Tag: private banking

The Swiss private bank has been hiring feverishly in the region, but may find it harder to attract talent down the road. Julius Baer appoints David Lim head of private banking for Southeast Asia in addition to his current title of deputy CEO for Singapore. Amid other senior moves, the UK firm's head of China now oversees Hong Kong as well as the mainland. An exodus of talent from banks in the US and Europe is benefiting financial institutions in Asia. Barclays Wealth hires Vikram Malhotra and two others from UBS, bringing to a dozen the number of senior bankers the British bank has poached from UBS in the past six months. Jimmy Lee, who heads private banking for Asia at Clariden Leu, explains the Swiss bank's strategy to win business and hire people in a highly competitive environment. Having completed its merger with ING Asia Private Bank, OCBC's wealth-management unit has big international ambitions. Julius Baer's CEO, Boris Collardi, plans to grow the private bank and considers Asia its second home market behind Switzerland. Equities and commodities will yield returns in 2010 on the back of a global market recovery driven partly by emerging markets, predicts Credit Suisse. Clariden Leu has appointed two new key executives in its Singapore branch. Wang joins from Clariden Leu to become part of the client advisory team. Deutsche Bank has made seven hires for its private wealth management business including poaching senior DBS private banker Kwong Kin Mun. Julius Baer hires Lawrence Lua and Frances Lee in Singapore. Singapore signs an agreement with France to share tax information, allowing it to qualify for the OECD's white list of jurisdictions that have substantially tightened their rules. J.P. Morgan poaches Vinay Gandhi from Deutsche to head its global India business for the private bank. Soon Gek Chew, Janice Lee and Chin Lit Yee jump ship from Deutsche to join boutique private bank Clariden Leu. The overseer of RBS Coutts's integration with ABN Amro Private Banking in India will now run the South Asia business. Singapore-based Oversea-Chinese Banking Corporation pays $1.46 billion for ING's private banking business, in a deal that trebles its assets under management. Julius Baer pays $505 million for ING's private banking business in Switzerland, in a deal specialists say is a pre-cursor to the larger and more keenly contested sale of ING's ... RBC Wealth Management, the private banking arm of Canada's largest bank, has appointed Matthew Yong president and Frank Mu chief executive officer of its Asian operations.