People Moves

Summary Of Wealth Management Executive Moves In Asia-Pacific - February 2015

10 March 2015

Summary Of Wealth Management Executive Moves In Asia-Pacific - February 2015

Last month was a lively one in terms of news of high-level changes at private banks in the region.

February proved to be a big month – if not always in a positive sense – for moves, with the announcement at month-end that Peter Sands, the embattled chief executive of Standard Chartered, is to stand down. Here are the moves that made the news last month.

Standard Chartered CEO Peter Sands will leave in June this year and will be replaced by Bill Winters, a former top executive at JP Morgan. Winters will be based in London. Sir John Peace, chairman, is to step down in 2016.

Sydney-headquartered fund manager Pengana Capital hired Anthony Huston as executive director in Singapore and Rebecca Morgan as regional manager in Melbourne. Huston brings 12 years' experience across various leadership roles within the alternatives industry. He is responsible for driving Pengana's institutional business outside its home market of Australia, starting with sales opportunities for the Pengana Asia Special Events Fund, which focuses on event-driven equities in the Asia-Pacific market. Morgan was previously state manager for Victoria and Tasmania at Advance Asset Management.

Deloitte Touche Tohmatsu, or Deloitte Global, announced that Punit Renjen, the Deloitte US member firm chairman of the board, was selected as its new chief executive. Renjen assumed his new role on 1 June, the start of Deloitte Global’s new fiscal year. Renjen succeeds Barry Salzberg, who retired from Deloitte Global at the end of its fiscal year.

ANZ Banking Group's managing director of global commercial banking, Mark Whelan, replaced Philip Chronican to become the group's new Australian chief executive. Chronican stepped down to pursue a non-executive career after more than 30 years in banking. Whelan, who sat on the company's management board since October 2014, was previously managing director commercial Australia. He has also led ANZ's institutional, commercial and private banking operations in Asia-Pacific, Europe and America.

Australia's MLC appointed Kathy Vincent as general manager of retail wealth platforms. Vincent, who joined MLC in 2012, previously led MLC's retail investment platforms strategy team. She took on the new role following the departure of Dean Thomas.

AMP Capital appointed Roopa Murthy and Giles Gray to its infrastructure debt team in London. Murthy and Gray focus on supporting the team’s investment origination and management capabilities. They report to Emma Haight-Cheng, who was promoted to principal. Murthy joined from Credit Agricole’s energy and infrastructure business. Gray was appointed as an associate. He was previously at PricewaterhouseCoopers UK.

Avaloq Sourcing Asia Pacific, a subsidiary of Swiss-headquartered Avaloq Group, made two senior hires. The firm brought in Andre Di Prospero as head of risk and compliance and Matthew Thoms as head of technology at its Singapore-based business process outsourcing team. Di Prospero was previously senior global technology and operations auditor at Deutsche Bank Singapore, where he held regional responsibility for its private wealth and asset management arm and private business clients in Asia. Thoms joined after 15 years with Barclays, where he was director of Asia technology.

Eric Morin, chief executive of Bank J Safra Sarasin’s Southeast Asia business, resigned from the Swiss banking group. Morin had been at the bank since January 2013.

Manulife put its Asian wealth and asset management divisions under one roof by appointing senior company executive Michael Dommermuth to head the group.

Dommermuth holds the title of head of wealth and asset management, Asia. He reports to Kai Sotorp, the global head of wealth and asset management at Manulife, and Robert Cook, senior executive vice president, Manulife Asia.

DBS Group Holdings hired Paulus Sutisna as president director of DBS Indonesia.
Sutisna joined from HSBC Indonesia, where he was head of client management for global banking. He brought over 25 years' banking experience and will sit on DBS Group's management committee.


Pramerica Real Estate Investors, part of US-listed Prudential Financial, reorganised its Asia-Pacific leadership structure to pursue growth and boost its Japanese capabilities.
Benett Theseira, head of Southeast Asia, became the head of PREI’s Asia-Pacific business, while Morgan Laughlin, head of Asia-Pacific, took up the role of head of Japan. Under the new structure, Theseira retains his role as senior portfolio manager of Pramerica Asia retail and Laughlin continues to represent Asia-Pacific on PREI’s global product development committee. Additionally, Laughlin assumes Theseira’s role as chairman of the Asia-Pacific investment committee.

RBC Wealth Management hired Juan Aronna as head of discretionary investment management. Aronna joined the Asian investment and products team in Singapore and reported to Stefan Mueller, head of investments and products at RBC Wealth Management Asia. He was previously head of investment management for Singapore and head of the portfolio management hub for Asia-Pacific at UBS.

BSI Bank appointed Raj Sriram as head of private banking for BSI Bank Asia. Sriram also continued his role as deputy CEO Asia. He began his banking career in 1989 at American Express Bank and has more than two decades of private banking experience, the past 15 of which have been focused on clients in Asia. He joined BSI in December 2009 as deputy CEO Asia and head of private banking for South and Southeast Asia.

Singapore-headquartered Professional Investment Advisory Services, or PIAS, appointed Joseph Kwok as deputy general manager and head of product strategy. Kwok worked in a number of roles at firms including UBS and JP Morgan.

AMP Capital changed its gobal infrastructure equity team in a move it says is necessary for the business’s “next phase of growth”, with a reshuffle of its senior leadership. The head of infrastructure for Australia and New Zealand, Paul Foster, left the business. The role of head of infrastructure for Europe and the Americas, which was left vacant by Boe Pahari’s elevation to global head of infrastructure equity, was not filled. The separately managed accounts and origination functions were merged and Michael Bessell, who was global head of origination, took on an expanded role as head of separately managed accounts and origination, Australia and New Zealand.

Nikko Asset Management hired four executives in New York, Tokyo and the UK for its institutional sales and marketing functions. Fred DeSerio, based in New York, was been named head of sales in the US. He joined Nikko AM’s US arm on 30 January from Invesco. He previously worked for firms including Segal Advisors, American International Group and Smith Barney. Meanwhile, Peter Knight joined the company on 1 January as head of global product specialists. Knight is based in Tokyo. He most recently worked as a business development manager in Japanese equities at BNY Mellon. Daisuke Kono, based in Tokyo, was named head of international institutional materials.

Cameron Kuwahara joined as head of solutions marketing, based in Edinburgh, Scotland, where Nikko Asset Management has a global equity team. He works in Edinburgh and the company’s full-service European headquarters in London, as well as its New York office. He was previously a senior sales director for Citigroup Global Markets in Singapore.

 

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