Credit Suisse Appoints Joyce Low as Market Leader Malaysia, To Maintain Leading Position
5th July 2021 | Singapore
Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), has appointed Joyce Low as the new Market Leader for Malaysia in a newly created role with immediate effect (5/7/21). The announcement by Credit Suisse Market Group Head of Singapore, Malaysia and South Asia Switzerland Jin Yee Young also includes appointing Wee Ing Peng as the new Team Leader for Malaysia, assuming the role vacated by Joyce Low, reinforcing Credit Suisse commitment to grow talent from within and retaining the best people in the industry. Malaysia has the 4th largest economy in Southeast Asia with $364 billion GDP (2020), and with many billionaires, UHNWs and HNWs using Singapore as a regional and international financial centre to manage their wealth and assets.
” Credit Suisse Appoints Joyce Low as Market Leader Malaysia, To Maintain Leading Position “
Joyce Low, Credit Suisse Market Leader for Malaysia
Joyce Low is a veteran in the wealth management business with extensive experience covering the Malaysia market. She joined Credit Suisse 25 years ago, becoming a Senior Client Partner and thereafter, was appointed Credit Suisse Team Leader for Malaysia. Joyce is known for her passion for developing and growing talented professionals, and has been a mentor Credit Suisse colleagues in South Asia.
Credit Suisse has the largest team dedicated to the Malaysia market in the private banking industry in this region. In her new role as Credit Suisse Market Leader for Malaysia, Joyce Low will work closely with Jin Yee Young to maintain Credit Suisse’s leading position in the offshore Malaysia market and drive further growth.
Wee Ing Peng who is assuming the role as Credit Suisse Team Leader for Malaysia vacated by Joyce Low, has more than 25 years of experience in private wealth management with 17 years at Credit Suisse. At Credit Suisse, she had made a meaningful impact on Credit Suisse success in Malaysia, managing key relationships with high-net-worth (HNW) and ultra-high-net-worth (UHNW) entrepreneurs.
Credit Suisse Market Group Head Singapore, Malaysia and South Asia Switzerland, Jin Yee Young:
“Our people are crucial to our success, and as such, we are committed to attracting and retaining the best people in the industry.
These new appointments reflect the depth of our internal talent pool and the attractive opportunities available to our colleagues to advance their careers within the bank.”
Malaysia, 36th Largest Economy in the World
Malaysia is the 4th largest economy in Southeast Asia with $364 billion GDP (2020). Many billionaires, UHNWs and HNWs use Singapore as a regional and international financial centre to manage their wealth and assets. Malaysia is also the 36th largest economy in the world.
14 Countries of the top 50 largest economy in 2020 are from Asia-Pacific. The 14 counties are China, Japan, India, South Korea, Australia, Indonesia, Thailand, Philippines, Singapore, Hong Kong, Malaysia, Bangladesh, Pakistan and Vietnam. The 14 countries have a combined GDP of $29.3 trillion, representing 33.47% of global GDP of $87.7 trillion.
- China: $14.3 trillion
- Japan: $5.08 trillion
- India: $2.86 trillion
- South Korea: $1.64 trillion
- Australia: $1.39 trillion
- Indonesia: $1.11 trillion
- Thailand: $543 billion
- Philippines: $376 billion
- Singapore: $372 billion
- Hong Kong: $365 billion
- Malaysia: $364 billion
- Bangladesh: $302 billion
- Pakistan: $278 billion
- Vietnam: $261 billion
Taiwan (China) has a GDP of $610 billion and is included in the GDP of China with $14.3 trillion.
Related:
- 2020 Top 10 Largest Economy in the World by GDP
- 2020 Top 50 Largest Economy in the World by GDP
- 2020 Top 10 Largest Country in the World by GDP
- 2020 Top 50 Largest Country in the World by GDP
Credit Suisse Expansion Drive, 6 Private Bankers
In June 2021, Credit Suisse hired Malcolm Tay as Deputy Group Head & Market Leader for Indonesia. An accomplished banker with stellar reputation in the private banking industry (Deutsche Bank, Citi Private Bank, Merrill Lynch), Malcolm joins Credit Suisse Private Bank as Deputy Group Head & Market Leader for Indonesia after 18 years at Deutsche Bank, where he last held the role of Group Head of Southeast Asia of Deutsche Bank International Private Bank.
Indonesia is home to one of the fastest growing billionaires and UHNWs in Asia, and is one of 5 largest economy in Asia with more than $1 trillion GDP (China, Japan, India, South Korea, Indonesia) and the largest economy in Southeast Asia (GDP $1.1 trillion).
Credit Suisse Head of Private Banking South Asia Benjamin Cavalli also made the announcement of 6 Private Bankers joining Credit Suisse: Arleen Sy, Klara Chan, Voragun Thunyasthukul, Patchai Suratwisit, Vaidyanathan Narayanan and Rohit Narayanan.
- Arleen Sy, Senior Relationship Manager (Philippines Market) in Hong Kong
- Klara Chan, Senior Expert Relationship Manager (South Asia Switzerland Team) in Switzerland
- Voragun Thunyasthukul, Senior Relationship Manager in Thailand
- Patchai Suratwisit, Relationship Manager in Thailand
- Vaidyanathan Narayanan, Relationship Manager (India Market) in Singapore
- Rohit Narayanan, Relationship Manager (India Market) in Singapore
Private bankers typically manages $100 million to $300 million of assets, with the most senior and top private bankers managing assets of $300 million to $1 billion and top UHNW private bankers can manage book size of $500 million to $2 billion.
Credit Suisse:
- Credit Suisse Hires Malcolm Tay as Deputy Group Head & Market Leader for Indonesia, Accomplished Banker with Stellar Reputation
- Credit Suisse Private Bank Expands in Greater China, Appoints John Huang as New Greater China Market Leader
- Credit Suisse Private Bank Appoints Tammy Tan as Team Leader for Thailand & Vietnam
- 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 Key Leadership Appointments in Asia
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, has taken on the additional newly created role as Head of Private & Alternative Markets Asia-Pacific.
Investment Consulting Team Leader for Thailand & Vietnam Tammy Tan was appointed the new Team Leader for Thailand, and Vietnam Market and Greater China Team Leader John Huang was appointed as the new Greater China Market Leader.
(HNW ~ high net worth, UHNW ~ ultra high net worth)
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 Hires Malcolm Tay as Deputy Group Head & Market Leader for Indonesia, Accomplished Banker with Stellar Reputation
- Credit Suisse Private Bank Expands in Greater China, Appoints John Huang as New Greater China Market Leader
- Credit Suisse Private Bank Appoints Tammy Tan as Team Leader for Thailand & Vietnam
- 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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