People Moves

Summary Of Wealth Management Moves For Asia-Pacific - October 2015

Tom Burroughes Group Editor 5 November 2015

Summary Of Wealth Management Moves For Asia-Pacific - October 2015

Here is a summary of the comings and goings in the Asia-Pacific wealth management market during October.

October was a busy month for moves in the Asia wealth management market and one of the firms notably hiring and adding to its ranks was Canada-headquartered Manulife, in a number of different business arms. WealthBriefingAsia also scored a number of exclusives on moves within the industry.

Credit Suisse’s private bank promoted David Louise to the status of market leader for the Hong Kong market. Louise was previously one of the Hong Kong market team leaders at Credit Suisse Private Banking Greater China, and was recently promoted to his latest position.

Citigroup appointed a former senior economist at Standard Chartered, Samiran Chakraborty, as its new chief economist for India. Chakraborty has more than a decade of experience in conducting macro research, covering various asset classes including currency, interest rates and credit markets.

At Standard Chartered, Chakraborty was head of macro research for South Asia. He has also held prior roles with ICICI Bank as chief economist, and with Delhi School of Economics in the faculty for mathematical economics and open-economy macroeconomics.

Kher Sheng Lee joined the Alternative Investment Management Association (AIMA) in its Singapore office. Lee joined from Azentus Capital, where he held the position of general counsel. He took up the position of AIMA’s managing director, global deputy head of government affairs and head of APAC government affairs. Lee founded and chaired the peer-to-peer buyside networking group The Asian Hedge Fund Legal and Regulatory Group (also known as AsianHedgeLaw).

Rothschild Wealth Management, the firm that is part of the UK arm of the Rothschild banking dynasty, appointed industry veteran Audrey Zau as head of its North Asia business, based out of Hong Kong. The previous head of wealth management in Hong Kong was Alois Muller, who left to pursue other opportunities. Zau reports to Richard Martin, chief operating officer of Rothschild’s wealth management and trust business. Zau has worked in the Hong Kong private banking industry for more than 20 years. Most recently she was head of wealth management for North Asia at BHI Investment Advisors, having previously spent 15 years as a senior director at HSBC.

The head of Hong Kong Advisory at Crédit Agricole (Suisse) left the bank.  The departing manager was Dong Sinh Ngo; he has served in that role since March 2013. Previously, he was chief strategist for emerging markets at BNP Paribas, the French bank.

Nomura appointed Coutts' Johnny Heng as chief investment officer, wealth management for Asia excluding Japan. At Coutts, Heng was managing director and head of investment services, Asia. He was previously head of investment consulting at Credit Suisse’s private bank and a member of the management investment committee at the Government of Singapore Investment Corporation (GIC), serving as global head of equities trading and head of quantitative equities.

In the newly-created role, he leads the investment advisory and portfolio management teams within Nomura's wealth management arm, working alongside the product team to enhance the group's global investment platform across asset classes. Based in Singapore, he reports to Nobuhiro Sano, Nomura's head of wealth management, Asia ex-Japan.

Westpac hired Sneha Sanghvi as its new head of financial markets for Asia. Sanghvi joined from Unilever where she was finance director, global commodities and chemicals, leading a team responsible for the risk management of Unilever's global commodities portfolio. She previously held senior positions at Morgan Stanley and HSBC in fixed income sales, structuring and trading areas covering Asian markets. She is based in Singapore and reports to Balaji Swaminathan, general manager of Westpac International in Singapore, and Michael Correa, head of corporate and international origination and distribution in Sydney.

The chief executive of private bank Pictet in Singapore left the firm. Anuj Khanna, CEO of Bank Pictet & Cie (Asia), the Pictet Group's bank in Singapore, decided to leave Pictet. Claude Haberer, CEO of Pictet Wealth Management in Asia and equity partner of the Pictet Group, took over Khanna's responsibilities on an interim basis.

BOC Hong Kong added two non-executive directors to its board. The appointees were Ren Deqi, who is chairman of the bank’s strategy and budget committee and member of the risk committee, and Xu Luode, member of the remuneration and budget committees.

A senior manager for Credit Suisse in Asia, Peter So, joined UBS Wealth Management in Hong Kong. So reports to Jean-Claude Humaire. He replaced Linda Kwo in the role at UBS. In his new role, So is country team head in Hong Kong.

Manulife Asset Management created the new roles of chief marketing officer for wealth and asset management for Asia and chief financial officer for the same business segment. Grace Ho took up the chief marketing officer role and Frederick Reidenbach became CFO. Prior to joining Manulife Asset Management, Ho was the head of marketing, Asia-Pacific, for Schroders in Hong Kong. Previously, she held various key marketing management positions with leading financial institutions in Asia.

Reidenbach is an industry veteran with 32 years of professional experience. He previously spent 10 years with Nikko Asset Management in Japan where he was CFO and chief operating officer, Japan. Prior to this, he held several senior roles with Fidelity Worldwide Investments in Japan.

Citigroup appointed George Hindmarsh as its new Asia-Pacific head of intermediaries client coverage, based in Singapore. Hindmarsh is responsible for the origination and relationship management across banks, broker-dealers, global custodians and other intermediaries such as fund managers for Citi’s direct custody and clearing business in the region. He replaced Philippe Dirckx, who has left the post. Hindmarsh joined form Northern Trust, where he was head of Asia-Pacific business development.

Australia-headquartered AMP Capital named Nick Cobham as manager of the AMP Capital Property New Zealand portfolio. The portfolio holds assets worth more than NZ$1 billion ($669 million). Cobham replaced Stephen Costley who left the business in June this year. Conor Collier has been looking after the fund on an acting basis. Previously, Cobham was joint general manager of Property for Industry, a listed specialised industrial property investment company.

Citigroup appointed C R Sambamurthy as the first global head for its international personal bank (IPB) business, representing its wealth management business. He is based in Singapore. With a career spanning 27 years, Sambamurthy has extensive experience in the industry having managed complex and multi-jurisdictional businesses across Asia and Europe. Prior to his latest appointment, he was the business manager of IPB Singapore, a role which he had held since 2009. In his new role Sambamurthy will report to Anand Selvakesari, head of consumer banking for Asia-Pacific, and Gonzalo Luchetti, global head of wealth management and Asia head of retail bank.

Man Group, the listed hedge fund business, appointed one of its senior managers, Hersh Gandhi, as managing director, Asia-Pacific (ex-Japan). He leads the firm’s retail and institutional client businesses across the region, encompassing Man Group’s four investment managers, Man AHL, Man FRM, Man GLG and Man Numeric. Gandhi joined Man Group in 2004 and has held a number of roles there, most recently as its head of client business in Australia. Previouisly, Gandhi worked at Clifford Chance in London.

Global property consultancy firm Knight Frank appointed Piers Brunner as the new chief executive for Greater China, based in Hong Kong. Brunner took over from Colin Fitzgerald who relocated to London after spending 12 years in Hong Kong. Fitzgerald is responsible for managing the firm’s relationship with its US alliance partner, Newmark Grubb Knight Frank. Prior to joining Knight Frank, Brunner worked for Colliers for 20 years.

A senior Asia-based figure at Bank J Safra Sarasin, the Brazil-owned Swiss private bank, left the firm for personal reasons. The departing figure was Michael Low, a Singapore-based director who has led Sarasin Trust Company (Singapore) as head of trust and fiduciary services for Asia. This business was launched in 2011.

EFG Bank Singapore, part of Swiss-listed EFG International, hired a senior team from DBS including Cem Azak as senior managing director, international markets. Azak was most recently executive director, team leads covering Europe, Middle East and Africa at DBS Private Bank, Singapore. He brings 11 years of investment banking and wealth management experience having spent nine years with Barclays, located in London, Zurich and Frankfurt.

AXA Investment Managers hired Tom Clapham as head of sovereign wealth funds and central banks in Asia. Clapham joined the Hong Kong team from Macquarie Securities Group where he was institutional sales director. In the newly-created role, he reports to Terence Lam, AXA IM's head of sales and marketing in Asia, and Pierre De Bonneville, head of sovereign and supranational entities.

He has more than 15 years’ industry experience in Asia having previously served as head of transition management and global portfolio trading at Deutsche Bank in Hong Kong and as investment consultant for Mercer and Towers Perrin in Sydney, London and Singapore.

Hawksford made three senior appointments within its Asia business, including the relocation of group chief operations officer Steve Spybey. Spybey moved from the Jersey office to Singapore to support further growth within Hawksford’s Asian business and to consolidate integration across the company’s international offices. Alan Ang and Emma Green also joined Hawksford’s Singapore office as business development manager and trust manager respectively. Ang joined from Boardroom and brought 12 years’ experience in professional sales and business development. Green held trust roles in Jersey and Switzerland before moving to Singapore in 2013. She has 10 years’ private client experience, including positions at Asiaciti Trust and Barclays.

Zurich Insurance appointed Paula Choi as global life chief market management officer of Asia-Pacific (APAC). In addition to her new role, Choi retained her position as global life CEO of Zurich in Hong Kong. Having previously worked at the regional level as chief operations officer, Choi was involved in regional initiatives including establishing Zurich Insurance Malaysia Berhad and Zurich Indonesia Life Company. Choi took over from Walter Jopp, who is still with Zurich and is the head of market management, Middle East and Africa

Bedell Trust hired Robert Ayliffe as managing director of Asia following its acquisition of a majority stake in Singapore Trust Company. Ayliffe has been based in Singapore for the past two years, responsible for business development as managing director at Capita Asset Services. He previously spent over 15 years with PricewaterhouseCoopers specialising in financial services and working in Jersey, Kuala Lumpur and London.

European investment heavyweight Amundi appointed Anthony Ho as chief investment officer for the Asia ex-Japan equities beat and as deputy chief executive for Amundi Hong Kong.

In his role, Ho reports to Xiaofeng Zhong, CEO at Amundi Hong Kong and Romain Boscher, the global head of equities. Ho is a 22-year veteran in the asset management industry, joining Amundi from CIFM (Hong Kong), holding the CEO role from 2014. Prior to that position, he was managing director at JP Morgan Asset Management (Hong Kong), a role he had from 2012. From 2009 to 2012, he was deputy CEO at China Asset Management (Hong Kong). Previously, Anthony spent 16 years with Fidelity Worldwide Investment.

Manulife Asset Management appointed Jim Chang as chief executive, Taiwan, and welcomed back Karen Chang as chief investment officer, Taiwan. Mr Chang, who replaced Thomas Cheong, brought over 25 years of experience in the asset management industry with a focus on the Taiwan and Greater China asset management landscapes. He has held senior management positions with global financial services providers in Taiwan and is actively involved with the Securities Investment Trust & Consulting Association, an industry body that facilitates communication between industry players and regulators in Taiwan. Ms Chang, who has more than 20 years of asset management industry experience, previously served as Manulife AM's head of Taiwan equity investment from 2009 to 2014. She took over from Andrew Wang, who served as CIO for Manulife AM (Taiwan) from 2008 to 2015. Shirley Lam, head of affiliate wealth for Manulife Asset Management (Asia) said Wang moves on to another “strategically important position in Manulife Asset Management’s Asia franchise” and the firm will reveal further details of his new role in due course.

Australia and New Zealand Banking Group announced that Shayne Elliott, the lender’s chief financial officer, was the new chief executive, taking over from Mike Smith, who steps down in January 2016. Originally from New Zealand, Elliott has more than 30 years’ experience in international banking including in Australia, New Zealand, Asia Pacific and the Middle East. He joined ANZ as CEO institutional in June 2009. Smith steps down after eight years as CEO and as a director on 31 December.

BOC Hong Kong (Holdings) appointed Zhong Xiangqun as chief operating officer. Zhong was also appointed director of BOC Credit Card (International). Previously, Zhong served as general manager of the e-finance department of Bank of China in charge of the development of e-finance business, covering mobile payment, e-business, e-financing and big data application, and other areas. He joined the group in 1994.

Standard Chartered appointed Vicky Lin as managing director, head of the Taiwan market for private banking. Based in Hong Kong, Lin manages the offshore Taiwanese market as part of the broader Greater China and North Asia region. The role is a newly-created position and she reports to Desmond Liu, head of private banking, Greater China and North Asia. Prior to this appointment, Lin was the executive director for Private Wealth Management for Taiwan and Greater China at Morgan Stanley Asia.

 

 

 

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