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Top Headlines in the Last 7 Days

(11th – 17th Dec 2017)

No. 1 Martin Blessing to succeed Jürg Zeltner as the President Wealth Management for UBS

Martin Blessing has been appointed as the President Wealth Management for UBS with effect from 1st January 2018, succeeding Jürg Zeltner.

Martin is currently President Personal & Corporate Banking and President UBS Switzerland and joined UBS 15 years ago. Prior to UBS, he was Chairman on the Board of Managing Directors of Commerzbank. He succeeds Jürg Zeltner, who will step down from the Global Executive Board (GEB) at the end of this year and retire from the firm in 2018.

Zeltner has been responsible for the Wealth Management business of UBS outside of North America and a member of the GEB for the past nine years. Zeltner is a veteran of UBS, having served the firm for over 30 years. He joined Swiss Bank Corporation as an apprentice in 1984. Learn More …

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No. 2 Citi Private Bank Makes Senior Appointments in Asia

Citi Private Bank has appointed Rudolf Hitsch as North Asia Head and Jyrki Rauhio as South Asia Head. Akbar Shah as also been appointed as Head of Business Development. They will report to Steven Lo, Regional Head of Citi Private bank.

Horace Yip has also been named as the new Global Market Manager for Hong Kong, reporting to Rudolf Hirsch who is the new North Asia Head. Learn More …


No. 3 DBS HK Hires Ajay Mathur as Managing Director & Head of Consumer Banking Group & Wealth Management

DBS Hong Kong has hired Ajay Mathur as Managing Director and Head of Consumer Banking Group & Wealth Management. He takes over the role from Royce Teo and will report to DBS Hong Kong’s CEO, Sebastian Paredes.

Ajay joins from ANZ where he was the Deputy CEO and Director, Retail & Private Banking in Indonesia. Prior, he was with Bank of America, ABN AMRO and Royal Bank of Scotland. Learn More …


No. 4 State Street Hires Betty Ng as Managing Director & COO for Asia ex-Japan from Agricultural Bank of China

State Street Global Advisors (SSGA) has hired Betty Ng as Managing Director and Chief Operating Officer for Asia ex-Japan from Agricultural Bank of China (ABC). She will be reporting to June Wong, Head of Asia ex-Japan.

Betty was ABC General Manager of Private Wealth Management in Hong Kong. Prior, she was with Standard Chartered, Citibank and Jardine Fleming. Learn more …


No. 5 Bank J. Safra Sarasin Hires Onnah Liew as UHNW Team Head & Managing Director

J. Safra Sarasin has hired Onnah Liew as Managing Director and UHNW Team Head from Deutsche Bank. She will report to Vinay Gandhi, Managing Director and Chief Executive Officer, Ultra High Net Worth (UHNW) Asia.

Onnah has been with Deutsche Bank since 2007, where she was a Managing Director, Southeast Asia, and Team Leader since 2007. Prior, she was with ABN AMRO, Credit Suisse and OCBC Bank. Learn More …

No. 6 SFC Bans Former BNP Paribas Trader for 18 months

The Securities and Futures Commission (SFC) has banned former trader of BNP Paribas Hong Kong, Ms Abbie Yip Ka Ying, from re-entering the industry for 18 months for breach of the Code of Conduct. In 2015, she had made multiple attempts to conceal a foreign exchange trade execution error that resulted losses.

Abbie had made multiple attempts to conceal in-house foreign exchange spot trade execution error made by her on 24 June 2015, and suffering a loss of US$58,000 from the erroneous trade. She had request a trader to split the losses over 2 days, making it harder to other staff to detect the loss. She had also manually re-book the loss in the wrong portfolio and also failing to include the losses in daily report and to report the incident. She had also misled her supervisor when questioned. Learn more …


No. 7 SFC Reprimands and Fines HK$2 million HK-based FXCM Asia for Breaches and Control Failings

The Securities and Futures Commission (SFC) has reprimanded and fined FXCM Asia, (now Rakuten Securities Hong Kong) HK$2 million for regulatory breaches and internal control failings relating to under-segregation of client money.

The amount of client monies that were under-segregated ranged from HK$2.9 million to HK$11.6 million at the end of each month between January 2013 and December 2014 and was as high as HK$72 million in January 2015. Learn More …

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