Jürgen Fitschen, co-CEO. Krause was due to join the supervisory board of Postbank and become its chairman pending governance approval.
As previously announced, Krause shifted his CFO role to Marcus Schenck after the bank’s annual meeting on 21 May.
Henry Ritchotte, chief operating officer, became chief digital officer to deploy digital banking technology across all businesses.
Rainer Neske, head of private and business clients, left Deutsche Bank on 30 June as mutually agreed between the supervisory board and himself. Christian Sewing, responsible for legal, will succeed Neske as head of PBC.
Other non-management board changes:
Nadine Faruque, global head of compliance, became a general manager of the bank and work with Sewing on special, compliance-related legal issues;
Fabrizio Campelli, head of group strategy, took on additional responsibility for strategy and organisational development, reporting to Jain. Campelli became deputy chief operating officer, reporting to Ritchotte in that capacity;
Werner Steinmüller, head of GTB, and Pius Sprenger, head of the NCOU, reports to Krause;
Mark Cullen, global head of group audit, administratively reports to Fitschen and Jain;
Alan Cloete, co-CEO of Asia-Pacific, and Colin Grassie, CEO of the UK, left Deutsche Bank in the near future. They work to transition their duties until successors are appointed in due course. Gunit Chadha remained co-CEO of Asia Pacific;
Christian Ricken, COO of PBC, relinquished his membership of the group executive committee.
The future heir of South Korean conglomerate Samsung Group got closer to taking over control after inheriting the chairmanship of two charitable bodies and investment vehicles from his ailing father. Lee Jae-yong was due to take over chairmanship of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture; these entities are a significant part of the web of shareholdings that hold the 74 businesses of the Samsung Group together.
HSBC Private Bank appointed Henry Lee as global head of its Alternative Investment Group, alongside his current responsibilities as global head of its discretionary business. Lee replaced Peter Rigg, who left HSBC.
The asset class heads within the alternative investment business are: Heath Davies, head of research; Simon Garfield, head of portfolio management; Simon Jennings, head of private equity; and Paul Forshaw, head of real estate. They report to Lee.
Prior to joining the Alternative Investment Group in 2012, Lee headed the alternative investment team for HSBC Private Bank UK from 2007 and managed discretionary mandates and advisory relationships for the bank. Before joining the team in London, Lee was with HSBC Private Bank's alternative investment team in Hong Kong. Prior to HSBC, he worked for Credit Agricole Asia Asset Management in Hong Kong.
Knight Frank appointed Low Kin Hon to the role of deputy group managing director for its Singapore business, a newly-created role. Kin Hon has 30 years of valuation experience in both private and statutory matters. She joined Knight Frank in 1992 as an assistant manager and attained her current position as head of the valuation department in 2010. Separately, Knight Frank Singapore promoted Ian Loh to the position of executive director and head of investment and capital markets. He joined Knight Frank Singapore’s investment team in 2008.
Manulife (Singapore) Pte, part of Canada-based financial services group Manulife, appointed Tan Lay Hoon as its chief operations officer. Tan Lay Hoon has 19 years of experience working in both local and multinational insurers as well as broking and consulting firms.
Salman Haider, who was head of South East Asia at JP Morgan Private Wealth Management resigned, effective immediately. His future plans were unknown. Haider held the post since July 2011, and was based in Singapore. From 2000 to 2011, he worked at Citi, with stints in Singapore, London and Zurich. Most recently prior to his shift to JP Morgan, he was region head, Asia-Pacific, at Citi Private Client and Citigold Wealth Management, as set out in his Linkedin profile.
Investment house Neuberger Berman has joined some other wealth manager firms in recruiting a former central banker.
Neuberger Berman appointed Kent Chen to managing director and leader of its private equity efforts in the Asia-Pacific region. The role wss freshly created. Chen, based from Hong Kong, advises local clients and lead the firm’s regional efforts investing in global private equity across a wide spectrum of strategies. Chen previously worked at the Hong Kong Monetary Authority; he held various positions including deputy chief representative of the HKMA’s New York office and has also been advisor to the executive director for China at the International Monetary Fund in Washington DC. From 2008, Chen helped to establish the HKMA’s private equity programme, comprising global buyout, Asia private equity and global energy investments.
BNP Paribas’ wealth management arm appointed a former senior UBS and Standard Chartered manager in Asia to a high-profile Asia-Pacific role. Willy Tan Swee Guan joined the external wealth manager team as head of external wealth managers, Asia-Pacific. He has been responsible for the set-up, launch and growth of the external wealth managers business for UBS and Standard Chartered Bank in Asia. In his new role, he reports to Ernest Leung, chief executive for wealth management in Singapore, and to Wim Dieryck, global head of external wealth managers, BNP Paribas Wealth Management.
Global law firm Squire Patton Boggs appointed Patricia Woo as
senior tax fund and trust lawyer in Hong Kong. Woo joined from
Hong Kong-based law firm King & Wood Mallesons.
Mercer, the global consultancy, appointed Chua Boon Lee as
principal, ASEAN investment consulting. Based in Singapore, Chua
leads project teams across the ASEAN region. He reports to Soon
Kian Lee, ASEAN business leader. His post was a newly created
one. Chua joined Mercer from Singapore’s Central Provident Fund,
where his team was responsible for managing the financial
reserves of the organisation, as well as strategic asset
allocation and risk management.
Coutts & Co Ltd, the international private banking business of Royal Bank of Scotland that was sold in April to Union Bancaire Privee, confirmed that Alex Classen, its chief executive, was stepping down from the role and will be succeeded by Michael Blake.
Credit Suisse appointed a former senior Standard Chartered manager to be managing director and deputy market group head/market leader for Indonesia, effective in July, taking over from Young Jin Yee, who was market group head for Singapore. Torsten Linke reports to the market group head for Indonesia, Johanes Oeni, and supports in managing all the core teams of relationship managers in the Indonesia market.
Union Bancaire Privée said the former chief executive of Bank J Safra Sarasin in Singapore, Eric Morin, would be UBP Private Banking’s CEO for Asia. He took over from Stephan Repkow, who decided to step down from the bank earlier this year.
Mirae Asset Global Investments, the Asian emerging markets equity specialist, added to its sales teams in Hong Kong and London. Olivier Mampouya joined the London team and Eldora Wong joined the Hong Kong operation. Mampouya works alongside head of UK sales Nic Jones in covering the UK client base. He previously worked in business development at asset managers such as Wellington Management, State Street, Fidelity and Schroders. Wong joined the Hong Kong team as a sales director for institutional clients. She came from Robeco where she worked in institutional business development.
BNP Paribas Wealth Management appointed Samir Bimal as managing director and head of Indian markets. He took on the role after joining the French firm in 2012. Bimal heads the private banking teams servicing domestic wealthy Indian clients and non-resident Indians in Asia. Based in Hong Kong, he reports to Mignonne Cheng, chairman and chief executive, BNP Paribas Wealth Management Asia-Pacific.
When he joined BNP Paribas three years ago, Bimal held the role of managing director and CEO for India; he has a total of 25 years’ industry experience. He took over the helm from Stephane Honig, who shifted from the wealth management to the global markets section of the bank, based in Hong Kong, it said in a statement.
In a separate move, the firm said Himanshu Mehta was appointed as managing director and CEO, BNP Paribas Wealth Management India Pvt Ltd. He leads the bank’s wealth management unit in that country. Based in Mumbai, he reports hierarchically to Bimal and functionally to Jacques Michel, CEO and country head of BNP Paribas India.
Invesco Perpetual promoted two of its fund managers in the Asia team. The managers were William Lam and Tim Dickson, working under the leadership of Stuart Parks, head of Asian equities.
Lam, who has worked as a fund manager on the Asian equities team at Invesco Perpetual since 2006, became co-fund manager of the Invesco Perpetual Asian Fund. He joinedarks, who is lead fund manager, in the management of the fund. Lam was named a fund manager on the team’s Pacific funds since 2013, managing the Asia ex-Japan portion. He also has geographic responsibilities covering Korea and Taiwan within the team.
Dickson, who joined Invesco Perpetual in 2008, took sole responsibility for the management of the Invesco Perpetual Asian Equity Income Fund. He has co-managed the fund alongside Parks since its launch in 2011. He specialises in Asian income investing and is responsible for covering Australia and India as well as financials within the team.
Asia-Pacific
The Southeast Asia head of Royal Bank of Canada Wealth Management in Singapore left the firm; Grace Barki was appointed to her role in September 2012. Her future plans at the time of the report were unclear. Barki has nearly 30 years of private banking and corporate banking experience, beginning her career in 1985 and subsequently taking on senior leadership positions in the corporate banking and the private banking divisions of global banks.
Gold Bullion International, a precious metals provider to investors and wealth managers, appointed Jammy Chan as head of business development for Asia to spearhead its expansion into China. Chan joined after four years as head of investment in China at the World Gold Council. He has previously held senior roles at Huaan Asset Management, Amundi and Fidelity. Chan will be based in Hong Kong.
The National University of Singapore and the Monetary Authority of Singapore jointly appointed macroeconomist Professor Andrew Rose as the MAS Term Professor in Economics and Finance for a period of two months. Professor Rose, who is the BT Rocca Jr Professor of International Business at the Haas School of Business at the University of California, Berkeley, is hosted by NUS Business School during the term of the professorship.
Newton Investment Management's £4.4 billion ($6.9 billion) fund manager Jason Pidcock quit to build an Asian income strategy at the UK's Jupiter Asset Management. Pidcock is well-reputed in the industry, having managed the £4.4 billion Newton Asian Income Fund since it launched 10 years ago. The fund has returned 64 per cent over the past five years, compared to a sector average of 35.9 per cent.
ANZ appointed Peter Chan as chief executive for the Philippines, taking over from Panadda Manoleehakul, who continued to lead the work programme connected to the bank’s creation of a branch presence in Thailand. Manoleehakul was appointed to a new senior role with ANZ later in the year. Chan reports to Sameer Sawhney, who is managing director for Southeast Asia and India, ANZ. Serving in a number of roles since joining the bank in 2008, Chan was chief of staff to Andrew Géczy, chief executive for international and institutional banking. Prior to this role, Chan was head of institutional relationships for ANZ Taiwan and before that established ANZ’s corporate and institutional business in Hong Kong.
Deutsche Bank announced a mass of changes to its management board, including a previously-agreed departure of the head of the private and business clients arm, as it pushes through its Strategy 2020 targets. There were also changes in areas such as Asia-Pacific and the UK, as well as in compliance.
Anshu Jain, co-chief executive, took on responsibility for strategy and organisational development, the business area at the bank managing delivery of transforming the bank’s operating model to boost efficiency, and which had reported to Stefan Krause, chief financial officer.
Krause assumed responsibility for global transaction banking from Jain and for the non-core operations unit from Jürgen Fitschen, co-CEO. Krause was due to join the supervisory board of Postbank and become its chairman pending governance approval.
As previously announced, Krause shifted his CFO role to Marcus Schenck after the bank’s annual meeting on 21 May.
Henry Ritchotte, chief operating officer, became chief digital officer to deploy digital banking technology across all businesses.
Rainer Neske, head of private and business clients, left Deutsche Bank on 30 June as mutually agreed between the supervisory board and himself. Christian Sewing, responsible for legal, will succeed Neske as head of PBC.
Other non-management board changes:
Nadine Faruque, global head of compliance, became a general manager of the bank and work with Sewing on special, compliance-related legal issues;
Fabrizio Campelli, head of group strategy, took on additional responsibility for strategy and organisational development, reporting to Jain. Campelli became deputy chief operating officer, reporting to Ritchotte in that capacity;
Werner Steinmüller, head of GTB, and Pius Sprenger, head of the NCOU, reports to Krause;
Mark Cullen, global head of group audit, administratively reports to Fitschen and Jain;
Alan Cloete, co-CEO of Asia-Pacific, and Colin Grassie, CEO of the UK, left Deutsche Bank in the near future. They work to transition their duties until successors are appointed in due course. Gunit Chadha remained co-CEO of Asia Pacific;
Christian Ricken, COO of PBC, relinquished his membership of the group executive committee.
The future heir of South Korean conglomerate Samsung Group got closer to taking over control after inheriting the chairmanship of two charitable bodies and investment vehicles from his ailing father. Lee Jae-yong was due to take over chairmanship of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture; these entities are a significant part of the web of shareholdings that hold the 74 businesses of the Samsung Group together.
HSBC Private Bank appointed Henry Lee as global head of its Alternative Investment Group, alongside his current responsibilities as global head of its discretionary business. Lee replaced Peter Rigg, who left HSBC.
The asset class heads within the alternative investment business are: Heath Davies, head of research; Simon Garfield, head of portfolio management; Simon Jennings, head of private equity; and Paul Forshaw, head of real estate. They report to Lee.
Prior to joining the Alternative Investment Group in 2012, Lee headed the alternative investment team for HSBC Private Bank UK from 2007 and managed discretionary mandates and advisory relationships for the bank. Before joining the team in London, Lee was with HSBC Private Bank's alternative investment team in Hong Kong. Prior to HSBC, he worked for Credit Agricole Asia Asset Management in Hong Kong.
Knight Frank appointed Low Kin Hon to the role of deputy group managing director for its Singapore business, a newly-created role. Kin Hon has 30 years of valuation experience in both private and statutory matters. She joined Knight Frank in 1992 as an assistant manager and attained her current position as head of the valuation department in 2010. Separately, Knight Frank Singapore promoted Ian Loh to the position of executive director and head of investment and capital markets. He joined Knight Frank Singapore’s investment team in 2008.
Manulife (Singapore) Pte, part of Canada-based financial services group Manulife, appointed Tan Lay Hoon as its chief operations officer. Tan Lay Hoon has 19 years of experience working in both local and multinational insurers as well as broking and consulting firms.
Salman Haider, who was head of South East Asia at JP Morgan Private Wealth Management resigned, effective immediately. His future plans were unknown. Haider held the post since July 2011, and was based in Singapore. From 2000 to 2011, he worked at Citi, with stints in Singapore, London and Zurich. Most recently prior to his shift to JP Morgan, he was region head, Asia-Pacific, at Citi Private Client and Citigold Wealth Management, as set out in his Linkedin profile.
Investment house Neuberger Berman has joined some other wealth manager firms in recruiting a former central banker.
Neuberger Berman appointed Kent Chen to managing director and leader of its private equity efforts in the Asia-Pacific region. The role wss freshly created. Chen, based from Hong Kong, advises local clients and lead the firm’s regional efforts investing in global private equity across a wide spectrum of strategies. Chen previously worked at the Hong Kong Monetary Authority; he held various positions including deputy chief representative of the HKMA’s New York office and has also been advisor to the executive director for China at the International Monetary Fund in Washington DC. From 2008, Chen helped to establish the HKMA’s private equity programme, comprising global buyout, Asia private equity and global energy investments.
BNP Paribas’ wealth management arm appointed a former senior UBS and Standard Chartered manager in Asia to a high-profile Asia-Pacific role. Willy Tan Swee Guan joined the external wealth manager team as head of external wealth managers, Asia-Pacific. He has been responsible for the set-up, launch and growth of the external wealth managers business for UBS and Standard Chartered Bank in Asia. In his new role, he reports to Ernest Leung, chief executive for wealth management in Singapore, and to Wim Dieryck, global head of external wealth managers, BNP Paribas Wealth Management.
Global law firm Squire Patton Boggs appointed Patricia Woo as senior tax fund and trust lawyer in Hong Kong. Woo joined from Hong Kong-based law firm King & Wood Mallesons.
Mercer, the global consultancy, appointed Chua Boon Lee as principal, ASEAN investment consulting. Based in Singapore, Chua leads project teams across the ASEAN region. He reports to Soon Kian Lee, ASEAN business leader. His post was a newly created one. Chua joined Mercer from Singapore’s Central Provident Fund, where his team was responsible for managing the financial reserves of the organisation, as well as strategic asset allocation and risk management.
Coutts & Co Ltd, the international private banking business of Royal Bank of Scotland that was sold in April to Union Bancaire Privee, confirmed that Alex Classen, its chief executive, was stepping down from the role and will be succeeded by Michael Blake.
Credit Suisse appointed a former senior Standard Chartered manager to be managing director and deputy market group head/market leader for Indonesia, effective in July, taking over from Young Jin Yee, who was market group head for Singapore. Torsten Linke reports to the market group head for Indonesia, Johanes Oeni, and supports in managing all the core teams of relationship managers in the Indonesia market.
Union Bancaire Privée said the former chief executive of Bank J Safra Sarasin in Singapore, Eric Morin, would be UBP Private Banking’s CEO for Asia. He took over from Stephan Repkow, who decided to step down from the bank earlier this year.
Mirae Asset Global Investments, the Asian emerging markets equity specialist, added to its sales teams in Hong Kong and London. Olivier Mampouya joined the London team and Eldora Wong joined the Hong Kong operation. Mampouya works alongside head of UK sales Nic Jones in covering the UK client base. He previously worked in business development at asset managers such as Wellington Management, State Street, Fidelity and Schroders. Wong joined the Hong Kong team as a sales director for institutional clients. She came from Robeco where she worked in institutional business development.
BNP Paribas Wealth Management appointed Samir Bimal as managing director and head of Indian markets. He took on the role after joining the French firm in 2012. Bimal heads the private banking teams servicing domestic wealthy Indian clients and non-resident Indians in Asia. Based in Hong Kong, he reports to Mignonne Cheng, chairman and chief executive, BNP Paribas Wealth Management Asia-Pacific.
When he joined BNP Paribas three years ago, Bimal held the role of managing director and CEO for India; he has a total of 25 years’ industry experience. He took over the helm from Stephane Honig, who shifted from the wealth management to the global markets section of the bank, based in Hong Kong, it said in a statement.
In a separate move, the firm said Himanshu Mehta was appointed as managing director and CEO, BNP Paribas Wealth Management India Pvt Ltd. He leads the bank’s wealth management unit in that country. Based in Mumbai, he reports hierarchically to Bimal and functionally to Jacques Michel, CEO and country head of BNP Paribas India.
Invesco Perpetual promoted two of its fund managers in the Asia team. The managers were William Lam and Tim Dickson, working under the leadership of Stuart Parks, head of Asian equities.
Lam, who has worked as a fund manager on the Asian equities team at Invesco Perpetual since 2006, became co-fund manager of the Invesco Perpetual Asian Fund. He joinedarks, who is lead fund manager, in the management of the fund. Lam was named a fund manager on the team’s Pacific funds since 2013, managing the Asia ex-Japan portion. He also has geographic responsibilities covering Korea and Taiwan within the team.
Dickson, who joined Invesco Perpetual in 2008, took sole responsibility for the management of the Invesco Perpetual Asian Equity Income Fund. He has co-managed the fund alongside Parks since its launch in 2011. He specialises in Asian income investing and is responsible for covering Australia and India as well as financials within the team.
