Top Headlines in the Last 7 Days
(6th – 12th Jun 2016)
No. 1 Former Head of UBS Joins Morgan Stanley
Former head of wealth planning for UBS will be joining Morgan Stanley later this month. Lisa Houlford is expected to take up the new role at Morgan Stanley as head of financial planning on 20th June. Lisa has been with UBS since November 2010.
No. 2 CTBC Private Bank Hires Two Senior Bankers
CTBC Private Bank has hired two senior bankers as team leader this month. Samuel Witjaksono, previously senior director at Pictet Wealth Management and Dino Sukendro, previously from BNP Paribas Wealth Management have joined in their new roles. Each of them will be expected to lead a team of relationship managers.
No. 3 Hong Kong Based Independent Wealth Manager Adds New Partner
Peter Krismer has joined Swiss International Asset Management as partner and senior relationship manager in Hong Kong. It provides wealth management services between Hong Kong, Switzerland and Liechtenstein.
Krismer has over 35 years of experience across international privet banking. He has spent over 20 years with Coutts Bank in Switzerland and Hong Kong and most recently over 5 years with BSI Bank Hong Kong.
No. 4 ABN AMRO Loses Asia Head of DPM
Four years after joining ABN AMRO Private Bank, Asia Head of discretionary portfolio management (DPM) has left.
Jacqueline Koo has left ABN AMRO Private Bank, having joined in 2012. Previously, she has held multiple investment management roles at Julius Baer and LGT, where she was the North Asia head of portfolio management and Asia head of investment management, respectively.
No. 5 Head of Deutsche Asset Management Steps Down
The head of Deutsche Asset Management is stepping down and the search for a successor is underway. Quintin Price who has been on medical leave since April is leaving the bank because of health issues.
In the meantime, Jon Eilbeck, global chief operating office and regional head for Asia Pacific at Deutsche Asset Management will continue to lead operational responsibilities for the business.
No. 6 Citibank Showcases New Wealth Management Tool
Citibank showcased a new tool “Total Wealth Advisor”, the bank new proprietary tool designed to enhance investment advisory. The tool is currently only available to Private Banking and Citigold clients who meet a specific requirement.
The Total Wealth Advisor is offered to clients to empower them in making sound decisions to achieve their financial needs and goals throughout their different life stages. It also maps client goals to portfolios based on risk tolerance, resource availability and time horizon.
No. 7 Asia Expected to Account for 25% of UBP Asset Base
UBP Group CEO Guy de Picciotto expects Asia to account for 25% of UBP’s asset base across wealth and asset management in the next 5 years. The current proportion is 12%. This means that 14 of the 120 billion francs UBP has under management is booked in Asia.
The Swiss group aims to increase the number of relationship managers by one third over the next few years. After acquiring Coutts operations, Guy de Picciotto said UBP is focused on building new teams and blending the two companies corporate cultures.
No. 8 Singapore and Hong Kong to Command Offshore Wealth
Offshore assets booked in Hong Kong and Singapore have increased by 10% in 2015, more than any other offshore centers. Although Switzerland still remains the largest offshore center, accounting for nearly one quarter of all offshore assets. Hong Kong and Singapore will see their combined share increase to 23% over the next five years.
No. 9 Goldman Sachs Investigated in 1MDB Probe
Goldman Sachs is being investigated in US for connection with 1MDB, including dealings with BSI. US officials are probing whether Goldman Sachs filed to alert authorities to a suspicious transaction. The transaction was a $3 billion Goldman run bond issue for 1MDB. After Goldman transferred the proceeds to an account controlled by 1MDB, half the funds disappeared offshore, only to surface in the account of Malaysia’s prime minister later.
No. 10 Singapore Central Bank says 1MDB bond sale funds did not pass through local banks
The Monetary Authority of Singapore (MAS) has said that the proceeds of $3billion bond sale by Malaysia state wealth fund (1MDB) did not pass through any Singaporean bank. By rejecting the blame for failing to spot one particular bond deal – presumably one of countless suspicious BSI transactions carried out on behalf of 1MDB – MAS appears to be shifting the blame from Singapore to Switzerland in this instance.
Singapore will be eager to limit the fallout from the scandal on the reputation of its young financial center.