Swiss pure play Julius Baer has hired a senior relationship manager for Asia coverage in Switzerland. Based in Zurich, Serena Wong will report to Christian Cappelli, head of Asia Switzerland. Wong joins from Kamet Capital Partners, a multi-family office in Singapore, where she was most recently an advisor. Before that, she worked at J.P. Morgan Private Bank for a decade […]

The post Julius Baer appoints senior RM for Asia Switzerland coverage appeared first on Asian Private Banker.

Cryptocurrencies are no longer rare finds in the portfolios of many HNWIs in Asia today, and the demand for relevant lending solutions has followed suit. In a single year, asset-backed financing firm EquitiesFirst has witnessed an exponential growth of cryptocurrencies in its loan book. HNW investors can borrow capital by pledging against their cryptocurrency holdings. The concept itself is almost […]

The post Rise in crypto-assets owned by HNWIs drives growth of lending solutions appeared first on Asian Private Banker.

Credit Suisse has appointed a banking veteran as global chief risk officer and member of the executive board, according to an announcement by the Swiss bank. David Wildermuth will take up his new role at the bank not later than 1 February 2022. He will be based in Zurich and report directly to Thomas Gottstein, the Credit Suisse group CEO. […]

The post Credit Suisse hires risk chief from Goldman Sachs appeared first on Asian Private Banker.

Credit Suisse Group’s board of directors has appointed a new CEO for asset management, following the suspension earlier this month of Greensill Capital-backed supply chain finance funds. In addition, the asset management business will be broken off from the International Wealth Management (IWM) division and be managed separately. Ulrich Körner will become CEO AM and a member of the executive […]

The post Credit Suisse separates AM business from IWM, names new AM CEO appeared first on Asian Private Banker.

The Swiss subsidiary of Banque Internationale à Luxembourg has appointed a head of wealth management growth markets and a general counsel. Hartmut Vollmer will assume the position as head of wealth management growth markets at BIL Suisse on 1 April 2021. His coverage includes China, Eastern Europe, and the Middle East. He will join the BIL Suisse Executive Committee. Vollmer most recently led […]

The post BIL Suisse hires for growth markets and appoints general counsel appeared first on Asian Private Banker.

Bordier & Cie has made two hires to drive APAC business growth from Zurich, the pure play announced today. Victoria Wu joined Bordier & Cie in early September as Swiss head of Asia. For the past 12 years, she was part of Credit Suisse’s APAC team, driving APAC business growth. In 2016 she was promoted to managing director. Before Credit Suisse, […]

The post Bordier appoints duo to grow APAC market from Switzerland appeared first on Asian Private Banker.

US technology and China stocks may have occupied the minds of Asian HNW equity investors in the past few years, but the pandemic has highlighted neglected investment opportunities in Europe. The pandemic-battered EU member states reached an agreement on a COVID-19 recovery fund in July, which reignited political as well as economic faith in the entity — to the extent […]

The post Selectivity pays off in the oft-overlooked European markets during COVID-19 appeared first on Asian Private Banker.

Luxembourg-headquartered private bank Quintet has named a market head, Asia International at its Swiss branch, Quintet Switzerland, according to the bank’s announcement today. Jing Zhang Brogle has joined the Swiss private bank to head its team of client advisors covering Asia. Based in Switzerland, she will take advantage of the bank’s multi-booking approach and family office capabilities. Zhang Brogle was […]

The post Quintet Switzerland names Asia International market head appeared first on Asian Private Banker.

Julius Baer has recorded a marked rise in profitability and assets under management for the first nine months of the year, the private bank said today in an interim results announcement. The announcement gives an optimistic overview of Julius Baer’s 3Q20 performance on a group level, with reduced cost-income ratio coming down and better profitability, as well as considerable inflow […]

The post Profitability up, AUM recovers at Julius Baer appeared first on Asian Private Banker.

The acquisition of Zurich-based wealthtech Avaloq by Japanese firm NEC a week ago marked a milestone for both technology companies. Yet it left many with the burning question: Why now? Asian Private Banker has brought together the key events of the past few years, which culminated in the announcement of the CHF 2.05 billion deal. A CHF 1 billion valuation […]

The post The build-up to the NEC acquisition of Avaloq appeared first on Asian Private Banker.

Avaloq will be acquired by NEC Corporation, a Japanese IT and network technology firm in a deal estimated at CHF 2.05 billion and to be completed by April 2021. Currently, private equity firm Warburg Pincus holds 45% of the Zurich-based wealth tech’s shares. The balance is owned by its founders and employees. Upon completion, NEC will have a 100% stake in […]

The post NEC to acquire Avaloq in CHF 2.05bn deal appeared first on Asian Private Banker.

In response to a request by the Swiss regulatory body, Julius Baer has become the new addition to a list of Swiss banks to split its dividend distribution into two payments. Also, it will postpone its annual general meeting for a month. The Swiss bank originally planned to hold the annual general meeting to its shareholders today (16 April), but […]

The post Julius Baer amends dividend proposal and postpones annual general meeting appeared first on Asian Private Banker.

Core banking system developer Avaloq said its plan to reach net zero emission and use 100% renewable energy is on track and will be realised by 3Q20, according to a Wednesday press release. Launching its first corporate social responsibility (CSR) report, the Swiss-headquartered fintech has committed itself to several ESG (environmental, social, and governance) targets as part of its CSR […]

The post Avaloq to hit net zero emission target by 3Q20 appeared first on Asian Private Banker.

BIL Suisse, the Swiss private banking subsidiary of Legend Holdings’ Banque Internationale à Luxembourg (BIL), has appointed a China market head. Roger Groebli has joined from Credit Suisse Private Banking, where he was most recently the head of private banking North Asia, APAC Switzerland. Prior to Credit Suisse, Groebli was the CEO for Reyl Overseas Limited and, before that, held senior […]

The post BIL recruits from CS to head China business in Switzerland appeared first on Asian Private Banker.

Compared to their counterparts in Hong Kong and Singapore, Swiss regulators have been noticeably less proactive, possibly to the detriment of the country’s reputation in the long term, an insider told Asian Private Banker. Contrary to the prevalent view that regulatory progress stems from the West and flows East, Christoph Kurth, partner at Baker McKenzie and former global head investigations […]

The post Switzerland lags Asian finance centres in terms of regulatory proactivity appeared first on Asian Private Banker.

UBP’s CEO of private banking, Michel Longhini, has resigned, bringing to a close a tenure punctuated by ambitious acquisitions and geographical expansion. In a memo seen by Asian Private Banker, Daniel de Picciotto, chairman of the board of directors, and Guy de Picciotto, CEO, thanked Longhini for helping the bank double AUM — in large part due to acquisitions — […]

The post UBP’s Longhini resigns, Guy de Picciotto takes the reins appeared first on Asian Private Banker.

Credit Suisse Private Banking has internally appointed a new COO, Asia Pacific following the relocation of its current APAC COO to Switzerland. Effective 1 March 2019, Alain Bernasconi will step up as Credit Suisse’s COO of private banking, Asia Pacific. In the Singapore-based role, he will oversee the operational, product, and risk aspects of the Swiss lender’s regional private banking […]

The post Credit Suisse PB appoints new APAC COO appeared first on Asian Private Banker.

Account aggregation platform Canopy has announced its plans to expand to Zurich in an effort to “lock down” market opportunities in Europe, CEO and founder Tanmai Sharma told Asian Private Banker. Interestingly, the move was prompted by Canopy’s ability to handle a format that competitors, according to Sharma, cannot: the PDF. “Even after five years, Canopy seems to be the only […]

The post Canopy expands to Switzerland under “monopolistic” situation appeared first on Asian Private Banker.

Avaloq is aiming to change the way it delivers its services to banking and wealth management clients by establishing a ‘Swiss Banking Cloud’ in partnership with IBM. The platform provider said it engaged IBM to “accelerate the transformation of [the firm’s] IT operating model” and that it will leverage IBM’s private cloud infrastructure and expertise to streamline its operations. Avaloq […]

The post Avaloq and IBM to build “Swiss Banking Cloud” appeared first on Asian Private Banker.

Hong Kong’s Securities and Futures Commission (SFC) has signed a fintech cooperation agreement with the Swiss Financial Market Supervisory Authority (FINMA), marking SFC’s fifth international collaboration in this area to date. The agreement between the two watchdogs establishes a framework for sharing information on emerging trends and related regulatory issues and includes a “bilateral mechanism” to refer innovative firms that […]

The post SFC signs fintech cooperation agreement with Switzerland appeared first on Asian Private Banker.

The Hong Kong Monetary Authority (HKMA) and Private Wealth Management Association (PWMA) have signed three Memorandums of Understanding (MoU) with Swiss authorities in Bern on Tuesday, in a move to strengthen financial ties between the two global hubs for wealth management. With an aim to “foster a greater in-depth understanding of private banking practices in the other location”, in particular, […]

The post HKMA, PWMA ink MoUs with Switzerland to strengthen financial ties appeared first on Asian Private Banker.

The FinTech Association of Hong Kong (FTAHK) has signed three memoranda of understanding in order to promote “the global fintech industry”, the firm said in a statement today. The FTAHK inked agreements with the Singapore FinTech Association, the Swiss Finance + Technology Association and the Taiwan FinTech Industry Development Association during the Hong Kong Fintech Week. The FTAHK will work […]

The post HK’s fintech association inks agreements with Singapore, Switzerland and Taiwan appeared first on Asian Private Banker.

Hong Kong’s tax authority has signed a Common Reporting Standard (CRS) agreement with Switzerland, and the government department has drafted amendments to tax laws aimed at facilitating Hong Kong’s inclusion in the multilateral tax transparency network. “We have been seeking to expand Hong Kong’s AEOI (Automatic Exchange of Financial Account Information) network with our tax treaty partners,” a spokesperson for […]

The post HK signs CRS agreement with Switzerland, plans afoot to enter multilateral network appeared first on Asian Private Banker.

Switzerland’s State Secretariat for International Financial Matters (SIF) and the Hong Kong Monetary Authority (HKMA) have launched a “financial dialogue” to promote cooperation on financial market issues, according to a statement from both regulators. “The financial dialogue between the HKMA and Swiss authorities aims to enhance official exchanges between Hong Kong and Switzerland on policy issues of mutual interest, especially […]

The post Switzerland and Hong Kong to collaborate on fintech and wealth management appeared first on Asian Private Banker.

The Swiss government has defended its automatic exchange of information (AEOI) agreement with India, after private banks raised concerns that the data exchanged could be abused, according to a report by Press Trust of India, a New Delhi-based news agency. “The legal, administrative and technical framework for confidentiality and data security in India was deemed satisfactory by the Global Forum’s […]

The post Swiss government defends AEOI agreement with India appeared first on Asian Private Banker.

Singapore signed an agreement relating to the automatic exchange of financial account information (AEOI) scheme with Switzerland yesterday, ahead of a working meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes, held in Geneva. The bilateral agreement was signed by Huey Min Chia-Tern, deputy commissioner of the Inland Revenue Authority of Singapore, and Alexander Karrer, […]

The post Singapore signs AEOI agreement with Switzerland appeared first on Asian Private Banker.

Indonesia has signed an agreement with Switzerland for the automatic exchange of financial account information (AEOI) scheme, Indonesia’s tax office said on its website. The agreement aims to ensure that both countries exchange individuals’ tax information, under the common reporting standard (CRS) framework, from 2018. Indonesian finance minister Sri Mulyani Indrawati said the joint declaration is important to Indonesia since […]

The post Indonesia adds major financial centre to its tax reporting network appeared first on Asian Private Banker.

Hong Kong and Singapore are chipping away at Switzerland’s dominance in the offshore wealth market, according to a report by Boston Consulting Group, which says that the outlook for offshore banking remains positive despite a number of headwinds. “Hong Kong and Singapore remain the fastest-growing offshore centres globally because of both their status as the preferred booking centres for regional […]

The post Hong Kong and Singapore to challenge Switzerland’s dominance as offshore wealth hub appeared first on Asian Private Banker.

“Volatility has raised its ugly head again,” Deutsche Bank Wealth Management says in its latest CIO note, advising investors to be mindful over several events which are likely to trigger a market correction in the near future. Equities rallies have taken a pause and market volatility picked up, the bank warns, pointing out that the 10-year US Treasury yield is moving to […]

The post Deutsche Bank WM: Beware the “Ides of March” appeared first on Asian Private Banker.

Hong Kong’s Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority (FINMA) have signed a Memorandum of Understanding (MoU) to facilitate the distribution of eligible funds between the two jurisdictions. The Switzerland-Hong Kong Mutual Recognition of Funds and Asset Managers MoU establishes a framework for “exchange of information, regular dialogue and regulatory cooperation” with regards to cross-border […]

The post SFC, FINMA agree to funds recognition channel appeared first on Asian Private Banker.

Julius Baer’s head of markets and advisory solutions in Asia, who joined the pure play in 2009, has been appointed to a global role, according to a media release. Luigi Vignola has been named Julius Baer’s new global head of structured products, succeeding the former head, Philipp Rickenbacher, who had occupied the role for seven years before being made head of advisory […]

The post Julius Baer promotes Asia advisory head to global role appeared first on Asian Private Banker.

Swiss and Singaporean watchdogs have inked an agreement that will see them cooperate on fintech-related matters, in a bid to “reduce regulatory uncertainty and the time-to-market for… new solutions”. The Swiss Financial Market Supervisory Authority (FINMA) and the Monetary Authority of Singapore have agreed to work closer in four main areas as outlined in the agreement: (i) information sharing regarding regulatory and […]

The post MAS and FINMA to extend cooperation into fintech space appeared first on Asian Private Banker.

In February this year, EFG announced that it will acquire private bank BSI from BTG Pactual for US$1.34 billion. The deal should catapult EFG into the big leagues by making it one of Switzerland’s largest private banks with around CHF170 billion (US$176 billion) in assets under management (AUM). It should also bring scale to EFG’s Asia business, according to the […]

The post Straight Talk: Albert Chiu, chief executive, Asia Pacific, EFG Bank appeared first on Asian Private Banker.

Pictet Wealth Management has undergone a management restructure, splitting the roles of Hong Kong and Asia CEO, in what the Swiss pure play calls a reaction to “increased business growth” in Asia. Sharon Chou has absorbed the new title of Hong Kong CEO, in addition to her existing roles of Pictet Wealth Management North Asia CEO and executive officer of […]

The post Pictet splits leadership role, names new Hong Kong CEO appeared first on Asian Private Banker.

Leonteq has named a new CEO for its Singapore division, replacing David Schmid, who will return to Switzerland.  Jeremy Ng, who joined Leonteq in May 2015 as deputy CEO, has been appointed CEO of the structured product distribution provider in Singapore. Schmid, Ng’s predecessor, has returned to Switzerland to take on the role of head of sales at Leonteq. Ng’s industry experience […]

The post Leonteq names new Singapore CEO appeared first on Asian Private Banker.

Net new money inflows for the first quarter of 2016 reached record levels at UBS Wealth Management (WM), with the Swiss lender taking in CHF29 billion (US$30.6 billion) since the start of the year – the most since 2008 – according to the bank’s latest financial results. UBS WM’s Asia Pacific business accounted for just over 30% of the global […]

The post UBS WM net new money inflows reach record high, APAC brings in US$9.3B appeared first on Asian Private Banker.

The increasingly labyrinthine probe into Malaysian wealth fund, 1Malaysia Development Bhd (1MDB), has taken a new twist, with RBS’ Coutts becoming the latest private bank to linked to the investigation. Financial watchdog Swiss Financial Market Supervisory Authority, also known as Finma, is opening a probe into the lender, according to a statement released by the Swiss-based arm of RBS’ private bank. It added […]

The post Coutts latest PB to be linked to 1MDB probe appeared first on Asian Private Banker.

First quarter numbers, as any private bank on the street will tell you, have been less than stellar. A quarter-on-quarter comparison with last year’s numbers paints an even sorrier picture. To be fair, this is largely because the first quarter last year was “gangbusters”, as one banker eloquently put it. “We are operating from a cost-conscious mindset but we continue […]

The post The Scoop with Shruti Advani: Why UBS has a 36,000 square foot billboard in Kowloon 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.

Five months after RBS inked an agreement to transfer the India private banking business to Mumbai-based Sanctum Wealth Management, the deal has finally been closed. Sanctum Wealth Management officially launched on Tuesday following the migration of the business including its clients and relationship managers from RBS Private Banking, and having obtained all the necessary licenses and regulatory approvals. Shiv Gupta, […]

The post RBS and Sanctum Wealth Management close India deal appeared first on Asian Private Banker.

Authorities in Labuan have moved to reassure the financial community that the centre’s regulatory framework and practices conform with international standards in the wake of the so-called Panama Papers data leak. In a statement released to media, Danial Mah, CEO of Labuan International Business and Financial Centre (IBFC), said that recent information leaks have only served to heighten the demands […]

The post Labuan IFC reasserts regulatory commitments amidst Panama Papers noise appeared first on Asian Private Banker.

Yet another private bank has been implicated in the 1Malaysia Development Bhd (1MDB) case, Asian Private Banker has learnt. The Luxembourg unit of Edmond de Rothschild Group is said to be “co-operating” with the official investigation of money that flowed from the Malaysian government fund as part of a worldwide corruption probe, according to various media reports. “Edmond de Rothschild Europe is […]

The post One more private bank added to 1MDB probe appeared first on Asian Private Banker.

Over 11 million leaked documents and 2.6 terabytes of data implicating past and present heads of state, a Russian cellist, a Hong Kong movie star, over 500 banks and 15,600 shell companies – with Hong Kong, the world’s third-ranked financial centre, at the heart of the controversy. The mammoth data leak from Panamanian law firm Mossack Fonseca, first obtained by German […]

The post Hong Kong at epicentre of “Panama Papers” leak appeared first on Asian Private Banker.

Citichamp Watch & Jewellery Group has agreed to buy the unit from embattled Switzerland-based Valartis Group for CHF77.7 million (US$80.5 million), as it bids to expand into the financial sector. The deal, subject to approval and targeted to close in the second quarter, will help in Valartis’ efforts to avoid bankruptcy, the group said earlier this week. Valartis had earlier sold another […]

The post Listed HK group buys Liechtenstein private bank appeared first on Asian Private Banker.

In line with the Singaporean pure play’s ambitions to boost its technological capabilities this year, Bank of Singapore (BOS) has named a new head of digital development. Wojciech Rzasa has joined BOS and reports to Vincent Caldeira, head of technology and strategic programme. A spokesperson from the bank confirmed the hire. Prior to this role, Rzasa worked at various financial technology firms […]

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

BSI has appointed a new chief operations officer (COO) in Hong Kong, Asia Private Banker has learnt, amid its impending sale to EFG International. Alberto Pasini is expected to succeed Ciro Ahmad, subject to regulatory approval, a spokesperson for the bank said. Ahmad is understood to have left to pursue external opportunities, after joining more than five years ago as part of […]

The post BSI appoints new Hong Kong COO appeared first on Asian Private Banker.

After more than five years at the Swiss private bank, a former Union Bancaire Privée (UBP) banker has resurfaced at an external asset manager (EAM) firm in Singapore. Nadia Bathiche has joined Luman Capital Advisors as a partner and senior advisor, based in Singapore. The EAM, which was originally set up in 2010 by industry veteran and former CEO of […]

The post Former UBP banker resurfaces at EAM appeared first on Asian Private Banker.

A senior private banker is returning to the Swiss major – where he spent 15 years – after a stint at Julius Baer. Lars van den Bosch has joined Credit Suisse as head of human resources at the international wealth management unit. He will move from Singapore to Zurich for his new role. Previously, Bosch was stationed in Singapore where […]

The post Former Julius Baer banker returns to Credit Suisse appeared first on Asian Private Banker.

The US continues to hunt for its tax evaders and spotlighting offshore tax evasion, this time singling out UBS Wealth Management in Singapore for its association with a US citizen. The Internal Revenue Service (IRS) has asked a US judge to make UBS produce and hand over documents on Ching-Ye Hsiaw, a client who lives in China but is a […]

The post US targets tax evasion, UBS account in Singapore appeared first on Asian Private Banker.

Following a town hall meeting in Asia with staff of both Coutts and Union Bancaire Privée (UBP), Michel Longhini, UBP executive managing director, private banking, gives Asian Private Banker an update of ongoing developments of the integration. “Clearly, the teams are being reinforced by some of our people but as you know, UBP in the region has had a limited set […]

The post More than 90% of UBP Asia staff to be imported from Coutts appeared first on Asian Private Banker.

A year after the head of RBS’ wealth arm, and former Coutts CEO, Rory Tapner, left the British lender, this publication has learnt that he has resurfaced at the firm that was formerly RBS’ onshore India wealth management business. Rory Tapner is now on the board of Sanctum Wealth Management, India, sources say. By doing so, he has endorsed former […]

The post Former Coutts CEO throws weight behind new Indian firm appeared first on Asian Private Banker.

Two days after EFG International announced that it agreed to buy BSI from BTG Pactual for approximately US$1.34 billion, Asian Private Banker has learnt that EFG’s head of private banking in Singapore has left. Gea Hong Tho has left EFG “to pursue personal interests elsewhere,” according to a spokesperson, after first joining the bank in 2012. Previously, Tho had worked with the […]

The post EFG’s Singapore head of private banking exits appeared first on Asian Private Banker.

The UK lender’s private banking business in Asia posted a 20% year-on-year rise in pre-tax profit in 2015, while assets under management (AUM) in the region stayed unchanged from 2014 numbers, echoing recent updates from other global banking giants. HSBC’s global private banking (GPB) unit in Asia turned in a profit before tax of US$252 million for the year ended 31 […]

The post HSBC private banking AUM in Asia stays flat, even as profit, income rise appeared first on Asian Private Banker.

In response to Wall Street Journal’s insistence that funds received by prime minister Najib Razak did not come from the House of Saud but rather 1Malaysia Development Berhad (1MDB), opposing the Malaysian Attorney General’s claim, the sovereign wealth fund has issued a release calling out the US publication for what it calls “an outright lie.” 1MDB continues to be under […]

The post 1MDB slams newspaper for “outright lie” appeared first on Asian Private Banker.

EFG International has agreed to buy Lugano-based private bank BSI for CHF1.3 billion (US$1.3 billion) in cash and shares, with assets under management (AUM) at the combined group to total some CHF170 billion as at end-2015. EFG announced today that the deal was inked 21 February 2016 with BSI’s sole shareholder BTG Pactual. Under the agreement, subject to approval from shareholders and […]

The post EFG to buy BSI for US$1.3 billion appeared first on Asian Private Banker.

Boosted by positive inflows from Asia, Switzerland and the European Union, Geneva-based Pictet posted a revenue income rise of 3% in 2015, while consolidated net profit fell by 2%, according to its latest earnings release. Operating income rose to CHF2.1 billion (US$2.1 billion), Pictet added. In addition, assets under management (AUM), under its asset management and wealth management divisions, also upped […]

The post Pictet profits fall by 2%, income up by 3% year-on-year appeared first on Asian Private Banker.

The Swiss lender looks to Zurich to fill Edmund Koh’s former role as head of wealth management south east Asia. August Hatecke is the new head and will be relocating from his current position as head of ultra high net worth and global family office, Switzerland,  in Zurich from 1 April. Hatecke will report to Koh, the newly appointed head […]

The post UBS names new head of wealth management South East Asia appeared first on Asian Private Banker.

Two private bankers from Julius Baer charged with helping US clients to hide “at least US$600 million” in assets from the US Internal Revenue Service, face as long as five years behind bars if convicted. According to a report, they helped more than 180 US clients evade taxes, and are expected to plead guilty in New York Thursday. Daniela Casadei and […]

The post Private bankers may plead guilty to helping clients evade taxes, say reports appeared first on Asian Private Banker.

Less than a week after this publication reported the disintegration of consortium LAND, Leonteq today confirmed the news in its full-year 2015 results. It clarified too that it no longer distributes equity-linked structured investment products to DBS Bank. “The cooperation between DBS and Leonteq on the distribution of equity-linked structured investment products has ended. With DBS contributing 6% to overall turnover […]

The post Leonteq confirms end of DBS partnership appeared first on Asian Private Banker.

A private banker at BTG Pactual’s BSI Singapore branch was linked to the ongoing probe related to the troubled Malaysian state investment fund 1Malaysia Development Berhad (1MDB), say reports. Yak Yew Chee, a private banker at BSI Bank Singapore, had his bank accounts frozen and was questioned. He has filed a request to the Singapore High Court to have access […]

The post BSI private banker linked to ongoing 1MDB scandal, say reports appeared first on Asian Private Banker.

Authorities from the city state added yesterday that they are investigating “possible money laundering and other offences carried out in Singapore” linked to troubled Malaysian state investment fund 1Malaysia Development Berhad (1MDB). The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) said in a statement that they are working with counterparts in Malaysia, US and Switzerland, without giving specific details […]

The post Singapore seizes bank accounts with potential 1MDB links appeared first on Asian Private Banker.

Two months after this publication reported that Deutsche Bank Wealth Management became the first private bank in Asia to outsource its back office operations to Avaloq, the latter has confirmed the successful operation. The new BPO (business process outsoucing) centre which is a wholly-owned subsidiary of the Avaloq group, Avaloq Sourcing Asia Pacific (ASAP), is providing Deutsche Bank WM back […]

The post Deutsche Bank WM officially live on Avaloq’s BPO centre appeared first on Asian Private Banker.

Crédit Agricole Private Banking has rebranded itself as Indosuez Wealth Management (WM) as part of the reorganisation, as it seeks to grow its €110 billion (US$120 billion) worth of global assets under management (AUM), its head of wealth management for Switzerland, the Middle East and Asia tells Asian Private Banker. The single brand reflects Indosuez Wealth Management’s international reorganisation, the bank notes in […]

The post Indosuez WM reorganises worldwide, holds €10 billion of global AUM in Asia appeared first on Asian Private Banker.

With heightened concerns about geopolitical events, CEOs around the world are more concerned about challenges to their businesses than was the case three years ago, a PwC survey finds, with overregulation ranked as a top threat. Two thirds of CEOs (66%) now see more threats facing their business today than there were three years ago and 79% citing that the […]

The post CEOs name overregulation as a top threat to business: PwC appeared first on Asian Private Banker.

Lombard Odier agreed just before the new year to pay nearly US$100 million in fines to the US Justice Department, in return for a non-prosecution agreement on tax-related criminal offenses related to undeclared US-related accounts under the Swiss Bank Program. This came a day after Julius Baer, the third biggest wealth manager in Switzerland, reached a similar preliminary agreement and said […]

The post Private banks agree to fines, may encourage similar settlements appeared first on Asian Private Banker.

As private banks in the region face cost and revenue pressures from rising compliance requirements and the threat of online investment options – one private banking head reckons robo-advisers could gradually chip away at private wealth models that target the US$1-3 million client segment – consolidation and scale-building have been two large buzzwords in the industry. (This article first appeared in Issue 94 of […]

The post Crow’s Nest: Will consolidation pick up in 2016? appeared first on Asian Private Banker.

Fourteen months after signing with Avaloq Sourcing Asia Pacific, Deutsche Asset & Wealth Management (AWM) has gone live with the business process outsourcing centre in Hong Kong and Singapore. When contacted, spokespersons from Avaloq and Deutsche AWM declined to comment on the recent integration. The project, which involves Avaloq Sourcing Asia Pacific, a subsidiary of Avaloq Group, supplying back office services […]

The post Deutsche AWM is first private bank in Asia to outsource back office operations appeared first on Asian Private Banker.

The Swiss lender has just announced successor to its Australian business, following veteran Edward Jewell-Tait’s retirement. Alex Wade has been appointed as the new head of private banking in Credit Suisse Australia, the bank announced today. The appointment will be effective on January 1st, 2016. He’ll be based in Sydney and reports to the Credit Suisse CEO of Australia, John […]

The post Credit Suisse Private Bank appoints Australia head following Jewell-Tait’s retirement appeared first on Asian Private Banker.

Credit Suisse has appointed an Asia Pacific executive vice chairman to front a newly-created unit targeting ultra wealthy entrepreneurs, the bank said in an internal memo seen by Asian Private Banker. The bank’s Asia Pacific investment banking chief Vikram Malhotra will, from Jan 1, lead a new UHNW Entrepreneur Coverage unit. This follows a blueprint set out last month by global CEO […]

The post Credit Suisse APAC i-bank chief to lead UHNW entrepreneur business appeared first on Asian Private Banker.

Union Bancaire Privée (UBP) aims to complete its Asia integration of Coutts by the end of the first quarter next year, the bank’s global private banking chief tells Asian Private Banker, with the integration of the EMEA leg finished “very successfully in record time.” “There are two legs to the Coutts deal; an important one was in the EMEA region, in […]

The post UBP seeks HK licence, completes EMEA integration of Coutts appeared first on Asian Private Banker.

As part of a large structural and global change at UBS, the world’s largest private wealth manager has named a new president for its operations in Asia Pacific. Kathryn Shih, currently the group managing director and head of UBS Wealth Management, Asia Pacific, will succeed Chi-Won Yoon as president UBS Asia Pacific after more than seven years at his job, […]

The post APAC wealth management chief to be new UBS APAC president appeared first on Asian Private Banker.

Vontobel Wealth Management’s new mobile and tablet app is now live for all its clients in Hong Kong and China, with the pure play using its Swiss inhouse capabilities to develop the tool. This allows it to circumvent the issue of a lack of scale in individual markets.  This comes as front-end digitalisation continues to sweep through private banking. The new […]

The post Vontobel Wealth Management launches new app in Asia appeared first on Asian Private Banker.

With its APAC CEO appointed to the bank’s executive board and a major restructuring underway in Zurich, Credit Suisse is stepping up its operations in Asia after posting significant proportion of Q3 revenue from the region. As its APAC head Helman Sitohang told media, the region generated a “record pre-tax income for the first nine months of the year.” Sitohang, […]

The post Credit Suisse posts “record” APAC revenue in first nine months, aims to double AUM by 2018 appeared first on Asian Private Banker.

After more than three years with the bank, Credit Agricole Private Banking’s head of markets and investment solutions and former head of advisory for Hong Kong has left the bank. Dong Sinh Ngo was head of advisory, Hong Kong, markets and investment solutions for Crédit Agricole Private Banking. He reported to Victor Choi, Credit Agricole’s executive director and head of markets investment […]

The post Credit Agricole Private Banking head of markets and investment solutions leaves appeared first on Asian Private Banker.

With total assets under management (AUMs) growing 20% since last year, intermediaries accounts may see AUMs hike an average of 45% and 63% in Hong Kong and Singapore respectively by 2020, says a Julius Baer report. In total, the report forecasts AUMs of independent/external asset managers (IAMs/EAMs) to grow 101% and 106% respectively in Singapore and Hong Kong by 2020. […]

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The number of global millionaires could touch nearly 50 million adults in 2020, or a rise of over 46.2% from current figures, the Credit Suisse Research Institute has found. Asia Pacific and Africa numbers, it adds, are set to grow fastest by 66% and 73% respectively. This will outpace growth of 33% and 55% for North America and Europe respectively. The institute […]

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In a bid to cut integration costs and create a seamless experience for its clients and relationship managers (RMs), LGT’s newly-appointed Markus Weidmann, head of IT, Asia says it is imperative to roll out its digital initiatives onto a centralised platform. “The LGT SmartBanking program will make the core banking platform accessible for RMs, prospects and clients from anywhere and […]

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Credit Suisse CEO plans to restructure the Swiss lender to cater to global HNWIs, especially those in Asia, say sources. Media reports today cited sources from inside the bank saying that Tidjane Thiam has plans to decentralise the Swiss lender’s global operations, such as its computer science and global product units, and boost its Asia presence. This might involve job cuts […]

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Swiss bank Pictet is joining the growing league of private banks in Asia launching digital applications – its chief operating officer (COO) says that the bank will roll out front office initiatives, including a mobile app for clients and relationship managers (RM), in the second half of 2016. “The future for Pictet and technology will certainly lie in the front […]

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The Royal Bank of Scotland (RBS) has inked an agreement to transfer the India private banking business to Sanctum Wealth Management, which will include onboarding onshore client relationship managers. As part of the agreement, Shiv Gupta, the current head of RBS private banking India will lead Mumbai-based Sanctum Wealth. It plans to retain the same branch network currently operating by […]

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Brazil Investment bank BTG Pactual is eyeing more acquisitions after completing the purchase of Swiss private bank BSI for CHF$1.25 billion (US$1.28 billion). Pre acquisition, BSI managed assets totalling CHF$81.8 billion, with its Singapore presence its second largest office in terms of headcount, behind its headquarters in Lugano, Switzerland. Assets under management for the combined group now total US$186.5 billion, BTG […]

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This article first appeared in Issue 91 of Asian Private Banker’s monthly print magazine, published in the first week of September 2015.   I almost did it. Write an entire edition of The Scoop without mentioning Julius Baer, that is. Almost. And then Boris Collardi dips into his Credit Suisse address book and taps Jimmy Lee for the bank’s most […]

The post The Scoop with Shruti Advani: Change is constant appeared first on Asian Private Banker.

Avaloq, a private banking software specialist, is tweaking its model to accommodate the global growth spurt in financial technology (fintech), its CEO said yesterday. Francisco Fernandez stressed the importance of keeping pace with the fintech arena at the Avaloq Community Conference held in Horgen, Switzerland. While nascent in Asia, private banks are seeking to comb through the many startups mushrooming […]

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Despite the impact of foreign exchange and negative interest rates, Lombard Odier’s revenue rose by 6% in second quarter year on year. The Swiss boutique bank saw topline hit US$580 million due to robust client activity. Profit also rose 12% year-on-year to US$72.8 million. “We achieved a strong financial performance in the first half of 2015 despite a difficult market […]

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Swiss authorities are looking into banks and third parties that may be involved with Malaysian state fund 1MDB, further expanding the reach of the multi-billion-dollar corruption scandal. The Office of the Attorney General (OAG) said last Friday that it is investigating two “entities” of 1MDB and “unknown” third parties. The identities of these companies remain unclear, though media reports say it […]

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Over the next few days, we dish out the top five defining moments in the year so far, not just across the private banking board, but also in the specific niches of Products, Regulations, Technology and People Moves. We start today with industry-wide news. UBP acquires Coutts Ending six months of speculation since it first put its international private banking business up for […]

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After more than a decade with Credit Suisse, an industry veteran has joined Julius Baer to head its Asia division. Jimmy Lee will join Julius Baer on 1 October 2015 and become the new Asia Pacific head as of 1 January 2016. He will replace Dr Thomas R. Meier who will return to Switzerland to become a non-executive vice chairman […]

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HSBC’s global private banking arm saw a steep profit fall for the first half of the year, amid ongoing investigations into the bank’s tax-related activities. HSBC Global Private Banking’s (HSBC GPB) profit dropped to US$180 million in the first half of 2015, down from US$364 million a year ago. Income fell to US$208 million from US$271 million. This came even […]

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Two months after Monique Chan stepped down as the bank’s Hong Kong CEO, Edmond de Rothschild (Rothschild) has named her replacement. Jing Zhang Brogle is the new CEO of the Swiss bank’s Hong Kong market, effective 1 August. Zhang Brogle will focus on developing the private banking business, leveraging her expertise in the multi-family office space. She will report to […]

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Julius Baer Group’s total worth of assets under management (AUMs) fell 2% in the first half of the year, hit by a negative currency impact of more than CHF20 billion (US$20.76 billion), it said in a report. The Swiss private bank’s AUMs totaled CHF284 billion (US$295 billion) in H1 2015, though net new money for the year came to CHF6 […]

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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 […]

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Private Chinese conglomerate Fosun has bid for a 219-year-old German private bank as it continues to aggressively expand overseas. This will be the first direct Chinese acquisition of a German bank. The diversified Shanghai-headquartered firm, which has businesses in resources, pharmaceutical, finance and insurance, said today that it has made an offer to buy Hauck & Aufhäuser Privatbankiers KGaA (H&A) […]

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Some of Asia’s most powerful bankers swap ideas and share knowledge   The CEO panel discussions at Asian Private Banker’s Investment Advisory Summits, held in Hong Kong and Singapore last month, are the events’ most eagerly-anticipated feature.They did not disappoint, as candid and spirited discussions with some of the most powerful leaders in the private banking industry. In Hong Kong […]

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UBS Wealth Management will open a new office in Kowloon to target the 25,000 high net worth entrepreneurs residing in Kowloon and the New Territories. The Swiss bank aims to arm the new office with 30 relationship managers when the office opens at the start of 2016. Currently, two thirds of UBS’ relationship managers in Hong Kong cover clients domiciled […]

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In a bid to boost its presence in Hong Kong, Vontobel Wealth Management hires a chief operating officer and a relationship manager for its Hong Kong office. Michael Haupt joins the Swiss bank as the new Asia COO effective June 1. In his new role, he will be responsible for developing the bank’s wealth management business strategy in the region. Steven […]

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After over a decade with the Swiss bank and 20 years in the financial industry, an industry veteran leaves UBS Wealth Management from his Singapore desk. Adrian Schatzmann, a former managing director and global head of investment funds at UBS Wealth Management has left the bank. Schatzmann oversaw the fund distribution and global sales activities for UBS Wealth Management’s high […]

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Assets under management (AUMs) at Credit Suisse’s onshore private banking unit in Japan grew 60% per year since its launch in 2009. According to the Swiss wealth manager, relationship manager count grew eight-fold during the same period and with coverage that spans Osaka and Nagoya, the bank now captures more than 80% of the total wealth pool in a nation of […]

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The Hong Kong Monetary Authority (HKMA) stated on Thursday that it was “monitoring the implications” to banks in the city with regards to alleged charges against FIFA officials for money laundering and corruption. Of the alleged US$150 million in bribes paid and received, more than a dozen banks were named by the US Department of Justice, including HSBC’s Hong Kong unit. […]

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The external asset management (EAM) industry in Asia continues to grow in the same way it treats its clients’ assets: methodically, organically and assuredly. EAMs still only constitute about 2% of AUM in Singapore and Hong Kong, and consensus suggests that they are growing at 10-15% per annum. This is despite industry predictions of Asia accounting for US$100 billion of […]

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British lender RBS may have favoured speed over price when it came to selling its international private banking business to Swiss pure-play UBP late last week. Putting to rest speculation that the family-owned bank outbid larger players like DBS in order to close the deal on Coutts, Michel Longhini, CEO private banking at UBP, says “we did not pay a […]

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