Bank of Singapore picks up two Credit Suisse RMs
Bank of Singapore announced the appointment of veteran private banker Heng Yeow Kwang and a colleague from Credit Suisse as it looks to scale up its Indonesia team.
Heng started last month as deputy market head for Indonesia based in Singapore, while Eddie Yee joined in the city-state earlier this month as a relationship manager. Both report to Robin Heng, Indonesia head for Bank of Singapore’s Southeast Asia team.
It comes as Credit Suisse prepares to officially integrate with its private bank subsidiary Clariden Leu, which was formed in 2007 from the merger of five CS units.
AsianInvestor has been told that around 50% of Clariden’s staff are joining CS, with a number of job losses coming in back-office functions that are already covered by the parent.
Credit Suisse revealed last November that the integration would result in 550 job cuts and be fully completed by the end of 2012. The bank expects to achieve cost savings of around SFr200 million ($218 million), as part of a drive to increase the private banking contribution to group pre-tax income by SFr800 million by 2014.
Prior to joining Bank of Singapore, Heng spent 11 years building and managing a team of 13 bankers looking after the Indonesia market for Credit Suisse out of Singapore. He focused on managing and providing wealth management solutions to ultra-high-net-worth clients.
Prior to that he was a relationship manager covering the Indonesia market for Deutsche Bank.
Yee, meanwhile, had been a relationship manager with Credit Suisse in Singapore since 2006. Prior to that he was an executive manager with Westpac Banking Corporation based in Singapore and covering Indonesia and Malaysia.
Fidelity names new head of marketing in Singapore
Jean Tan joined Fidelity in Singapore last week as head of marketing to replace Joyce Koh, who moved to Nikko Asset Management in the same role in late February.
Tan was previously head of marketing and marketing communications at UOB Asset Management in Singapore. She has 10 years’ experience in marketing, business development and product development roles in the financial industry.
Her previous roles have included positions at the Monetary Authority of Singapore and Phillip Securities.
UOB AM has appointed a replacement for Tan, who will start on March 20 but the firm declined to provide a name.
Nomura promotes Asia equity strategist Kurtz to global role
Japanese Investment bank Nomura announced it had promoted Michael Kurtz to global head of equity strategy based in Hong Kong.
It comes less than five months after Kurtz joined Nomura as chief Asia equity strategist following the departure of Sean Derby to become global head of equity strategy at Jefferies.
AsianInvestor understands Kurtz will continue to be chief Asia equity strategist along with his new global role and will work closely with Hiromichi Tamura, who is poised to become head of equity strategy in Japan from April 1, when he will replace incumbent Seiichiro Iwasawa, who is leaving.
Kurtz's promotion comes after Nomura’s previous global equity strategist, Ian Scott, departed after 17 years at the firm. His destination could not be confirmed at press time.
Scott had a dual role, having been Nomura’s global head of quantitative research. This responsibility will now be handled by Inigo Fraser-Jenkins out of London. He was formerly the firm’s European head of quantitative strategy.
Renaissance hires Asia-based equity research analysts
Emerging markets investment bank Renaissance Capital has added two Asia-based analysts as part of an ongoing build-out of its equity research team.
Brad Way joins as oil and gas equity research analyst from BNP Paribas, where he had been associate director head of Asia energy research. Based in Beijing, his coverage at Renaissance includes the large-cap oil sector in China, as well as regional exploration and production.
The other addition is Michael Ng, who joins from Bloomberg as a metals and mining analyst. He will work in Hong Kong alongside Matthew Whittal, Renaissance’s head of global metals and mining research, and fellow analyst Leavitt Pope.
Renaissance Capital has a team of 12 covering sales, research and trading across the Asia region. It recently initiated coverage of the Indonesian coal sector.
Other people moves reported by AsianInvestor in the past week: