Bank J. Safra Sarasin (BJSS) marked the start of 2026 with one of the largest team moves in Asia in the past 12 months, hiring at least 18 private wealth professionals from Hang Seng Bank within half a year as part of its growth strategy.

Outside of team moves, the industry saw a number of key movements in the region in January 2026. James Cheo left his CIO role for Southeast Asia and India at HSBC Private Bank and Premier Wealth to join the UBS Global Wealth Management’s CIO APAC team, covering Southern Asia and Australia.

Another CIO, Gareth Nicholson, parted ways with Nomura International Wealth Management to join First Abu Dhabi Bank. Hu Hong, former market group head for Greater China at Bank of Singapore, was appointed market group head at Standard Chartered Private Bank.

On the asset management side, Blue Owl’s former managing director in the private wealth team, Eugene Lim, left the firm to join TPG as head of Asia private wealth.

BJSS’s hiring spree

BJSS hired at least 18 private wealth practitioners from Hang Seng Bank within just half a year. This makes it the largest team move reported in Asia within the past 12 months.

Other than Hang Seng Bank, BJSS has been tapping other banks for talent. These hires include former J.P. Morgan Private Bank Asia vice chairman May Hsu, ex-EFG market head Michelle Wu, as well as former Citi Private Bank NRI team head Sumit Puri.

All of these hires are Hong Kong-based, with the majority of new bankers coming from Hang Seng Bank.

In 2024, Hang Seng Private Banking had US$38.5 billion in Asia ex-China onshore AUM, while BJSS had US$18.9 billion in the region. This placed the two banks 19th and 23rd in APB‘s Asia 2024 AUM League Table.

As for their relationship manager (RM) headcount in Asia, Hang Seng Private Banking had 65 RMs in 2024, the least out of all 24 banks in the league table, while BJSS stood at 18th place with 134 RMs.

This goes against the common sentiment among Asia’s headhunters. With private banks growing stricter on cost control and increasingly aware of solicitation risks, recent team moves often occur on a smaller scale and are more discreet. Team hires also carry the risk of the team failing to achieve the business objectives or net new assets targets, despite helping managers meet hiring KPIs.

Transforming hires into another record year

Having grown its number of RMs substantially over the past 12 months, Andy Chai, Asia CEO at BJSS, said that the majority of new joiners were seasoned professionals with more than 15 years of experience in APB‘s recent flagship Final Word 2025 report.

Chai said 2025 had been a landmark year for the bank in Asia, with strong momentum in client acquisition. To BJSS, the formula for its success in recent years lies in quality recruitment, operational excellence, and continuous platform enhancement.

“Building on the record revenue we achieved in 2024, we are on track to set a new high-water mark this year, surpassing last year’s performance,” said Chai. “Strategic investments in our people, systems, processes, and infrastructure have laid a robust foundation for the future.”

Entering 2026, BJSS plans to attract talent for both front and back office to expand its client base. To attract talent, the bank empowers its RMs with a client-centric culture where decisions are solely driven by client needs and suitability. To retain its talent, BJSS hopes to foster a culture in which bankers contribute meaningfully while developing their skills.

“Recruiting elite talent in this competitive industry is key, and we have excelled thus far and will advance with conviction and confidence,” said Chai.