The firm, listed and based in Switzerland, said it is gaining more distribution partners in Asia, and the Singapore office will give it more resources to expand its business.
Vontobel Asset Management has opened an office in Singapore, also naming former DWS senior figure Benny Gay as head of its intermediary clients business in Asia, and Jeremy Tan – also from DWS - as a relationship manager for intermediary clients in the region.
Gay is responsible for managing relationships with global banks, as well as intermediary channels, in Singapore and Hong Kong. He brings more than 12 years of relationship management experience in the asset management and wealth management industry. He joins Vontobel from DWS, where he was head of private banks and intermediaries. Prior to that, he was a client advisor to high net worth individuals at Citibank in Singapore.
“We have continued to gain additional distribution partners in Asia and have been building upon the strength of our regional talent and presence accordingly. The opening of our office in Singapore will enable us to further strengthen our activities related to global and regional banks and institutional investors in Asia Pacific,” Ulrich Behm, Asia-Pacific chief executive of Vontobel Asset Management, said.
The Swiss firm has been present in Asia-Pacific since 2008, with its offices in Hong Kong and Sydney currently serving the region.
In late July, Vontobel said its pre-tax profit rose by 4 per cent to SFr156.1 million ($170 million) for the first half of 2019. Net profit was marginally down by 1 per cent at SFr129.2 million, with earnings per share coming in at SFr2.18, in spite of a turbulent six months. Net new money at the Swiss bank rose by 7.5 per cent to SFr7.4 billion for the first six months, outstripping a 4-6 per cent annualised growth target. Without adjustments, pre-tax profits increased by 6 per cent on the same period last year.