Top Headlines in the Last 7 Days
(16th – 22nd May 2016)
No. 1 Credit Suisse Sets Up Wealth Management in Thailand
Credit Suisse has launched a wealth management coverage in Thailand. It targets two key client segments: High-net-worth individuals (HNWI) with more than $2 million in assets under management, and Ultra-high-net-worth individuals (UHNWI) with $50 million in assets under management or $250 million in net wealth, who are mostly first or second generation entrepreneurs with family-owned businesses.
No. 2 Credit Suisse Shelved Funds Push for Ultra Rich
Credit Suisse private bank has halted a line of funds aimed at the ultra rich. The bank had pledged to introduce Signature Managed Accounts as an advisory offering ultra high net worth clients, who are typically those with more than $50 million in liquid assets to bank. A spokesperson for the bank told the media that the push was discontinued in order to focus on other, undisclosed key business priorities.
No. 3 Bank of Singapore Sees Asia Rich Shift to Paying Fees for Advice
Bank of Singapore sees the region’s private-banking industry shifting towards a fee- based model. Wealth managers in Asia have traditionally earned the bulk of their client income from commissions, in contrast to the situation in Europe where fee-based advice is more common
Mr Shaari said he expects the trend towards fee-based advice to continue in Asia, adding that it’s possible that the proportion of Bank of Singapore client assets in managed and discretionary portfolios will rise to 40 per cent in future.
No. 4 UBS Singapore Sees Seniors Exit
UBS is seeing some departures from its wealth management unit in Singapore.
Urs Grueter, a Managing Director who was once responsible for co-managing the Singapore onshore business and Joseph Poon who was Head of Ultra High Net Worth South East Asia. He was previously the head of Macquarie Private Wealth Asia.
No. 5 UBS Reduces Notice Period for Directors
With effect from next year, UBS will have a notice period of three months for members of its directorate instead of the standard 6 months notice period. The directorate comprise directors, executive directors and managing directors.
The measure comes as UBS is determined to stick to its cost savings measures and plans to cut jobs in wealth management.
No. 6 J Safra Sarasin Bank Shuts Stock Research Arm
J Safra Sarasin has closed its stock research unit down at the end of April. This means the bank will only conduct research for its asset management only. Private customers will not receive an analysis about individual stocks. The analysts which provided the research for the private banking business will still be retained. In shutting the unit, J. Safra Sarasin follows a trend of smaller local brokerages such as Lombard Odier.
No. 7 ANZ Appoints New Managing Director
ANZ has announced the appointment of a new managing director. Shayne Collins has more than 20 years experience and will take up the role with immediate effect.
He will also be responsible for growing ANZ’s markets business which provides product across foreign exchange, capital markets, interest rates, commodities and derivatives, as well as specialist research and risk management expertise.
No. 8 Morgan Stanley to Move 75 Shanghai Jobs to Hong Kong & India
Morgan Stanley will move about 75 jobs from its operations team in Shanghai to Hong Kong & India as it seeks to improve its back office efficiency.
The bank is looking to concentrate the team in India, its largest offshore operations hub in Asia and eliminate the smaller centre in China. It announced the decision internally in March and plans to complete the redeployment by the end of the year.
No. 9 Former UBS CFO in Asia Joins Credit Suisse
Dagmar Maria Kamber left UBS as its Chief Financial Officer in Asia and will now assume the function of Chief Operating Officer (COO) at Credit Suisse in Zurich. Kamber’s role will be to expand the scope of COO to reduce the number of direct reports to the respective CEO Thomas Gottstein.
Kamber began her professional career in 1999 with UBS where she most recently held the position of Group Managing Director. Since 2012 she worked in Singapore as Group CFO of UBS Asia-Pacific, responsible for 13 countries in the APAC region.
No. 10 CIMB Clears Chairman of Wrongdoing over Malaysia Political Funds
CIMB Group Holdings Bhd cleared chairman Nazir Razak of misusing his position of the bank’s resources when he helped his brother, Malaysia prime minister. He will resume his post at CIMB Group and as a director of CIMB Bank from Thursday after taking a month long leave of absence.
The audit by Ernst & Young found that Nazir did not misuse his position as the Group Chief Executive at that time nor was there any inappropriate use of the bank’s resources