Top Headlines in the Last 7 Days
(13th – 19th Mar 2017)
No. 1 HSBC Appoints Group Chairman
HSBC has appointed Mark Tucker as Director and Group Chairman Designate from 1st September 2017. He will also takeover as Non-Executive Group Chairman on 1st October.
Mark Tucker is currently Group Chief Executive and President of AIA group Limited. He joined in July 2010 and led its successful IPO in October 2010. Learn More …
No. 2 JP Morgan Private Bank Names Asia CEO
JP Morgan Private Bank has named Kam Shing Kwang as the new Chief Executive Officer for Asia. She succeeds Andrew Cohen as Asia CEO and will keep he role as Senior Country Officer for JP Morgan Hong Kong.
She was previously the Managing Director and Market Manager for Hong Kong, China, Philippines and Thailand and was Head of J.P Morgan Private Bank in Singapore. Learn More …
No. 3 DBS Seeking New Chief Investment Officer
DBS Group is looking for a new Chief Investment Officer for its wealth management division to replace Lim Say Boon who is retiring after seven years with DBS.
The wealth management business now accounts for almost 15% for DBS’s top line income and the search for a new Chief Investment Officer is going to be tough as the successor faces fierce competition, fees, margin pressure and stringent regulation. Learn More …
No. 4 MAS Issues Prohibition Orders Against Individuals Involved in 1MDB Related Matters
The Monetary Authority of Singapore (MAS) has issued a 10 year Prohibition Order against Mr Tim Leissner, a former director of Goldman Sachs (Singapore).
It has also served notice of its intention issue prohibition orders against three individuals who are currently being investigated. Learn More …
No. 5 EFG to Pay Lesser for BSI
The purchase price of BSI is subjected to a final adjustment process in the BSI Sale Purchase Agreement on 21st February 2016.
EFG has submitted a formal valuation to BSI on 2nd February 2017, upon which there is an expected downward price adjustment of CHF 277.5 million against estimated purchase price of CHF 1,060 million announced on 1st November 2016. Learn More …
No. 6 UBS Wealth Management Sets up Special Desk
UBS Wealth Management has set up a new service to provide specialised financial service in response to foreigners residing in Singapore.
The team will be led by Sean Straton, Desk Head, Resident Foreigner Team, UBS Wealth Management Singapore. He was previously from Credit Suisse and was Team Leader for Indonesia Market. Learn More …
No. 7 AIA Names New CEO
Mark Tucker, the Group Chief Executive and President has announced his intention to retire from his executive positions.
No. 8 National Australia Bank Restructures Private Bank
National Australia Bank is restructuring its private banking division and will prompt redundancies. It is planning to let go almost 20 private bankers as it adjusts the unit to focus more on ultra high net worth and high net worth clients.
The bankers will either face redundancy, redeployment or can apply for 27 newly created roles. However, it is not clear if the new positions are at the same level of those being cut. Learn More …
No. 9 J Safra Sarasin Appoints Ex-UBS Banker
J Safra Sarasin has appointed Vinay Gandhi as Managing Director and CEO for the Ultra High Net Worth (UHNW) Asia division. Gandhi has 25 years of wealth management experience in Asia.
Previously, he was a Managing Director and Regional Market Manager for UHNW for Southeast Asia at UBS. He led a team to serve UHNW clients in the region, mainly in Malaysia, Philippines and Thailand. Learn More …
No. 10 Julius Baer Hires from Deutsche Private Bank
Julius Baer has hired Ancus Mak & Olive Wang from Deutsche Private Bank. Ancus Mak joins as Director in the Chief Investment Office Asia. He was previously at Deutsche Bank Hong Kong where he was vice president of global products and solutions.
Olive Wang will join as a director in the fund specialist team. Prior to this, she also had the same position at Deutsche Bank. Learn More …
March 2017 Headlines