People Moves

Summary Of Asia-Pacific Wealth Management Moves - June 2021

Editorial Staff 23 July 2021

Summary Of Asia-Pacific Wealth Management Moves - June 2021

A round-up of senior moves in the Asia-Pacific wealth management field for June.

Hong Kong Exchanges and Clearing appointed Adam Singer as HKEX group chief compliance officer. Singer works across HKEX to lead, and oversee, the group’s compliance function. He reports to Richard Wise, group chief risk officer. Prior to this, Singer was managing director, head of core compliance and operational risk, Asia-Pacific at JP Morgan, responsible for all central compliance functions. Previously, he worked in regional leadership roles within the equity sales and research division of JP Morgan.

Credit Suisse appointed former Deutsche Bank senior figure Malcolm Tay as deputy market group head and market leader for Indonesia, a newly-created role. Tay is based in Singapore, reporting to Johanes Oeni, market group head Indonesia. With more than 30 years of wealth management experience, Tay joined from Deutsche Bank Wealth Management, where he worked for 18 years, most recently as group head for Southeast Asia. Previously, he served as a client relationship manager at Merrill Lynch. Before this role, Tay was with Citi Private Bank as co-head, Indonesia Onshore Private Bank, for 10 years.

It also recruited: 
-- Arleen Sy joined the Philippines market as a senior RM based in Hong Kong; 
-- Klara Chan joined the private banking South Asia Switzerland team as a senior expert RM, based in Switzerland; 
-- Voragun Thunyasthukul joined as a senior RM, based in Thailand; 
-- Patchai Suratwisit joined as an RM, based in Thailand;
-- Vaidyanathan Narayanan joined the India market as an RM, based in Singapore; and 
-- Rohit Narayanan joined the India market as an RM, also based in Singapore.

EFG appointed industry veteran Timothy Lo as its North Asia vice chairman. It also hired client relationship officers to join its teams in Hong Kong and Singapore.
Lo reports to Albert Chiu, executive chairman of EFG Bank, Asia-Pacific, as well as with Kees Stoute, North Asia CEO, and Richard Straus, North Asia head of private banking, EFG Hong Kong branch.

With more than 35 years of industry experience, Lo joined from Credit Agricole Indosuez, Hong Kong, where he had served as deputy CEO and commercial head, North Asia, since 2017. During his tenure, he oversaw the management of all North Asia marketing units, including 40 relationship managers. Prior to that, Lo was managing director and head of North Asia for CIC Investor Services.

In Hong Kong, the firm hired eight CROs, including Michelle Wu, who joined the bank as team head and managing director. Wu previously served as private banking team head at Credit Agricole Indosuez, bringing with her 15 years of wealth management experience. She is supported by Ben Chu as MD and Ashis Sengupta and Ernest Cheung as directors. Wu reports to Richard Straus, head of private banking.

EFG’s Singapore branch also hired three CROs. Nobuhiro Sano joined EFG Singapore as a managing director, together with Michael Ting and Yichen Shen. Sano previously worked for Nomura Group, where he had held various management positions since 2001, including head of wealth management and head of China business strategy at its Asian branches. The three CROs, who collectively bring more than half a century of banking experience to EFG, will report to Oliver Balmelli, head of private banking and deputy CEO, EFG Singapore.

Credit Suisse named a new market leader for its Greater China market - John Huang. He has been promoted from his team leader role, reporting to Keng Cheong Lock.

Vanessa Wu stepped up from her role as senior relationship manager to become team leader, reporting to Lock in the interim. Huang started his wealth management career at UBS and joined Credit Suisse in 2010 to help design its onshore operational model, processes, and platform. Before re-joining Credit Suisse in 2018, he was the CEO of Cathay United Bank, Private Banking Taipei.

Wu joined Credit Suisse in 2015. Previously, she was with UBS (in both wealth management and investment banking) in Taiwan for over 15 years, where she focused on UHNW client solutions and led their securities platform business.

Azqore, a subsidiary of Indosuez Wealth Management, which specialises in information execution and bank operations, named a chief executive and deputy CEO. Pascal Exertier was appointed CEO, and Stéphane Gomis was named as deputy CEO of Azqore.

Gomis took over Exertier’s previous responsibilities, overseeing the activities of Azqore Business Service, the division dedicated to onboarding new clients to the platform. Gomis joined from Société Générale, where he worked in senior roles in private banking and corporate and investment banking.

Christian Fournier continued his current mandate as Azqore's deputy managing director in charge of IT and banking operations as well as the general secretariat and human resources. 

Offshore law firm Carey Olsen appointed Tiffy Wan as a senior associate in the firm's Hong Kong corporate practice. Wan specialises in a wide range of offshore corporate transactional matters. Prior to joining Carey Olsen, Wan worked for two leading offshore law firms in Hong Kong for seven years and was previously an associate in the corporate department of a US law firm in Hong Kong.

Bank of Singapore appointed former UBS senior figure Paul Chua as its new global head of wealth planning. He took over from Tariq Salem, who concentrates on his role as head of the structured solutions group. Chua, based in Singapore, reports Lim Leong Guan, global head of products.

Sandstone, a UK-based private property investment and management firm, appointed a former top Schroders executive, Simon Lints, as a strategic advisor, based in Singapore. With a focus on building the investment business across the Asia-Pacific region, Lints, who was recently appointed as the Scottish Government Trade Envoy to Singapore, is a prominent and established figure in the wealth management industry in Asia.  Lints was a founding member of the Singapore Scottish Business Association. He has served in senior roles at JP Morgan, Saudi International Bank, Strathclyde Pharmaceuticals, UBS and Credit Suisse. Most recently he was CEO of Schroders Wealth Management business, based in Singapore, responsible for Southeast Asia.

UBS Global Wealth Management appointed former JP Morgan senior figure Edith Chan. She became Greater China head of direct investment group distribution. Chan rejoined the Swiss bank after previously serving in a similar role as its Greater China head of private markets distribution. She was most recently with JP Morgan where she also focused on private markets between 2018 and 2020. Before that, Chan worked with various private banks and asset managers including HSBC Private Bank and Deutsche Bank.

Asia-focused private markets investment house, Prostar Capital, appointed In Ku Kang as an operating partner. Kang, who is based in Seoul, focuses on adding to Prostar’s existing investment footprint in South Korea, where it owns Kyungnam Energy, the largest independent city gas business in the country. Kang most recently served as CEO of Prostar’s portfolio company, Kyungnam Energy. Prior to Kyungnam Energy, Kang served as chief executive at Korea Energy Terminal.

HSBC Bank (Singapore) named Wong Kee Joo as executive director after he was made chief executive of HSBC Singapore. Meanwhile, Winston Ngan, who retired as a partner at Ernst & Young Singapore, was appointed by HSBC Bank (Singapore) as an independent non-executive director. He is also chairman of the audit committee. Wong has more than 26 years of banking experience across different markets including the UK, Thailand, Hong Kong and China. He was most recently, since January 2015, HSBC’s regional head of global payments and cash management (GLCM) for the Asia-Pacific region.

Ngan has more than 26 years of professional services experience, including stints with Ernst & Young (EY) in Singapore and Canada. Prior to his retirement, he led EY Financial Services Assurance practice overseeing 1,300 audit professionals across ASEAN, including Singapore. Ngan was also a member of the EY leadership team managing the financial services assurance practices across Asia Pacific.

Goldman Sachs appointed a Singapore-based relationship manager concentrating on serving ultra-high net worth clients in organisations in Southeast Asia: Pin Duangdee. Duangdee previously worked in a similar role at Citi Private Bank for the offshore Thailand market, based in Singapore (2018 to June 2021). Before that, Duangdee worked as an RM at Credit Suisse for three years, also in Singapore.

Olaf van Duijnhoven, an investment advisor at Standard Chartered Private Bank, resigned from the UK-listed lender. Singapore-based Van Duijnhoven left the bank to pursue another opportunity. Van Duijnhoven joined StanChart in 2011. His remit included coverage of Greater China (North Asia, South East Asia (Malaysia, Thailand, Philippines, Vietnam) and International (Europe and the Middle East), according to his Linkedin profile.

Manulife Investment Management announced that Endre Pedersen, a 22-year veteran of emerging market fixed income, was promoted to a new position as chief investment officer, for global emerging market fixed income. 

It also announced other promotions:
-- Fiona Cheung, previously responsible for the firm’s credit activities in Asia ex-Japan, was promoted to head of global EM fixed-income research; 
-- Don Tucker, head of US fixed-income research, was promoted to head of global developed market fixed-income research; 
-- Joseph Huang was promoted to head of South Asia fixed-income research; and 
-- Nick Pena, managing director, senior credit analyst, US fixed income, was promoted to sector leader of the EM fixed-income research team.

RBC Wealth Management appointed four new senior bankers to serve high net worth and ultra-HNW clients. Vincent Cheng, Ellis Lau, Leo Zhang and Yoon Tae-Jung joined RBC’s relationship management team in Hong Kong. They provide advice and wealth management solutions to clients in the region who have ties globally, especially to Canada, the US and the UK, a segment that RBC Wealth Management refers to as Asia’s global families.

Vincent Cheng and Ellis Lau report to Xygent Chan, who joined RBC as executive director, team head earlier this year. Cheng joined from Bank of Singapore in Hong Kong, where he was a relationship manager. Lau joined from Glory Sun Securities Limited, where he was investment solutions director. 

Leo Zhang and Yoon Tae-Jung report to Shirley Tang, managing director and team head, and Angel Choy, executive director, team head, respectively. Zhang transferred to Hong Kong from RBC in Toronto, where he was in a similar role supporting families with international wealth management needs. Yoon joined from Hope Chain Asset Management in Hong Kong. 

Investment manager State Street announced two newly-created senior leadership roles to head growth strategy in the Hong Kong and Taiwan markets. Pauline Wong was named head of Hong Kong and Ilona Chen as head of Taiwan. They report to chief executive for Asia Pacific, Mostapha Tahiri. Tahiri joined the group last year after a decade in the region working for BNP Paribas. Based in Hong Kong and Taipei respectively, Wong and Chen were promoted to lead regional strategy, developing talent and managing relationships with local government officials and regulators.

Credit Suisse promoted Tammy Tan as team leader for the Thailand and Vietnam market. Tan joined Credit Suisse in 2014, working with ultra-high net worth and family office clients across Southeast Asia. She moved into the investment consulting team overseeing Thailand in 2016. In her new role, she reports to Marcus Slöör, market group head for the Philippines, Thailand and Vietnam. She fills a vacancy left by Urs Brudermann - team head, Thailand, who joined Deutsche Bank as a group head, Southeast Asia. 

Lombard Odier Investment Managers made two senior portfolio hires in global equities. June Chua joined in Hong Kong and Arnaud d’Aligny joined in Geneva. Chua, previously head of Asian equities at Harvest Global, co-runs LOIM’s Asian/EM equities franchise with Odile Lange-Broussy, overseeing around US$2 billion across core high-conviction strategies for emerging markets, Asia, and China, with specific co-lead responsibility for the Asia and emerging markets strategies.

D’Aligny, a portfolio manager for European equities, previously served as partner and lead portfolio manager at Sycomore Asset Management. In his new role, he works alongside Johan Utterman to focus on the pan-European and Swiss equities franchises.

A former employee of Citi Private Bank, who returned to the US bank to take on a senior Asian role, Faye Ong was named head of family office advisory – Asia, and is based in Singapore. Ong has worked in the private banking business for over 16 years with particular expertise and experience in servicing ultra-high net worth individuals and family offices across Asia-Pacific and the Middle East. 

Charles Monat Associates made a number of leadership changes and newly-created senior roles. CMA appointed Berry Wong as Asia CEO in a newly-created position. Wong previously served as CEO for Hong Kong and oversees operations in Mainland China, Hong Kong, Malaysia, and Singapore, leading regional growth plans.

Nikki Koh replaced Wong as CEO of Singapore with oversight of “a strategically important market” for the firm. He continues to serve as group chief commercial officer.

Martin Wong was named group chief business development officer, in another new post, primarily focused on developing onshore opportunities across the regional footprint. The group also promoted Klaus Kiessling to group chief financial officer and Li San Tan to group chief operations officer as part of the succession shake up.

Independent advisory firm Holborn Assets has appointed Greg Miller as managing partner for Asia-Australia and CEO of the business in Hong Kong. Miller has 17 years' experience in the advisory and wealth sector.

Julius Baer appointed former JP Morgan senior private banker Rahul Malhotra as its new head for its Global India and Developed Markets business. Based in Singapore, Malhotra took over from Torsten Linke to lead the onshore and offshore teams. Linke decided to retire.

Malhotra’s group serves clients from the Indian diaspora as well as covering Japan and the Asia team based in Switzerland. He reports to Jimmy Lee, head of Asia-Pacific and member of the executive board at Julius Baer. With more than 30 years of financial sector experience, Malhotra was head of Southeast Asia and previously head of South Asia at JP Morgan Private Bank for 10 years, covering clients in Singapore, Malaysia, Indonesia, Thailand, Australia and NRIs across the regions.

Saxo Markets appointed Richard Douglas as chief executive for Saxo Markets in Hong Kong. Fan Xu, CEO of Greater China, moved to the role of CEO for Saxo FinTech, a joint venture between Saxo and Geely, its majority shareholder. Prior to this, Douglas was chief operating officer and chief information officer (Greater China). Douglas took on responsibility for both Saxo’s Hong Kong and Shanghai offices. Based in Hong Kong, Douglas reports to Adam Reynolds, Asia-Pacific CEO, Saxo Markets. Before moving to Denmark in 2017, Douglas was based in Hong Kong for six years. He has worked in the financial sector industry for more than 18 years, working at investment banks Macquarie, Nomura, Citi and UBS in London, Sydney and Hong Kong.

Patrick Chung succeeded Douglas as COO and CIO (Greater China), reporting to Ashok Kalyanswamy, CIO for Saxo Bank.

As CEO of Saxo FinTech, Xu continued to drive the growth of the Chongqing-based joint venture, building products and services focused on trading technology, social technology and regulatory technology. Echo Zhao, country head of China, left the Saxo Group.

Broadridge Financial Solutions, a US-listed fintech that works with wealth managers, banks and other financial institutions, appointed Ian Strudwick as managing director, head of Asia-Pacific.

Strudwick has 23 years of experience in the financial services and technology sector, and spent more than 16 years in leadership roles for global and regional teams across capital markets, trade finance and business services. He joined from TD Securities, where he was most recently MD and head of global operations and business services for APAC. Based in Singapore, Strudwick reports to Samir Pandiri, president of Broadridge International.

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