Top Headlines in the Last 7 Days
(20th – 26th Nov 2017)
No. 1 Manulife Hires Dr. Khoo Kah Siang as CEO Singapore from Great Eastern
Manulife has hired Dr. Khoo Kah Siang as Chief Executive Officer of Manulife Singapore from Great Eastern, with effect from 9th February 2018. He will also join Manulife’s Asia Executive Committee and report directly to Manulife Asia CEO, Anil Wadhwani. He replaced Naveed Irshad, who was appointed Head of North America Legacy Business.
Dr Khoo joins from Great Eastern where he was the Senior Managing Director for Strategic Business Development and Regional Bancassurance in Southeast Asia. Prior, he had also held leadership roles including CEO of Great Eastern Singapore operations, CFO of Great Eastern Singapore and Deputy Director of the Monetary Authority of Singapore.
He had also served in industry leadership positions, including Distinguished Fellow of the Institute of Banking and Finance, and President of the Life Insurance Association of Singapore. Learn More …
No. 2 HSBC Private Bank Hong Kong Fined HK$400 Million for Derivative Products Sold Between 2003 to 2008
HSBC Private Bank (HK) had been fined a record HK$400 million for systemic failures for its sale of derivative products between 2003 to 2008. The private bank had not disclosed to its clients the exposure Lehman Brothers it the products and the increasing credit risks of Lehman Brothers prior to the 2008 global financial crisis.
The derivative products includes Lehman Brothers-related Notes sold between 2006 to 2008 (3,961 transactions, HK$12.1 billion nominal value, HK$94.6 million revenue) and Leveraged Forward Accumulators sold between 2003 to 2008 (17,034 series, HK$2.19 billion revenue).
The HK$400 million fine is concluded (reduced from HK$605 million) after the Securities and Futures Appeals Tribunal (SFAT) reviewed and upheld the Securities and Futures Commission disciplinary action against the private bank. The private bank is also suspended for Type 4 activity (advising on securities) for one year, and partial suspension for Type 1 (dealing in securities) for one year. Learn More …
No. 3 UBP Private Bank Hires New Senior Investment Advisors for Singapore and Hong Kong
Union Bancaire Privee (UBP) has hired 2 new Senior Investment Advisors for the Singapore and Hong Kong Office.
Anand Subramanian joins as Senior Investment Advisor reporting to Aman Dhingra, Head of Advisory for Singapore and Asia while Tracy Lan joins as Senior Investment Advisor in Hong Kong reporting to Paul Lee, Head of Advisory. Learn More …
No. 4 BNP Paribas Appoints Julien Kasparian as Head of BNP Paribas Securities Services Hong Kong
BNP Paribas has appointed Julien Kasparian as Head of BNP Paribas Securities Services in Hong Kong. He replaces Stéphanie Marelle, who has relocated to Paris to take up a new role as Global Head of Compliance for Securities Services.
Julien joins from BNP Paribas London office where he was most recently Head of Sales and Global Relationship Management for UK Banks and Brokers. He had been with BNP Paribas for 20 years, including 7 years between Paris and London.
BNP Paribas Securities Services is a global custodian with USD $10 trillion in assets under custody. In Hong Kong, BNP Paribas is the largest third party clearer. Learn more …
No. 5 Former Executive of Fulbright Securities Fined $542K and Banned for Life by SFC
The Securities and Futures Commission (SFC) has banned Danny Fung Kwong Shing, a former account executive of Fulbright Securities, from re-entering the industry for life and fined $542,071.
Between January 2013 and May 2014, Danny had conducted 772 unauthorized transactions in the account of his client (his friend). He had also fabricated telephone order recordings for his of this two of his clients’ account were placed by his clients.
In at least 53 of the unauthorised transactions, the premeditated scheme was to secure profits for one client, in expense of another client by selling shares from one to another higher than the purchase price. The client suffered a loss of around $2.6 million as a result of the scheme. Learn More …