Top Headlines in the Last 7 Days (23rd – 29th Oct 2017)

Citi Private Bank will be appointing Steven Lo as the Head of Private Bank for Asia.  His appointment was made following the planned retirement of Bassam Salem (Head of Citi Private Bank in Asia) scheduled in February 2018.

Steven is currently the Market Manager, based in Hong Kong.  He is also an executive committee member of Hong Kong Private Wealth Management Association.  He joined Citi Private Bank in 1991 as an UHNW banker in Vancouver.  In 2001, he moved to Asia. Learn More …

No. 3 Indosuez Wealth Management Expands Private Banking Team in Asia

Indosuez Wealth Management has made numerous hires to the Private Bank in Asia, according to finews.asia.

Andrew Cheng joins as Managing Director in Hong Kong from ANZ Private Bank.  Prior, he was with Julius Baer.  Also joining from ANZ Private Bank is Amy Yeung as Senior Director in Hong Kong.  Prior, she was with ABN AMRO Private Bank.  Both Andrew and Amy reports to Piera Au-Yeung, who is the Team Head and Deputy Chief Executive of the Hong Kong Branch.

In Singapore, Qays Koh joins as Director from ABN AMRO Private Bank.  Prior he was with Bank of Singapore.  He will report to Michael Yeo, Team Head and Senior Director in Singapore.

The fixed income team also added Teresa Hui as Fixed Income Advisor in Hong Kong, reporting to Arjan De Boer, Head of Markets, Investments & Structuring in Asia.  Prior, she was with Banque Edmond de Rothschild.  Learn more …

No. 4 Deutsche Bank Hires New Head of Private Markets and Director of Funds Solutions

Deutsche Bank Wealth Management has hired Wee Teck Tay as Director, Head of Private Markets APAC and John Lilley as Director, Funds Solutions Specialist APAC.

Wee Teck Tay reports to Lavanya Chari, Head of Global Products & Solutions APAC and Michael Isikow, Global Head of Private Markets.  He was more than 20 years of investment banking, private equity and asset management experience.  Prior, he was with Standard Chartered Bank and Bank of Singapore.

John Lilley reports to Joyce Ngan, Head of Funds Solutions APAC. He joins from Taurus Family Office, and prior, was with Citi Private Bank.  Learn More …

No. 5 UBS & PwC Releases Billionaires Report 2017

UBS and PwC have released their joint study – UBS/PwC Billionaires Report 2017.  The total billionaires’ wealth in this study, grew from $5.1 trillion to $6 trillion.

Asia is estimated to have 637 billionaires with a total wealth of $2 trillion while United States have 563 billionaires with $2.8 trillion.  In Europe, there is an estimated 342 billionaires with $1.3 trillion of wealth.

1,542 billionaires were analysed, collectively employing 27.7 million people globally.  Billionaires are also more engaged in arts, investing in sports clubs and are increasingly contributing to museums.  Learn More …