Top Headlines in the Last 7 Days
(2nd – 8th May 2016)
No. 1 HSBC Private Bank Appeals Fine by Hong Kong Regulator
HSBC Private Bank is appealing a HK$605 million fine imposed by Hong Kong’s securities regulator in connection with its sales of structured products including Lehman Brothers Holdings related notes between 2003 and 2008.
The regulator alleged that the unit should have told clients about the risks associated with Lehman Brothers in the summer of 2008, and also said certain private banking clients were sold financial products that were too risky for them, a lawyer for HSBC said on Wednesday.
No. 2 Julius Baer Appoints Head of Emerging Asia
Julius Baer has appointed Angela Bow as Head Emerging Asia with immediate effect. She will lead the bank’s efforts to strengthen its wealth management franchise in the Philippine and Thai markets.
Angela Bow joins Julius Baer from Credit Suisse, where she was most recently Market Group Head Philippines and Deputy Market Area Head Japan & Emerging Asia. She has also worked at UBS Wealth Management, Citibank Private Bank and Swiss Bank Corporation Private Bank earlier.
No. 3 New CIO at Singapore Private Bank
Bank of Singapore has appointed a new Chief Investment Officer. Johan Jooste has relocated from London to take the new Singapore based role. Prior to joining Bank of Singapore Jooste was the CIO at London based boutique wealth manager Azure Wealth.
No. 4 RBS Coutts Now Under Investigation
Switzerland’s financial markets regulator Finma is now starting a probe in activities of RBS Coutts Swiss unit and its links to the Malaysian wealth unit 1MDB. Payments from the fund into accounts held in the RBS Coutts Zurich unit are under examination by the Swiss regulator.
The RBS Coutts Swiss business was recently acquired by Union Bancaire Privee (UBP). However UBP is not on the radar of FINMA as the actions took place prior to UBP’s involvement.
No. 5 Further Charges for Ex-BSI Banker
Former BSI wealth manager Yeo Jiawei who is involved in a probe in 1MDB has been slapped with three additional charges.
The three new charges include cheating BSI Bank by dishonest concealment, transferring S$500K, which represented his benefit from cheating and perverting the course of justice. This means the total charges issued against him are up to six.
No.6 Regional CFO for UBS Asia Pacific Leaves Bank
Swiss Dagmar Maria Kamber Borens was most recently the Regional Chief Financial Officer (CFO) for UBS Asia Pacific based in Singapore. She has held that role since September 2012.
The departure is a bitter blow for the bank, as she has spent her entire professional career with UBS and was hailed as a “flagship woman” in the industry.
No. 7 DBS Wealth Management Unit Hits Record
The wealth management business of DBS reached new records in both AUM and revenue. Assets under management reached a record for the bank of S$147 billion, up 5% year on year, while the wealth management revenue came in at S$383 million, also up 5% year on year and some 14% up quarter on quarter.
No. 8 ANZ Earnings Slump
ANZ Bank announced one of the largest drops in earnings for almost 10 years. It has reported a 24% drop in cash earnings to $2.8 billion. In addition, ANZ has also reduced its interim dividend by 7% and has highlighted a permanent move to a lower payout ratio.
No. 9 Fusang Family Office Launches in Hong Kong and Singapore
Fusang Family Office was officially launched on 4th May offering total outsourced investment and family-office solutions to affluent families and individuals in Asia. The privately owned, family-run organisation will operate out of Singapore and Hong Kong, offering local, regional and global services.
The board of directors include a non resident Ambassador to Switzerland and a former wealth management head.
No. 10 Former Bank of Singapore Head Funds Specialist Joins Fintech Firm
A former bank of Singapore head of funds solutions has joined as CEO of a portfolio management arm of a fintech firm. Chandrima Das, who left Bank of Singapore has joined Singapore-based Mesitis Capital.
In her last role at Bank of Singapore, she was managing director and head of management products responsible for increasing the wallet size for funds, hedge funds and discretionary portfolios among the bank’s clients.
Credits: DBS, ANZ, Wall Street Journal, International Business Times, Julius Baer, Citywire
Caproasia.com | The leading financial website for financial professionals, professional investors and HNW investors. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quicklinks: Caproasia Access | TFC | Caproasia | Jobs