Top Headlines in the Last 7 Days
(9th – 15th May 2016)
No. 1 Credit Suisse in Hiring Spree for Asia
Credit Suisse CEO has made it clear that growth across Asia Pacific business would be a priority and be fully supported. New recruits have been signing up from Australia to North Asia. In Asia the bank has reported in excess of 30 new recruits have been on-boarded, joining more than 70 new faces who the bank hired in 2015.
The bank has been ramping up its Pan-Asia business and recently appointed Sew Lee who was formerly the head of the Asian unit of ANZ ‘s private bank.
No. 2 Julius Baer’s Singapore to Impose Negative Interest Rates on Some Deposits
The Singapore branch of Julius Baer looks set to impose negative interest rates on certain deposits. It will introduce negative interest rates for cash balances in current accounts in certain currencies from 1st of June.
The currencies affected include the Euro, Swiss Franc, Danish krone and Swedish krona.
No. 3 Julius Baer Appoints Interim Head of Solutions
Julius Baer has appointed Yves Robert-Charrue as Head Investment Solutions Group ad interim with immediate effect.
Yves Robert-Charrue joined Julius Baer in 2009 and has been member of the Bank’s Executive Board since 2010. He was Head ISG from 2010 to 2011. He will now report directly to CEO Boris F.J. Collardi.
No. 4 Schroders Names Global Head of Wealth Management
The current CEO of Cazenove Capital has been named as Schroders Global Head of Wealth Management. In addition to his current role, Andrew Ross will be responsible for wealth management outside of U.K. The portfolio includes the Asian operations in Singapore and Hong Kong.
He will report to group head of wealth management Philip Mallinckrodt who has been handed the role of group head of private assets.
No. 5 Private Bankers Aim to Double Assets
Private bankers represented by Private Wealth Management Association hope to see a doubling in assets under management in five years.
Amy Lo Choi-wan who is the association chairwoman and heads UBS Hong Kong hopes to see the number of wealth management practitioners in Hong Kong rise to 6,000 over the next five years. Hong Kong now has more than 3,000 wealth management practitioners.
No. 6 CFA Survey Shows Positive Concerns Over Robo-Advice
According to a member survey by CFA Institute, 70% of respondents consider that mass affluent investors will be positively affected by automated financial advice tools in the form of reduce costs, improved access to advice and improved product choices.
However, investment professionals have also made it clear that flaws in automated financial advice algorithms could be the biggest risk introduced by robo-advisers.
No. 7 Former Coutts International CEO Joins Advisory Firm
The former CEO of Coutts International business has joined a boutique investment and advisory firm in Switzerland.
Alexander Classen will be named managing partner at Bedrock with immediate effect. Bedrock focuses on wealth and asset management has offices in Geneva, London and Monaco.
No. 8 ABN AMRO Private Banking’s Q1 Profits Drops
ABN AMRO Private Banking recorded a 51% drop in first quarter profits year on year. The Dutch lender’s global private banking profits for dropped from US$99.1 million in 2015Q1 to US$49 million in 2016Q1.
Chairman of the managing board, Gerrit Zalm, said Wednesday that 2016 “got off to a challenging start due to turmoil in the financial markets, caused by concerns over the Chinese economy and initially a further decline in the oil price, combined with a further reduction in already negative interest rates.
No. 9 BNP Paribas to Cut Jobs in Asia
France’s biggest banking group, BNP Paribas, is about to slash up to 40 jobs across its APAC operations as it attempts to reduce the cost of operation. BNP will cut up to 40 jobs from its cash equities unit in APAC. However it is not just in Asia that the bank is reducing headcount. Almost 700 positions are to go in Paris in both the institutional and corporate banking.
Credits: Reuters, Citywire, Julius Baer, ABC News, CFA Institute, Finews Asia