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Movers & Shakers – March 2020

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Compared to the previous month, the private banking industry seems to be more affected by COVID-19, especially with market slumps in major economies over the past few weeks. The economic impact of the spread of the COVID-19 pandemic has forced private banks to look “microscopically” at their P&L.

Chee Chien Lim, a private banking veteran and the CEO of Hanz Asia Partners, a Singapore based consultancy and hiring firm, told Asian Private Banker that the crash in stock and bond markets has sent shockwaves through many industries, especially the banks.

Lim suggests that the aggressive hiring over the last few years by some private banks may have come to an end. “This pandemic, more importantly, the adverse impact on the global stock markets, has in some ways reminded banks to be business focused, instead of headcount focused. Banks that have hired aggressively in the last couple of years would now be looking microscopically at their P&L.”

Lim continued: “I would not be surprised if we see more restructuring in some Banks in 3Q20. Bear in mind that SARS lasted eight months and that we are only four months into COVID-19, yet we have already seen more than 10 times the number of deaths of SARS, and a 30% drop in the Dow Jones index.”

He added, however, that some boutique banks are less affected than others, and that private banks with a much lower cost-to-income ratio would see this as an opportunity.

“These banks are very clear about their strategic hiring plans, thus discussions are normal, if more discerning. In a survival of the fittest, the fitter bank will recover faster and steer around quicker to ready itself for market growth,” he said.

Appetite to hire remains
While the pandemic has created havoc in people’s lives and caused businesses to rethink their plans, Jack Metters, private banking team lead at Selby Jennings in Hong Kong told Asian Private Banker that the impact on private banking is less than on other segments in the banking industry.

“Private banks are less affected than other functions in the bank [in the US stock market crash]. The US banks might be more cautious, but in general, private banks still have the appetite to hire,” said Metters.

“With the virus outbreak, wealth planners said they are doing better now than average as many of the HNWIs who are business owners now have more time and interest to discuss on the phone.”

While the market slowdown has produced opportunities for wealth planners to better connect with their clients, he said the private banks are putting the hiring of less urgent vacancies on hold due to the extra arrangements that are needed as a result of the virus outbreak, while more job opportunities are coming from trust companies.

“Trust companies of smaller scale still have an appetite to hire and they have more discretions on the precautionary measures,” he said. “Businesses have focused hiring in their trust administration teams as there is still a pipeline of new business from the previous months, while the hiring for revenue generation positions is slower.”

Asian Private Banker’s Movers & Shakers table provides a monthly snapshot of the people moves that mattered most to the region’s wealth management industry. Click an individual’s name to see the story and context behind each move.

Have a move to report? Email us at [email protected].

Jyrki RauhioCiti PBSouth Asia head//
Rachel RyserCredit Suisse PBRegional team lead, Asian private clients offshoreMarcuard HeritageManaging director
Urs GrueterCredit Suisse PBMarket head, Thailand and VietnamMarcuard HeritageManaging director
Hayden MatthewsHSBC PBCEO, AustraliaANZ PBDirector of family office
Benjamin PedleyHokkaido AMCIOANZ PBInvestment advisor, family office team
Kitty ChouUBS GWMHK Hub head for global financial intermediary marketsEFGHead of IAM, North Asia
Kenneth ChanUBS GWMHead of business development for global financial intermediary marketsEFGDeputy head of IAM North Asia
Karen HoUBS GWM/EFGIAM team, North Asia
Amanda FongUBS GWM/EFGIAM team, North Asia
Alice ChanUBS GWM/EFGIAM team, North Asia
Chung Lay Ang//EFGBusiness manager
Peter GolovskyCone MarshallGlobal head of fiduciary services & head of AsiaIQ-EQHead of private wealth, Asia
Axel LomholtVanguardHead of portfolio review, Asia & interim head of AsiaVanguardHead of portfolio review, Asia
Scott ConkingVanguardPrincipal, head of US institutional investor servicesVanguardHead of Asia
Rimmo JollyCitiRegional head of ETF and index sales and business development, Asia Pacific & JapanBlackRockHead of ETF business, APAC [4 May 2020]
Tidjane ThiamCredit SuisseCEOKeringMember of the board [Apr 2020]
Alastair DingValue PartnersCountry head & sales director, SingaporeXenChief commercial officer
King Au LunValue PartnersPresident/Retired [Aug 2020]
Jérôme ThuillierBank of SingaporeMD, programme director, group wealth platformUBPCOO Singapore
James PritchardUBPCOO Singapore//
Rainer Michael PreissTaurus Wealth AdvisorsPortfolio strategistThe Global CIO OfficeCIO, equities
Greg HingstonHSBCHead of Wealth & Personal Banking (WPB) Hong KongHSBCRegional head of WPB Asia [1 Apr 2020]
Richard SurrencyAlgebris InvestmentMD, capital strategyFranklin TempletonHead of alternatives sales, Asia
Stephen PakUBSED, head of APAC capital introductionCiti PBDirector, hedge fund sales specialist, Asia, Citi Investment Management
Himanshu BhagatIIFL WMManaging partnerJulius Baer Wealth Advisors (India)Head of WM
June WongDeutsche Bank WMHead of business risk management, APACDeutsche Bank WMHead of EM lending [1 May 2020]
Alek PfajferDeutsche Bank WMHead of EM lending//
Tony TanDeutsche Bank WMHead of strategic lending AsiaDeutsche Bank WMHead of strategic lending Asia & head of SEA and GSA lending [1 May 2020]
Vincent WeeDeutsche Bank WMManaging directorMarcuard HeritageSenior managing director
Joanne TayDeutsche Bank WM/Marcuard HeritageAssistant RM
Kathryn ShihUBSPresident APACJulius BaerMember of the board [1 Sep 2020]
Christian MeissnerBank of America Merrill LynchHead of global CIBJulius BaerMember of the board [16 Apr 2020]
Christophe MauchleVP BankHead client business//
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