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• August 26, 2010 - Ex-Morgan Stanley Asia CEO Joins Nikko AM
  

  Nikko Asset Management has bolstered its global branding strategy with the recent hire of Blair Pickerell as head of Asia and global chief marketing officer. Pickerell brings over 25 years of business experience in Asia and was most recently chief executive, Asia for Morgan Stanley Investment Management. In his new capacity, his main task will be to build Nikko AM's businesses in Asia outsi.

• August 26, 2010 - Chinese Savers Still Clamour For Physical Gold
  

  Physical gold sales in China have confounded predictions that demand for the precious metal would fall and have in fact put gold purchases in 2010 equivalent to almost 1. 7 per cent – over twice the level of five years ago – according to new figures by BullionVault, the gold and silver exchange. China is noted for having a strong savings culture and according to BullionVault the country's savers are putting ever-increasing amounts of money into physical gold.

• August 26, 2010 - Morgan Stanley Appoints UBS Veteran As CEO For Taiwan
  

  Morgan Stanley has named Sean Chao as chief executive of its Taiwan operations. Chao was most recently the head of UBS's Taiwan business. He is a veteran of the bank's operations on the island, and has also served as its investment banking head and chairman of asset management there.

• August 26, 2010 - Thai Bank Expands To Attract Wealthy
  

   TMB Bank, one of Thailand’s largest retail banks, is looking to improve its advisory service in order to attract high net worth clients by further developing the bank’s wealth management business, reports The Bangkok Post. Currently around 25 relationship managers provide services and advice to 10,000 wealthy customers; TMB plans to add a further 10 managers by the end of the year. The private banking business, which opened last year, currently has 10 relationship managers that look after 1,000 clients.

• August 26, 2010 - Commonwealth Bank Of Australia Establishes Indian Presence
  

  The Commonwealth Bank of Australia has opened its first branch in India in a bid to capture a greater share of the rapidly growing south Asian market. The new branch, located in Mumbai, will provide trade finance, remittance and foreign exchange services to organisations trading between the two countries and to individuals with remittances and investments. Tight competition among Australia's big four banks are driving them to seek opportunities in other Asian countries, particularly in China, India and Indonesia.

• August 26, 2010 - Citigold Banker Allegedly Duped Rich Clients In Manila
  

  A private banking officer at Citibank's Binondo, Manila branch has allegedly run off with hundreds of millions of clients' money, a report by ABS-CBN News reveals.   Francis Bryan Ang is the former assistant vice president of the Citigold Wealth Management unit, which handles deposit accounts for high net worth clients with at least Php4 million ($89,000). The news service said Ang had taken over Php100 million ($2.

• August 26, 2010 - ClearView Wealth Reveals Strong Post-Acquisition Results
  

  Statutory net earnings after tax at the Australian financial advisor ClearView Wealth reached A$8 million in the year to 30 June 2010, helped mostly by its successful acquisition of Bupa's life insurance and wealth management units in June. The result includes several one-off adjustments totalling A$7. 9 million ($7 million), the most significant of which was a $15.

• August 25, 2010 - UBS Names New Head Of Financial Intermediaries In Asia
  

  The Singaporean arm of the Swiss banking giant UBS has appointed Reto Marx, currently managing director, as its new head of financial intermediaries for the Asia Pacific region with immediate effect, this publication has learned. In his new role, Marx, who joined the firm in January 2010, “will lead the organisation on a day-to-day basis in Hong Kong and Singapore,” according to an internal memo seen by this publication. Marx’s appointment is intended to further support the current FIM business’ organisational structure in the region within the group-wide FIM strategy.

• August 24, 2010 - Citi Battles To Gain Edge In Hunt For NRI Business
  

  Citi Private Bank has an almost unrivalled capacity to serve a fast-growing and important segment of the world’s wealth management industry – non-resident Indians – one of the US private bank’s senior executives argued recently. In the alphabet soup of acronyms that infest financial news, one that comes up with increasing frequency is NRI, a term describing people of Indian origin or citizenship living outside the home country. It is testimony to increased globalisation and the wealth of the Indian sub-continent that this segment is now getting such prominence.

• August 24, 2010 - UBS Signs Sponsorship Deal With Formula 1 Singapore
  

  UBS is pushing forward with its Asian brand strategy with the announcement that it is sponsoring the upcoming Formula 1 SingTel Singapore Grand Prix to be held in late September. Financial details of the deal were not disclosed. The Swiss bank said in a statement that commercial appeal was a key consideration for the sponsorship and meshes well with its brand campaign in the region.




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