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Top Headlines in the Last 7 Days
(14th Aug – 20th Aug 2017)
No. 1 Alibaba Founder Starts Wealth Management Business in Hong Kong Led by Ex-UBS Banker Cooper Liao
Alibaba has entered the Wealth Management business in Hong Kong with the formation of DC Wealth Management. The management team are former senior UBS UHNW bankers, Cooper Liao, Christina Shi, Leon Li and Andreia Tan.
The firm is a subsidiary of DC Wealth Group, co-founded by bankers from Greater China, Hong Kong and “part of Alibaba Group’s founding shareholders and other investors.” Learn More …
No. 2 AXA Insurance Appoints Jean Drouffe as New Chief Executive in Singapore
AXA Insurance has appointed Jean Drouffe as the new Chief Executive in Singapore. He will report to Doina Palici-Chehab, who is now the interim regional CEO of AXA Asia.
Jean Drouffe has worked in AXA for 17 years, and is most recently the regional CEO for the general insurance businesses at AXA Asia. Learn More …
No. 3 Global Private Banks Managed $21.1 Trillion AUM in 2016
The total private banking market is estimated to be $21.1 trillion in 2016, according to the 2017 Global Private Banking Benchmark Report released by Scorpio Partnership.
The top 25 largest private banks globally managed $13.3 trillion of AUM. The largest private bank is UBS with AUM of $2.06 trillion. Learn More …
No. 4 MAS Issued Prohibition Orders to Representative for 7 Years for Unauthorised Trades and Misappropriation
Monetary Authority of Singapore (MAS) has issued two prohibition orders against Mr Prem Hirubalan for 7 years, effective 17th August 2017. He is banned from performing any regulated activity under the Securities and Futures Act (SFA) and financial advisory services under the Financial Advisers Act (FAA).
He was a representative of OCBC Securities from May 2010 to May 2011, where he conducted unauthorised share trades in the trading accounts of three customers and misappropriated a sum of around $81,000 from one of these customers. Learn More …
No. 5 Bank of Singapore Senior Private Banker Arthur Fong Joins Thirdrock
Senior private banker, Arthur Fong has joined Thirdrock as a client advisor. He joins from Bank of Singapore, where he was the Managing Director for the Greater China market.
Thirdrock was founded in 2010 by former ABN AMRO’s banker Jason Lai. With the addition of Arthur Fong, and numerous hires in 2017, they now have almost 20 professionals in the investment team. Learn More …
No. 6 Credit Suisse Reports CHF 1.6 Billion Profit for 1st Half 2017
Credit Suisse reported CHF 1.6 billion in pre-tax income for 1st half 2017 with total group profit of CHF 10.7 billion.
Wealth Management grew as Credit Suisse achieved record AUM of CHF 716 billion, up 8% (YTD). Learn More …
No. 7 Aberdeen and Standard Life Completes Merger to Form £670 Billion Asset Manager
Aberdeen Asset Management and Standard Life has completed the merger to form Standard Life Aberdeen, with total asset under management of £670 billion (USD 871 billion).
The Group’s investment business, Aberdeen Standard Investments, manages £583 billion of assets, becoming one of the largest active managers in Europe, with over 1,000 investment professionals globally. Learn More …
No. 8 BNY Mellon Appoints Deborah Bannon as Head of Consultant Relationships & Client Services in APAC
BNY Mellon Investment Management, with $1.8 Trillion AUM, has appointed Deborah Bannon as Asia Pacific Head of Consultant Relationships and Client Services.
She will be will be responsible for leading, managing and building BNY Mellon Investment Management’s relationships with global consulting firms including consultants dedicated to Asia Pacific markets such as Japan, Australia, Greater China and Korea. Learn More …
No. 9 Insight Investment Appoints Angus Woodhouse as Global Head of Distribution
Insight Investment, a leading global investment manager managing over A$896 billion, has appointed Angus Woolhouse as Global Head of Distribution.
Woolhouse has more than 20 years’ experience within the asset management industry and was most recently Global Head of Distribution at Barings Asset Management. Learn More …
No. 10 Commonwealth Bank of Australia CEO to Retire End of FY 2018
The Chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO announced Managing Director and Chief Executive Officer, Ian Narev will retire by the end of the 2018 financial year.
The exact timing is dependent on search process. “Succession planning is an ongoing process at all levels of the Bank. Learn More …