Top Headlines in the Last 7 Days
(18th – 24th April 2016)
No. 1 ICBC Private Banking Launches Family Wealth Management Service
ICBC Private Banking has officially launched the family wealth management business targeting the needs of mainland’s ultra high net worth families. These include investment with huge wealth, management of family assets, separation of family from business, planning on inheritance of wealth and family governance.
ICBC’s family wealth management service is positioned as an integrated service provider with all family wealth management institutions to create this platform.
No. 2 UBS Launch New Service in Taiwan
UBS has launched a contract based flat fee offering for wealth management clients with invested assets of USD$250,000 and above.
Previously this service was only available to high net worth clients and provided clients who subscribe with access to premium research insights and products.
“We are excited that Taiwan is the first market in which this new wealth management model will be available outside Switzerland, there is huge potential for the growth of the wealth management business here,” said Dennis Chen, Country Head and Head of Wealth Management, UBS Taiwan
No. 3 BSI Private Banker is Charged
Singapore authorities have charged a former private banker with money laundering, following their investigation into the Malaysian state investment fund.
Yeo Jiawei, a former wealth planner at the Singapore arm of Swiss private bank BSI SA has been charged on April 16. He has been charged under Singapore’s Corruption, Drug Trafficking and Other Serious Crimes Act. If found guilty, he may be jailed for as long as 10 years and be fined as much as S$500,000.
No. 4 Morgan Stanley Wealth Management Revenue Drops
Morgan Stanley’s global wealth management unit drops 4.3%. Revenue in Morgan Stanley’s wealth management arm was $3.67 billion, compared with $3.83 billion a year ago.
No. 5 Former Coutts Chief Joins CFA Institute
Nick Pollard, formerly head of learning and professional development international at Coutts, and head of its Hong Kong office has joined the CFA Institute to run the Asia Pacific business and spearhead growth across the region. This also includes newer initiatives in China and India.
The take up has been impressive in China. “For the first time ever, in our June 2016 exams, we will have more new Level 1 candidates in China than new Level 1 candidates in the US. This equates to around 30,000 individuals said Paul Smith, president and CEO of the CFA Institute.
No. 6 New Role for Former Standard Chartered CEO
Ex-Asia Pacifc CEO at Standard Chartered Bank has taken a new role leading an Indian financial services group as Executive Chairman.
Jaspal Bindra will lead Centrum Group as its Executive Chairman. He has over three decade of experience and has served in leadership positions with Standard Chartered Bank, UBS and Bank of America.
No. 7 HSBC Private Bank Appoints New Southeast Asia Head of Funds and DPM
HSBC Private Bank has appointed a new Southeast Asia head of funds selection almost a year after the bank’s former head of funds selection Alexander Kwan left for LGT.
George Lam, former director of investment services and products solution has been named as HSBC Private Bank’s head of mutual funds and discretionary portfolio management.
No. 8 ANZ Imposes Hiring Freeze
ANZ chief executive Shayne Elliot has imposed a bank wide hiring freeze. The freeze is related to external hires and comes as the bank is starting to clamp down on travel and other discretionary costs.
Souces said that any external hiring at the bank had to be signed off by an executive committee that include chief executive Shayne Elliot and human resources representatives.
No. 9 CIMB Chairman Takes Leave of Absence
The chairman of Malaysia’s CIMB Group Holdings, Nazir Razak, has decided voluntarily to take a leave of absence immediately to facilitate an independent review of a money transfer to his account from Malaysia Prime Minister Najib Razak.
Nazir Razak said that his decision was to allow an independent investigation into a $7 million transfer issue dating back several years. The CIMB Group was holding its 59th annual general meeting, at which Mr. Nazir was present when the announcement was made.
No. 10 Veteran Credit Suisse Banker Departs
Ali Abbas Alam, co-head of Credit Suisse’s emerging markets financing group for Asia Pacific is leaving after 16 years.
He was instrumental in Credit Suisse’s rise in the loan markets in Asia having been involved in Alibaba Group’s debut US$3bn loan in 2012 as well as a bridge loan of up to US$10.5bn backing Overseas Union Enterprises’ bid for Singapore-listed Fraser & Neave.
Credits: Bloomberg, Wall Street Journal, ICBC, Australian Financial Review, Wall Street Journal, Reuters