While Southeast Asia’s emerging wealth markets have historically been driven by transactional brokerage and advisory trading, a structural shift is underway. According to Abhishek Mehrotra, HSBC Private Bank’s market head of Southeast Asia international, younger wealth generators across Thailand and the Philippines are pivoting toward discretionary mandates and alternative investments – fundamentally altering how international lenders scale their operations in […]

The post HSBC PB targets ASEAN growth with discretionary mandates appeared first on Asian Private Banker.

UnionBank of the Philippines is stepping up its ambition to become a leading force in the country’s wealth management space, combining digital scale, strategic partnerships and recent acquisitions to target a fast-growing mass-affluent segment. The bank is “becoming one of the top players in the [domestic] wealth space,” its head of wealth, Gauraw Srivastava, told Asian Private Banker. To be sure, measured […]

The post UnionBank taps digital strategy to target Philippines’ wealthy appeared first on Asian Private Banker.

In 2024, Asia markets, including Thailand, Taiwan, the Philippines, Malaysia, and Indonesia, saw their private banking and wealth management industry assets under management (AUM) reach US$505 billion, up 12% from 2023’s US$450 billion, according to APB’s Asia Markets 2024 AUM League Tables. As in 2023, the Philippines once again led the growth in these five domestic markets in 2024 with […]

The post Asia Markets 2024 AUM: Assets up 12%, Philippines steals the spotlight again appeared first on Asian Private Banker.

Private banking and wealth management AUM in the Philippines saw strong double-digit growth in 2023, outperforming all other domestic markets in Asian Private Banker‘s Asia Markets 2023 League Tables. By the end of 2023, the AUM of private bank and wealth management players in the Philippines totalled US$58 billion, increasing US$12 billion from US$46 billion in 2022. Compared with 2022’s […]

The post APB Insights: Why the Philippines has the fastest-growing AUM among Asian markets appeared first on Asian Private Banker.

Philippines universal bank Security Bank has contracted Avaloq to digitally transform its wealth management business. Under the agreement announced on Thursday, Security Bank will digitalise its wealth management business with the Avaloq Core Platform Automate and standardise workflows to offer a full spectrum of bespoke investment advisory services and products to high net worth and affluent clients. Security Bank will […]

The post Avaloq pushes further into Asia wealth space with new deal appeared first on Asian Private Banker.

APB Insights debut Asia Markets AUM research shone a spotlight on the development of the private wealth industry in Taiwan, Thailand, Philippines, Indonesia and Malaysia in 2021. For those who missed the reports when they were published last week, you can read them via the links below. Taiwan 2021 Private Banking AUM Thailand 2021 Private Banking AUM Philippines 2021 Private […]

The post Five key takeaways from APB Insights’ debut Asia Markets AUM appeared first on Asian Private Banker.

UBS Global Wealth Management has appointed a senior client advisor and two private bankers covering the Philippines market, according to an internal memo circulated by the Swiss bank. As senior client advisor, Maria Lourdes Kristen Quintos will focus on UHNW relationships. She is an industry veteran with over 35 years of experience. She was most recently president and CEO of […]

The post UBS GWM makes Philippines client advisor appointments  appeared first on Asian Private Banker.

For decades, the Philippines has been as tumultuous an economy as wealth managers could find in Asia. Much of the chaos has emanated from Manila’s raucous and opaque political scene. President Rodrigo Duterte’s arrival in 2016 is a case in point. In the previous six years, his predecessor Benigno Aquino increased transparency, curbed corruption and strengthened the national balance sheet […]

The post Private banks in the Philippines brace for Marcos regime 2.0 appeared first on Asian Private Banker.

With vaccination rates lagging, COVID-19 lockdowns returning and political risks stirring, Southeast Asia might seem more trouble than it is worth for wealth managers. But that is not stopping some private banking heavyweights from forecasting robust returns from ASEAN markets in 2022. Take Alexandre Tavazzi, Asia CIO at Pictet Wealth Management: he offers the rationale that while these economies were […]

The post World’s biggest trade deal to boost ASEAN assets: private banks appeared first on Asian Private Banker.

Credit Suisse has appointed a new market leader for the Philippines, according to an internal memo seen by Asian Private Banker. Effective 3 January 2022, Sacha Eugster will be market leader for the Philippines market. Based in Singapore, he will continue to report to Marcus Slöör, market group head Philippines. Eugster has almost 20 years of experience in the wealth […]

The post Credit Suisse appoints new market leader for the Philippines appeared first on Asian Private Banker.

BDO Private Bank (BDO PB) believes that its deep local expertise and market knowledge is key to it competing with foreign players that are tapping into the burgeoning Philippines market. “What differentiates us from foreign players is we straddle both onshore and offshore markets. Our RMs are able to help clients to buy onshore and offshore investment products,” Albert S. […]

The post Deep local knowledge gives us edge over foreign rivals: BDO PB’s Albert Yeo appeared first on Asian Private Banker.

Credit Suisse has hired a slew of senior bankers for the Philippines and Thailand markets, while a senior client partner at the Malaysia desk has exited the bank, Asian Private Banker has learned. According to an internal note seen by Asian Private Banker, Frances Lee was appointed senior relationship manager and executive director for the Philippines market in October, based in […]

The post Credit Suisse adds to Philippines, Thai teams; loses Malaysia heavyweight appeared first on Asian Private Banker.

Union Bank of the Philippines (UnionBank) is deploying US-based VMware Cloud on Amazon Web Services (AWS) to drive greater financial inclusion in the Philippines, according to a Tuesday press release by VMware. The deployment fits into UnionBank’s cloud-only IT transformation vision, and will provide UnionBank with the flexibility of a multi-cloud strategy, which is expected to improve agility, scalability and […]

The post UnionBank picks VMware Cloud on AWS to boost financial inclusion appeared first on Asian Private Banker.

The private banking arm of the Union Bank of the Philippines (commonly known as ”UnionBank”) has been targeting the wealth planning needs of the wealthy families in the country, as the bank has seen a surge of interest since the pandemic. Established in 2019 in alliance with Lombard Odier, UnionBank Private Bank incorporates its local expertise with the Swiss bank’s […]

The post Pandemic drives clients into wealth planning: Union Bank of the Philippines appeared first on Asian Private Banker.

Credit Suisse Private Banking on Monday appointed the Philippines market group head in view of the growing business opportunities presented by the country to the firm’s South Asia private banking franchise, according to an internal memo seen by Asian Private Banker. Marcus Slöör has been appointed as market group head Philippines, in addition to his existing responsibility as market group […]

The post Credit Suisse PB appoints market group head Philippines appeared first on Asian Private Banker.

Avaloq is to offer the Bank of the Philippine Islands (BPI) its Software as a Service (SaaS) solution that supports multiple business units — from private banking to asset management and investment banking — on a single platform, with a view to shortening client turnaround time and boosting efficiency. Avaloq has already entered into partnerships with onshore banks in Thailand […]

The post Avaloq signs up its first bank in the Philippines appeared first on Asian Private Banker.

In this four-part series, Asian Private Banker takes a look back at the major events that have shaped the competitive landscape for APAC wealth management in each quarter of 2019. Links to the other quarters: 1Q19 | 2Q19 | 3Q19 | 4Q19 FEBRUARY Schroders WM acquires IAM Thirdrock’s wealth management arm 1 Feb – Schroders Wealth Management struck the first […]

The post A year of handshakes, green lights, and ribbon-cutting: 1Q19 appeared first on Asian Private Banker.

Credit Suisse has added four South Asia bankers to its ranks, including three relationship managers for its private bank and a head of Philippines coverage for its investment bank, Asian Private Banker can reveal. Serine Oh, previously a DBS banker, has joined Credit Suisse Private Banking as executive director and expert relationship manager. Before DBS, Oh held stints for the […]

The post Credit Suisse hires four to boost South Asia market coverage appeared first on Asian Private Banker.

HSBC Private Banking has expanded its Philippines team headcount by three relationship managers, the firm announced today. Valerie See-Tang and Janice Marie Laurel have joined HSBC Private Banking in Manila as relationship managers. See-Tang was previously a branch head of the HSBC Quezon City branch and Laurel was most recently a premier team leader at the HSBC Ortigas branch. Meanwhile, […]

The post HSBC PB adds three relationship managers to Philippines team appeared first on Asian Private Banker.

HSBC Private Banking has rejigged the responsibilities of some of its top ASEAN bankers as it pursues a growth plan in the subregion that includes ambitious hiring and asset gathering targets, Asian Private Banker can reveal. Chow Shang Wei, the private bank’s market head for Singapore, will add Malaysia to his remit, taking over from Chris Harwood, who has held the position since […]

The post HSBC PB rejigs ASEAN markets roles amid growth drive appeared first on Asian Private Banker.

The Union Bank of the Philippines (UnionBank) has set up a private banking arm, in the most recent development of its strategic alliance with Swiss pure play Lombard Odier. “We are honoured to support [UnionBank] in embarking on this new journey to change the face of private banking in the Philippines,” Vincent Magnenat, limited partner and CEO Asia Pacific at […]

The post UnionBank establishes PB in alliance with Lombard Odier appeared first on Asian Private Banker.

Credit Suisse Private Banking has appointed a chief representative to head up its representative office in the Philippines, with immediate effect. Based in Manila, Josephine Yap has joined as chief representative of Credit Suisse AG’s representative office, Philippines and reports to Christian Senn, market group head, Philippines at Credit Suisse Private Banking Asia Pacific. “The Philippines is an important part of […]

The post Credit Suisse PB appoints head of representative office in the Philippines appeared first on Asian Private Banker.

February saw a number of milestones in regulatory developments across Asia Pacific: the Australian Royal Commission’s investigation into banking misconduct concluded with a report of more than 1,000 pages which included 76 suggestions for regulators; China issued new AML/CTF rules as the Financial Action Task Force (FATF) evaluation came to an end; and the Philippines’ President Rodrigo Duterte signed the […]

The post February Regulatory Round-up: Australia’s Banking Royal Commission draws to a close, Deadline for SFC’s suitability rules looms, MAS launches fintech guidance appeared first on Asian Private Banker.

The Philippines tax amnesty has hardly affected private banking clients, while it’s “business as usual” for banks as the country is still not a member of the Common Reporting Standard (CRS) network, according to a private banker with experience in the Philippines market. In December last year, the Senate of the Philippines passed a bill endorsing a tax amnesty scheme covering […]

The post Philippines tax amnesty has limited impact on HNWIs appeared first on Asian Private Banker.

Angela Bow, Julius Baer’s head of Japan, emerging Asia & intermediaries, and one of the bank’s senior-most figures in the region has left the pure play, prompting sweeping changes. An open secret in Asian private banking circles, Bow’s exit comes just under three years after the former Credit Suisse banker joined Julius Baer as head of emerging Asia. Sources close […]

The post Bow’s exit from Julius Baer opens door for Cappelli appeared first on Asian Private Banker.

Credit Suisse has received a green light from Bangko Sentral ng Pilipinas to establish a representative office in the Philippines, further expanding its regional wealth management footprint. The move brings the Swiss bank one step closer to a more fully-fledged wealth management play in the archipelago, which ranks as one of the region’s most dynamic markets for wealth creation. “We believe that […]

The post Credit Suisse PB’s Christian Senn: “The Philippines is a market where we need a local footprint” appeared first on Asian Private Banker.

UOB Private Bank’s Singapore-based market head for both the Philippines and Malaysia has left the bank, Asian Private Banker can reveal. Kenneth Tan is no longer at UOB Private Bank. Asian Private Banker understands that the Tan will resurface at a rival Singaporean private bank. He was with UOB Private Bank for more than two years. A spokesperson for the bank […]

The post UOB Private Bank loses Philippines and Malaysia market head appeared first on Asian Private Banker.

Credit Suisse Private Banking has made a string of Hong Kong and Singapore-based hires for its Philippines market coverage, Asian Private Banker can reveal.  The new additions come at a time when the Swiss bank is looking to expand its regional presence into the Philippines by setting up a representative office in the archipelago – a move confirmed by a Credit Suisse […]

The post Credit Suisse PB adds Philippines bankers, eyes onshore rep office appeared first on Asian Private Banker.

While Asia’s HNW investors were generally slow to participate in a global equity rally that has sustained throughout 2017, the same cannot be said for Morgan Stanley’s private clients who the bank says have benefited from its bullish China stance since the beginning of the year. Unlike other houses that have now fallen in line with Morgan Stanley’s positive view […]

The post Morgan Stanley’s PWM clients reap benefits of bank’s ‘early’ bullishness on China appeared first on Asian Private Banker.

Bank of Singapore believes that the ASEAN region’s growth will be “less impressive” throughout the rest of the year due in part to diminished global trading activity. “The region is growing much faster than was expected at the start of the year as improved trade flows complement the supportive domestic policy environment,” the bank said in its latest investment note, […]

The post BoS: Southeast Asia’s growth will be “less impressive” over the rest of 2017 appeared first on Asian Private Banker.

Lombard Odier and its partner in the Philippines, UnionBank, have launched a risk-based multi-asset fund in the island nation, Lombard Odier said in a statement today, adding that the fund “mirrors” its discretionary portfolio management strategy for private clients. The risk-based approach is geared towards achieving a return target with a risk budget, and is not driven by “knee-jerk reactions” […]

The post Lombard Odier, UnionBank launch risk-based multi-asset fund in the Philippines appeared first on Asian Private Banker.

In an effort to raise funds and encourage compliance, governments across Asia are considering or implementing tax amnesties. With Indonesia having wrapped up its amnesty programme in March – to mixed reviews – Asian Private Banker talks to Maxfield Brown, business intelligence associate at consulting firm Dezan Shira & Associates, about which other countries in the region are likely to […]

The post Focus shifts to Malaysia amid region’s tax amnesty wave, says consultancy appeared first on Asian Private Banker.

The Philippines’ banking secrecy laws, and the fact that it is not yet a signatory to the automatic exchange of information (AEOI) scheme, means the island nation “has some way to go” before it can implement an effective tax amnesty programme, says Credit Suisse economist Michael Wan. The Philippines plans to follow the lead of Indonesia, which concluded a nine-month […]

The post Philippines has much to do before it can launch a successful tax amnesty, says CS appeared first on Asian Private Banker.

Lombard Odier, which last year inked a partnership with UnionBank of the Philippines, will launch two risk-based funds aimed at the Filipino lender’s private banking clients. The two funds, one of which is called UnionBank Capital Accumulation Global Fund, will be co-managed by both banks as “the core investment vehicle for private-banking clients in the Philippines”, Lombard Odier said in a media […]

The post Lombard Odier and UnionBank co-develop two funds for Philippines clients appeared first on Asian Private Banker.

Standard Chartered Private Bank’s market head of Taiwan is poised to leave the bank and the current head of Philippines will switch to a cluster head role, Asian Private Banker can confirm. Vicky Lin, the British lender’s managing director, head of Taiwan, private banking will leave the bank after just over a year in the position. Lin will be replaced by the recently-hired Alex […]

The post StanChart PB’s market head Taiwan to leave appeared first on Asian Private Banker.

Philippines bank, BDO Unibank – including its private banking arm – is outsourcing a number of IT initiatives to technology services provider, Fiserv, according to a statement from the tech firm. Fiserv is providing the Philippines lender with its core banking platform “Signature”, as well as an account processing platform and a front-end teller system.   The vendor will also help […]

The post BDO Private Bank outsources IT services to tech provider appeared first on Asian Private Banker.

Thailand and the Philippines are proving to be hot markets for Asia’s private banks, with Julius Baer – this year’s dominant hirer – adding three from rival Credit Suisse to cover both geographies. Asian Private Banker has learned that Agatha Chan has joined the Swiss pure play as a team head for the Philippines market, based in Hong Kong and Tisha […]

The post Julius Baer cherry-picks three from Credit Suisse to cover Philippines, Thailand appeared first on Asian Private Banker.

Julius Baer, this year’s dominant hirer in Asia, continues to build out its Philippines market offering with an internal appointment and a change in location for a Hong Kong-based senior figure. Asian Private Banker has learnt that Christian Cappelli, market group head for the Philippines, will continue in his role, but will switch bases from Hong Kong to Singapore to lead Julius Baer’s coverage […]

The post Julius Baer tweaks Philippines market team appeared first on Asian Private Banker.

Asia may be the global hotspot for wealth creation, but Swiss pure play Lombard Odier believes that the region’s future lies with its onshore markets, and is actively seeking out partnerships with domestic lenders to access this wealth. “We believe that, increasingly, wealth will remain onshore,” says Vincent Magnenat, Asia Pacific head of private banking at Lombard Odier, speaking to […]

The post Lombard Odier: Onshore wealth growth to accelerate appeared first on Asian Private Banker.

Julius Baer continues to hire in Asia at a frenetic pace, this time adding a trio of bankers covering the Philippines, Asian Private Banker can reveal. Dominik Fuerst, formerly executive director at pure play Lombard Odier in Hong Kong, has joined Julius Baer as a team head, focusing on the Philippines market. He will remain in Hong Kong. Trina Louey […]

The post Julius Baer adds Philippines-focused bankers in HK, SG appeared first on Asian Private Banker.

Swiss pure play, Lombard Odier, has added to its list of strategic partnerships with onshore Asian banks, this time inking a deal with Philippines institution, UnionBank, the seventh largest lender in a country that is home to more than US$100 billion in HNW wealth. “Today’s agreement allows Lombard Odier to offer UnionBank’s onshore private clients in the Philippines access to best-in-class global investment solutions […]

The post Lombard Odier expands Asia footprint with Philippines tie-up appeared first on Asian Private Banker.

In May, Asian Private Banker reported that Credit Suisse had added 30 private bankers to its Asia team, including industry veteran Carole Cheung. Cheung’s new role with the Swiss major has today been confirmed.    Cheung has joined Credit Suisse as a Hong Kong-based managing director and market group head for Philippines, reporting to Benjamin Cavalli, market area head for Southeast […]

The post Credit Suisse’s market group head appointment confirmed appeared first on Asian Private Banker.

A veteran China private banker has become the latest relationship manager to leave BNP Paribas Wealth Management. Amy Shum has left BNP Paribas’ private banking arm in Asia, having first joint the French lender as a senior relationship manager overseeing Chinese high net worth individuals. When contacted, a spokesperson for the bank declined to comment. Shum was previously a managing […]

The post Veteran China banker exits BNP Paribas Wealth Management appeared first on Asian Private Banker.

Over the first quarter of 2016, Credit Suisse has added more than 30 private bankers including market group heads to Asia, Asian Private Banker can reveal. Among the new hires are private banking veterans Stella Kong and Carole Cheung, who join the Swiss major as market groups heads for China and the Philippines, respectively. Kong, who boasts a 30-plus year career in […]

The post Credit Suisse adds 30-plus private bankers in Asia including two market group heads appeared first on Asian Private Banker.

Two months after Asian Private Banker first reported the appointment, Julius Baer has confirmed that a former Credit Suisse veteran has joined its team in Hong Kong. Angela Bow has officially been named as Julius Baer’s head emerging Asia. The newly created role is intended to strengthen the bank’s presence in the Philippines and Thai markets. Bow reports to Jimmy Lee, head […]

The post Julius Baer confirms former Credit Suisse veteran hire appeared first on Asian Private Banker.

Gone are the days of desks stacked with young teleoperators, speaking politely to banking customers sitting kilometers away. Private banks are considering hanging up on the traditional business process outsourcing centres (BPOs) set up in the likes of Philippines and India, in favour of a more modern, technologically-advanced outfit closer to base. Asian Private Banker steps foot in one such […]

The post Meet Asia’s only BPO centre that’s dedicated to private banking appeared first on Asian Private Banker.

Post-integration, Union Bancaire Privée (UBP) has evidently hit the ground running in Asia with the hire of a new Philippines team head. UBP appoints Ricardo Choi, a former BNP Paribas private banker, as a managing director and team head for the Philippines market, to based in Hong Kong. When contacted, a spokesperson for the bank confirmed the new hire. Choi had […]

The post UBP hires new Philippines team head from BNP WM appeared first on Asian Private Banker.

Coutts’ Asia business is to lose one of its most senior private bankers to retirement in the midst of the pure-play’s integration with Union Bancaire Privée, according to an internal memo seen by Asian Private Banker.  The note confirms that David Lam, Coutts’ head of North Asia market covering Greater China and the Philippines, will retire after three years on the job and […]

The post Coutts market head steps down, UBP head steps in appeared first on Asian Private Banker.

A year since its launch in Singapore, Credit Suisse Private Banking’s digital private banking mobile and tablet app has seen an increase in traffic, with the number of users doubling in the last three months since access was extended to the iPhone. In addition, the app has seen strong trading activity in the US market as more clients adopt it, the […]

The post Users of Credit Suisse’s app doubles in three months appeared first on Asian Private Banker.

Many onshore private banks in Asia are focusing on tech support for its relationship managers (RMs), and have increased their run-the-bank and change-the-bank budgets by up to 10%, say external tech vendors that service the sector. “A big trend we are seeing among private banks in Malaysia, Thailand and the Philippines is to create digital tools for its RMs such […]

The post Regional private banks using tech to empower RMs, budgets up 10% appeared first on Asian Private Banker.

The veteran private banker has joined another Swiss outfit, according to sources familiar with the matter. Angela Bow has joined Julius Baer as head of Philippines, Korea and Thailand, sources tell Asian Private Banker. When contacted, a spokesperson from the bank declined to comment. Bow has some 30 years of experience in private banking in Hong Kong, Tokyo, Geneva and New York, 14 […]

The post Credit Suisse’s former Philippines market leader resurfaces appeared first on Asian Private Banker.

More than four years after joining Credit Suisse, its Philippines market leader has left to pursue external opportunities, sources tell Asian Private Banker. Angela Bow is believed to have left the Swiss private bank after joining its Hong Kong office in December 2011 as a managing director and market leader for Philippines. A spokesperson for the bank declined to comment. Bow […]

The post Credit Suisse’s Philippines market leader exits appeared first on Asian Private Banker.

Bank of Singapore has appointed a new chief representative for their Philippines business, based in Manila. Manual Ahyong, Jr (Jun) will be the Singaporean private bank’s new Philippines chief representative, global marketing head, based in Manila, effective from 16 December 2015. He will replace Kristen Quintos, who will be retiring on 15 December 2015. When contacted, a spokesperson from the bank confirmed […]

The post Bank of Singapore names new Philippines head appeared first on Asian Private Banker.

HSBC is the latest bank to open its innovation lab doors in Singapore to help it tap into the growing community of Asian fintechs. The lab will focus on corporate banking needs including payments, trade and supply chain. Its scope though will be subsequently expanded across services including retail and private banking. HSBC will work with partners – clients, technology […]

The post HSBC launches fintech lab in Singapore appeared first on Asian Private Banker.

Core operating system provider, Temenos, continues to tap Asia’ regional markets by inking an agreement with SAMBA Bank in Pakistan. SAMBA Pakistan, a subsidiary of the Saudi Arabian Samba Financial Group, has signed on to Temenos’ T24 core banking solution. The front-to-back office software platform will replace the bank’s existing legacy systems at all its branches across Pakistan. Along with […]

The post Temenos signs on Pakistan-based bank for core banking system appeared first on Asian Private Banker.

Julius Baer has added a former senior banker from Citi Private Bank’s mega wealth team in Singapore to cover the Philippines high net worth segment. It intends to further expand Asia coverage with more hires, Asian Private Banker understands. Steven Lawrence joins the Swiss pure play as a team head and senior relationship manager for the Philippines market, effective as […]

The post Julius Baer commits to Philippines coverage with new hire appeared first on Asian Private Banker.

It’s time for a midyear review of the industry. Asian Private Banker takes a look at the top five defining moments not just across the private banking board, but also in the specific niches of Products, Regulations, Technology and People Moves. We look at people moves in this article. A new wave of Asia leadership at HSBC Private Bank Few weeks after HSBC’s […]

The post APB Midyear Review – People Moves appeared first on Asian Private Banker.

The global asset management division of HSBC has appointed a new head of distribution, private banks for the Asia Pacific region. Soren Beck-Peterson is HSBC’s new director and head of distribution, private banks, Asia Pacific. He will be based in Singapore and responsible for client relationships in the private banking sector. A HSBC veteran, Beck-Peterson absorbs the role after over […]

The post HSBC names Asia head of distribution for private banks appeared first on Asian Private Banker.

With private banks allocating, on average, US$50 million to digital initiatives, many in the industry wonder whether it is time to return to good old outsourcing. Private banks in Asia find themselves in a catch-22 situation with regards to their technology budgets. On one hand, increasingly tech-savvy clients and the blatant increase in efficiencies from heavier digitalisation are priorities for […]

The post To consolidate or outsource, that is the question appeared first on Asian Private Banker.

After over five years with the bank, a relationship manager (RM) who covers the Middle East market has left HSBC Private Bank. Victoria Martin covered HNWIs and UHNWIs residing in the Middle East and North African (MENA) region including UAE, Bahrain and Qatar. When contacted, a spokesperson from the bank declined to comment. Martin worked on the Middle East desk […]

The post HSBC Private Bank loses RM on Middle East desk appeared first on Asian Private Banker.

Core banking system provider, Temenos, has signed on another regional bank, rolling out its operations in Hong Kong. Newly established financial institution, Nippon Wealth Limited (NWB) has deployed Temenos’ core banking solution T24 for its wealth management unit. The system will allow the Japanese bank to streamline its operations and transactions across deposits, bonds, mutual funds, insurance and loans. “Our operations […]

The post Temenos signs with another regional bank appeared first on Asian Private Banker.

In a bid to expand its footprint in the region, Standard Chartered Bank promotes one of its own to head of wealth management for ASEAN. Sumeet Bhambri is the new regional head of wealth management for the ASEAN countries which includes Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei and Cambodia. Bhambri replaces Chung Shaw Bee who has reportedly left the bank. […]

The post Standard Chartered names new head of wealth management for ASEAN appeared first on Asian Private Banker.

Less than a week after this publication reported the appointment of HSBC’s co-heads of North Asia for the private bank, the British lender continues to promote internal talent, naming new heads for Taiwan, the Philippines and the international segment. Former team head of Taiwan, Fiona Hsu, will now oversee coverage over the full segment, having first joining HSBC 16 years […]

The post New faces at the top of HSBC Private Bank’s Asia unit appeared first on Asian Private Banker.

Citi is shuffling the top management of its consumer business, hiring a Citi veteran as its new head of consumer banking in Asia who will oversee the American lender’s wealth management and retail banking arms. Anand Selvakesari is the new head of consumer banking Asia Pacific, managing all of Citi’s consumer businesses in Asia including retail banking, wealth management and […]

The post Citi appoints new Asia consumer banking head appeared first on Asian Private Banker.

The head of UBS Wealth Management’s India desk has left after almost five years with the Swiss bank. Jaya Jayaram was based in Hong Kong. She reported to Vinay Gandhi, the regional market manager for Malaysia, India, Indochina and Philippines, and the financial intermediaries group. When contacted, a spokesperson from the bank declined to comment on the departure. Prior to her […]

The post UBS Wealth Management loses India desk head appeared first on Asian Private Banker.

ABN AMRO Private Banking has shed its legacy system to use an external technology solution provider to streamline its core banking platform across multiple business lines. The private bank now has access to Temenos’ T24 core banking platform, the platform that was been available to its corporate bank since 2009.  By consolidating applications on the Temenos platform, the bank anticipates significant […]

The post ABN AMRO Private Banking goes live with Temenos appeared first on Asian Private Banker.

The global active advisory head for Coutts has left after 17 years at the bank. At Coutts Quentin Marshall was responsible for bank’s global active advisory teams in London, Zurich, Hong Kong and Singapore, based in London. Marshall oversaw clients who wanted to play an active role in managing their portfolios with advice from Coutts. His replacement has not been […]

The post Coutts’ global head of active advisory exits appeared first on Asian Private Banker.

Reporting to the US Foreign Account Tax Compliant Act (FATCA) for Singapore-based financial institutions has been pushed back by two months to enable them to supply additional information. Singapore’s Inland Revenue Authority (IRA) has extended the reporting deadline to 31 July this year. The city state is not the only jurisdiction to be granted a delay. Hong Kong FATCA deadlines were […]

The post Singapore FATCA deadline extended appeared first on Asian Private Banker.

Core operating system providers that have acted as the engines of private banks in Hong Kong and Singapore, are now tapping into growing wealth in onshore markets in Asia. “We see onshore wealth management as a big opportunity to provide products,” says Peter Scott, general manager, Asia Pacific, Avaloq. “Currently, Avaloq is working with Westpac on a retail wealth project […]

The post Core vendors target onshore markets appeared first on Asian Private Banker.

Swiss pure play Lombard Odier has added a former Citi private banker to its Hong Kong offices as head of private clients. The Geneva-headquartered private bank has hired David Loo as its head of private clients, North Asia, effective today (13 April), to oversee the region’s business development. In his new Hong Kong-based role, Loo will report to Vincent Magnenat, […]

The post Lombard Odier appoints North Asia head of clients appeared first on Asian Private Banker.

Senior staff continue to leave Coutts as an ex-director heads to Barclays’ private banking arm in Hong Kong. Willie Cheng joins Barclays as a relationship manager and director based in Hong Kong. Prior to this role, Cheng spent eight years with Coutts, most recently as a director. When contacted, a spokesperson for the bank declined to comment. Cheng will be […]

The post Barclays adds another ex-Coutts banker appeared first on Asian Private Banker.

A report released today (24 March) has found that households earning between US$100,000 and US$2 million make up the world’s fastest growing wealth segment – a segment that will reach US$145 trillion by 2020, with China taking up US$53 trillion of this amount. The Economist Intelligence Unit (EIU) global report, called The New Wealth Builders, identified US$88 trillion in global […]

The post ‘New wealth’ booms appeared first on Asian Private Banker.

Another senior manager is believed to be leaving RBS’ private banking arm, this time the Philippines market head. Ray Chan, Coutts’, head of Philippines market, is thought to have resigned. Chan has been in the role since 2012. When contacted, a Coutts spokesperson declined to comment. Prior to Coutts, Chan worked at Morgan Stanley in Hong Kong, where he was […]

The post Coutts loses Philippines head appeared first on Asian Private Banker.

Despite the well-documented debacles of family-owned corporations in Asia brawling for assets and the throne, 42% of Singapore’s companies still do not have robust succession plans in place, according to a recent report by Labuan International Business and Financial Centre (IBFC). The figure places the Lion City in last place in Southeast Asia in a list that ranks the region’s […]

The post Singapore’s family businesses trail Southeast Asian neighbour in succession with 42% unprepared appeared first on Asian Private Banker.

Asia’s largest private bank by assets under management (AUM), UBS, has appointed a new RMM (regional market manager) for India, Indochina, Philippines and Global Investors according to an internal announcement by the bank this morning. In what is unequivocally seen as a career advancement, Vinay Gandhi, the bank’s erstwhile country team head for India international and deputy regional market manager, will […]

The post UBS appoints new RMM for Malaysia, India, Indochina & Philippines & financial intermediaries appeared first on Asian Private Banker.

The former head of Philippines at BNP Paribas Wealth Management has moved to an Asian private bank and will continue servicing the region’s nearly 38,000 high net worth individuals. Susan Maceda joins Bank of Singapore as a managing director after eight years with BNP Paribas Wealth Management. In her new Hong Kong-based role, Susan reports to Sermon Kwan, chief executive, Hong Kong […]

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Nearly three months after this publication reported the departure of a former managing director from Goldman Sachs’ private wealth management arm, a rival American private bank has hired the veteran of ten years’ experience. Vivien Webb joins Morgan Stanley as a managing director and head of sales for China and Hong Kong. Webb was most recently a managing director Goldman […]

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A recent slew of hires for the non-resident Indian (NRI) bracket has underscored a trend amongst private banks to focus on niche segments. With an estimated 400 NRI bankers in Hong Kong and Singapore – roughly 7% of the total number of relationship managers in the region according to this publication’s 2013 relationship manager league table – private bankers in […]

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Proving that the region’s pure-play private banks can give their colleagues at bigger banks a run for their money when it comes to attracting talent, Pictet has hired a team from J.P. Morgan. Suzy Ho, a veteran banker with vast networks in both the Philippines as well as Thailand, has been a managing director at the American lender since 1999. […]

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After hiring aggressively for several months, BNP Paribas Wealth Management loses its head of Philippines market to a regional rival. Susan (Jesusa Josefa) Maceda, managing director and head of Philippines marketing for the bank has resigned from her position. Maceda has been with the bank since 2006 and was responsible for spearheading an aggressive regional growth strategy. Whilst confirming Maceda’s […]

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A China-focused banker from Swiss pure-play Julius Baer resigns. Joel Goh, executive director of Julius Baer’s China team based in Hong Kong has left the pure-play and is believed to be headed to another large European bank. When contacted, a spokesperson from the bank declined to comment. Following the successful acquisition of Merrill Lynch’s international wealth management business, industry expectations […]

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After two decades with its Hong Kong branch, the former head of Hong Kong for Coutts and most recently, the chairman of Coutts Institute, Asia has resigned. Ignatius (Iggy) Chong, managing director, was also the interim head of North Asia for the bank in 2012, until David Lam was appointed to the position in April 2013. When contacted, a spokesperson […]

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Swiss pure-play, Julius Baer continues to expand its footprint in Asia, this time with the hire of a Taiwan private banker from ABN AMRO. Julius Baer hires Jennifer Lau from the Dutch lender’s private wealth management arm, where she was last believed to be a senior private banker overseeing the Taiwan markets. When contacted, a spokesperson for the bank confirmed […]

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Julius Baer continues to expand in Asia, this time eying the Philippines and its more than 35,000 high net worth individuals (HNWIs), according to estimates, with the addition of a former Société Générale relationship manager. Cynthia Jacinto joins the Swiss pure-play to service high net worth individuals from the Philippines markets reporting to Christian Cappelli, managing director and country head of […]

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Flush from the US$ 2 billion in net new assets it raised from Asian clients in 2013, ABN AMRO continues to hire aggressively in Hong Kong. Abhijeet Hivarekar joins the bank from Credit Suisse where he covered ultra high net worth (UHNW) clients in both Singapore and Hong Kong. Prior to his stint with Credit Suisse, Hivrekar was with UBS. […]

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Spurred by a strong demand for philanthropic solutions among the region’s private clients, UBS-run Optimus Foundation marks its first anniversary with the announcement of investing more than US$6 million and the addition of 18 new projects in Asia. The foundation’s new projects will focus on the health, education and protection of underprivileged children sectors, spanning across regions including Bangladesh, China, […]

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In addition to the hire of two J.P. Morgan private bankers, Shun Pang and Chris Wong – as reported by Asian Private Banker in March – Coutts expands its Hong Kong frontline with three relationship managers who will service clients from the Greater China region and the Philippines. The British pure-play has added Danny Chung, Philip Peñaloza and Xygent Chan to its […]

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After receiving offers from the industry’s biggest and best, Morgan Stanley agrees to sell its Swiss private banking business to J. Safra Sarasin. The American lender will now refocus its efforts to grow its Asia private wealth management business and, according to a source close to the matter, expand its frontline by 20%. “[Morgan Stanley] will look to make senior […]

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Spurred on by a 38% increase in assets under management (AUM) in Asia in two years, UBS Wealth Management announces it has hired 88 new client advisors in Hong Kong and Singapore since the start of 2014. “Asia Pacific continues to be one of the fastest-growing regions in the world for UBS and we continue to hire strategically in accordance […]

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Following the exit of Shun Pang, a 21-year J.P. Morgan private banking veteran and Hong Kong market manager at the bank, the American lender has appointed a head of North Asia to oversee the Private Wealth Management business in Hong Kong. Edwin Lim, most recently market manager for the Greater China region, is believed to have absorbed Pang’s coverage of […]

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UBS Wealth Management loses a managing director from its Hong Kong office as a team head covering the South China region departs. Angie Ma leaves the Swiss major and is said to be joining a rival bank. She was most recently a managing director and team head, South China. A spokesperson for UBS declined to comment on the departure. UBS […]

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Two former J.P. Morgan private bankers, including a 21-year veteran, join Coutts to help grow its Hong Kong footprint as the blue-blooded wealth manager continues its unrelenting Asia expansion in 2014. Shun Pang and Chris Wong are believed to be joining Coutts to service the Hong Kong market. They will report to David Lam, managing director and head of North […]

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The Philippines’ private wealth management industry continues to attract interest from banks in 2014 as a former director at Société Générale Private Banking, charged with servicing this market, is believed to have left for a similar role with a Swiss pure-play. Cynthia Jacinto is said to be joining Julius Baer in the next few months. When contacted, both banks declined […]

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A 20-year UBS Wealth Management veteran, who has been a Hong Kong-based ultra-high net worth (UHNW) private banker for the last eight years, has moved to Singapore to service the Philippines wealth market. Executive director, Robert Rohner, has taken on the role of desk head of the Philippines team, reporting to country team head, Jeremy McAteer. Prior to this new […]

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A 23-year private banking veteran has left UBS Wealth Management, causing senior management changes that have impacted the bank’s Singapore and Malaysia businesses as well as its Asia Pacific financial intermediaries (FIM) segment. Peter Kok has left the Swiss major as regional market manager for Singapore and Malaysia and head of FIM, Asia Pacific after joining the bank in 2007. […]

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After joining J.P. Morgan’s private banking arm in its early days in September 1992, a veteran Hong Kong private banker has left the American wealth manager. Shun Pang, a managing director of J.P. Morgan Private Wealth Management, Asia has left the private bank after 21 years. When contacted, a spokesperson for the bank declined to comment. Though he leaves as […]

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As many Asian high net worth and ultra-high net worth families transition their businesses to the next generation, succession is becoming an increasingly pressing issue. Given that a lot of Asian businesses are in their first and second generation, a perceived lack of talent in future generations has become a hurdle, according to a recent report by Singapore Management University […]

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In an effort to further increase its footprint in the Philippines, Credit Suisse has hired two veteran private bankers to cover the market from Singapore and Hong Kong. Laura Ho joins the Singapore-based unit as a senior relationship manager, focusing on the Philippines’ high net worth (HNW) and ultra-high net worth (UHNW) clients. Ho has more than 20 years’ experience […]

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Crédit Agricole Private Banking continues to expand its Hong Kong frontline with the hire of a former Credit Suisse director. Terence Leeworthy joins the French wealth manager after three years with Credit Suisse, where he was a Hong Kong-based director, managing clients from the Philippines and Thailand. Before his three-year stint with Credit Suisse, Leeworthy was with UBS Wealth Management […]

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Hong Kong, the most tantalising yet diverse financial centre in the region, is base camp for any private bank with Asian ambitions. It is also boot camp for virtually hundreds of bankers who struggle quarter after quarter to map and mine the North Asia market. Whilst many fail, some succeed, others outperform. This then, is a list of the Hottest […]

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