Credit Suisse Private Bank Appoints Tammy Tan as Team Leader for Thailand & Vietnam
7th June 2021 | Singapore
Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), has appointed Tammy Tan as the new Credit Suisse Private Bank Team Leader for Thailand and Vietnam Market. Tammy Tan has 19 years of experience across Investment Banking and Private Banking, and investment consulting experience covering HNWs, UHNWs and Family Offices.
Credit Suisse Private Bank has been making numerous key leadership appointments recently, growing from within including appointing Lock Keng Cheong (Lock KC) as the new Market Group Head Greater China in Singapore, Dominique Boer as the new Market Group Head Singapore and Alois Müller, Credit Suisse’s Head of Global Private Equity, will be taking on the additional newly created role as Head of Private & Alternative Markets Asia-Pacific. (HNW ~ high net worth, UHNW ~ ultra high net worth)
“Credit Suisse Private Bank Appoints Tammy Tan as Team Leader for Thailand & Vietnam”
Tammy Tan, Credit Suisse Private Bank Team Leader Thailand and Vietnam Market
Tammy Tan had joined Credit Suisse in 2014 as Director in the Solution Partners team, providing bespoke solutions to ultra high net worth clients (UHNW) and Family Offices for South Asia. In 2016, she moved to the Investment Consulting team covering Thailand Market. In 2018, Tammy Tan was appointed the Investment Consulting Team Leader for Thailand & Vietnam, and with her new appointment in 2021, she is now taking on her new role as Team Leader for the Thailand and Vietnam Market. She will report to Marcus Slöör, Credit Suisse Private Banking Market Group Head of Philippines, Thailand and Vietnam.
Tammy is a 19-year veteran in the financial sector with multi-asset expertise and extensive experience across Investment Banking and Private Banking. She has a strong track record in institutional sales, investment consulting for HNWs, UHNWs and family offices, and extensive market experience in Thailand.
Source: Internal Memo (Appointment of Tammy Tan as Credit Suisse Private Bank Team Leader Thailand and Vietnam Market)
Thailand and Vietnam, Fast Growing Billionaires, UHNWs, & HNWs
Both Thailand and Vietnam are one of the fastest growing economy in Southeast Asia, producing an increasing number of billionaires, UHNWs and HNWs. Thailand is the 2nd largest economy in Southeast Asia with $543 billion GDP (69.6 million population) and Vietnam with $261 billion GDP (96.4 million population).
The largest economy in Southeast Asia is Indonesia with $1.11 trillion GDP. Leading financial centre in Asia Hong Kong has a GDP of $365 billion while Singapore has a GDP of $372 billion.
Largest Economy in Southeast Asia, Financial Centre:
- Indonesia: $1.11 trillion
- Thailand: $543 billion
- Philippines: $376 billion
- Singapore: $372 billion (Financial Centre)
- Malaysia: $364 billion
- Vietnam: $261 billion
- Hong Kong: $365 billion (Financial Centre)
Credit Suisse Key Leadership Appointments in Asia, Relocation, New Hires
In recent weeks, Credit Suisse have been making numerous key leadership changes in Asia with a focus on growing the Greater China region, announced by François Monnet, Head of Private Banking North Asia and Benjamin Cavalli, Head of Private Banking South Asia and CEO Singapore.
Credit Suisse have also hired 10 private bankers and 3 investment consultants from leading private banks including UBS, HSBC Private Bank, JP Morgan Private Bank, Citibank, BNP Paribas, Pictet, Julius Baer and UOB Private Bank.
Deputy Market Group Head Singapore Dominique Boer was promoted to Market Group Head Singapore for Credit Suisse Private Bank and Lock Keng Cheong (Lock KC) was appointed Market Group Head, Private Banking Greater China Singapore, leading the Singapore-based team covering the Greater China market. Alois Müller, Credit Suisse’s Head of Global Private Equity, will be taking on the additional newly created role as Head of Private & Alternative Markets Asia-Pacific.
Thomas Ang, Head of Family Office Services Asia Pacific will relocate to Hong Kong in June 2021, and the recent hiring of Jennie Lau as a Family Office Specialist based in Hong Kong to support Thomas Ang in growing Credit Suisse family office services in the Greater China Region.
Jennie Lau was the Senior Legal Counsel at Chow Tai Fook Enterprises, where she advised the group on investments, treasury transactions and family office operational governance. (The Chow Tai Fook family is one of the wealthiest family in Hong Kong with around $22 billion of family assets)
China is the fastest growing economy in the world and home to the fastest growing companies, billionaires, UHNWs & HNWs. China is the 2nd largest economy in the world with GDP of $14.3 trillion in 2020, representing 16.34% of global GDP ($87.7 trillion). China also has the largest population in the world with 1.39 billion, representing 18.21% of global population (7.67 billion).
Credit Suisse, $1.75 Trillion AUM
In 2021 Q1, Credit Suisse reported total AUM of $1.75 trillion (CHF 1.59 trillion). Credit Suisse has 3 main business groups: Swiss Universal Bank, International Wealth Management (Private Banking) and Asia Pacific. The 3 business groups are supported by Credit Suisse Investment Bank. (AUM ~ Assets under Management)
For Asia Pacific, Credit Suisse reported CHF 241.9 billion AUM with 630 Relationship Managers in 2021 Q1.
Credit Suisse Assets under Management (AUM):
- Swiss Universal Bank – Private Clients: CHF 213.1 billion
- Swiss Universal Bank – Corporate & Institutions: CHF 487 billion
- International Wealth Management – Private Bank: CHF 386.2 billion
- International Wealth Management – Asset Management: CHF 458 billion
- Asia Pacific: CHF 241.9 billion
- Total: CHF 1.59 trillion / $1.75 trillion
(Net CHF 1.59 trillion AUM after reducing CHF 190.2 billion from assets managed by Credit Suisse Asset Management within International Wealth Management)
Credit Suisse Growing Fast in Asia
Credit Suisse continues to grow in Asia, and focusing on accelerating growth in North Asia including China. In Q1 2021, Credit Suisse hired 30 Private Bankers in Asia-Pacific.
Credit Suisse APAC reporting highlights for 1Q 2021:
- CS APAC delivered record net revenue and adjusted pre-tax income (PTI
- APAC regional revenue +39% YoY and 20% of Group revenue
- Client Business Volume at $419 billion
- APAC division pre-tax income more than doubled YOY
- Net New Assets $5.4 billion in 2021 Q1
Credit Suisse:
- Credit Suisse Appoints Alois Müller as Head of Private & Alternative Markets APAC, Target $7.8 Billion Assets Yearly
- Credit Suisse Appoints Lock Keng Cheong as Market Group Head Greater China, Adds 6 Private Bankers & Advisors
- Credit Suisse Appoints Dominique Boer as Market Group Head Singapore, Adds 7 Private Bankers & Advisors
- Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
- Credit Suisse Raises $1.92 Billion in Capital, $5.5 billion Losses from Archegos Family Office
- Credit Suisse and Nomura in $6 Billion Hit by Bill Hwang Archegos Family Office
- Credit Suisse Global Wealth Report 2020
Private Markets:
- Hong Kong Private Equity Funds to Have 0% Tax for Carried Interest
- Mercer: White Paper on Optimizing Portfolio in Private Markets for LPs in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- UBS and Partners Group to Give UBS Clients Access to Private Markets Investments
- Citi Private Bank Forms Citi Private Capital Group to Provide Institutional Service to Family Offices, Private Funds and Private Companies
- World’s Leading $96 Billion Private Equity Firm Ardian Raises $19 Billion from Global Investors
More:
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland.
Credit Suisse employs approximately 49,090 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.
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