The firm is making a determined effort to build business across the Greater China region.

Saxo Capital Markets HK, the online trading and investment group that is part of Denmark’s Saxo Bank, has appointed Ken Shih as head of wealth management, Greater China. Lester Chan was the former head of wealth management in the region, a spokesperson told this publication when asked about the matter.

Reporting to Manish Prasad, head of asset management, Asia-Pacific, Shih will oversee all aspects of Saxo Markets’ wealth management strategies and offerings in the Greater China region, and work on building out Saxo’s digital wealth management business in the same area. Based in Hong Kong, Shih will also report to Richard Douglas, CEO of Hong Kong, the firm said in a statement yesterday. 

Shih, an 18-year financial industry veteran, previously held senior sales and strategy positions at HSBC, UBS, JP Morgan and other top financial institutions in the US and Hong Kong. For the past three years, Shih was head of sales and marketing at Hong Kong-based fintech start-up AQUMON.

That such an individual is being hired highlights how proficiency with digital-based business models is an increasingly important feature of wealth management. 

“He definitely brings the expertise and exceptional energy we’re looking for. With his joining and the Type 4 and Type 9 licences we obtained last October, Saxo’s well-positioned and fully committed to the wealth management business which is an important piece in Saxo’s overall ambition. We aim to provide more comprehensive services to support clients achieving their financial aspirations through our multi-asset trading and investment offerings,” Richard Douglas, CEO of Hong Kong, Saxo Markets, said.

Manish Prasad, head of asset management, APAC, Saxo Markets, said: “Saxo has strong ambitions to rapidly expand our business in Asia with Greater China playing a focal point in these plans.”