French private bank BNP Paribas Wealth Management has hired Prashant Bhayani from rival JP Morgan Private Bank to fill the role of chief investment officer for Asia.

Bhayani joined the bank in early January as managing director based in Singapore, replacing chief investment strategist Stefan Hofer, who left around October last year. Bhayani reports to Arnaud Tellier, head of investment services for Asia.

Although the job title is different, Bhayani's role is practically the same as that of Hofer, the bank confirmed. He is responsible for developing global asset allocation and investment strategies for the bank’s private clients in Asia in line with its global views in various asset classes.

His macro investment advice will be an important part of the bank’s investment thinking and portfolio construction, BNP Paribas WM said. He will also support a broad range of investment research for relationship managers and high-net-worth clients.

Stefan Hofer

Meanwhile, his predecessor Hofer joined TFM Asset Management, part of Julius Baer group, as head of business development in November last year. TFM was rebranded to Julius Baer Wealth Management last month. It is focuses on investment management services for Japanese high-net-worth individuals. Hofer’s stint with BNP Paribas WM lasted only one year, according to his LinkedIn profile.

Bhayani has close to 25 years' multi-asset class management experience across equities, fixed income, foreign exchange and alternative investments, gained from multi-national experience in Asia, the UK and the US.

Prior to joining BNP Paribas, he was senior global investment specialist with JP Morgan Private Bank in Singapore.

His earlier experience includes tenures as co-cio and co-founder, managing partner of Cork Street Capital Advisors, a global equity alternatives firm based in London, and head portfolio manager for international growth opportunities and European specialist fund Strategies at Goldman Sachs Asset Management, also based in London.

A spokeswoman at JP Morgan Private Bank said it hadn’t hired another senior investment specialist following Bhayani's resignation.