Boston-based global custodian Brown Brothers Harriman (BBH) has continued to expand its Asian business with the appointment of Andrew Tucker as its first on-the-ground regional head.
Senior partner Tucker will move to Hong Kong to focus on developing and executing the firm's regional strategy. He will be BBH's second partner in Asia, alongside Yukinori Nagahisa, partner and representative director for Japan. The appointment is effective immediately, and Tucker is expected to relocate from New York in the next few months.
William Rosensweig, managing director of BBH's Hong Kong subsidiary, attributes Tucker's appointment to the opportunities Asia offers the firm and its clients in the region. However, the move to create the post is not merely a consequence of positive Asian market performance, he says. "As a firm, we take a longer-term view," adds Rosensweig. "The appointment is tied to a more general trend in our business and global markets."
Tucker has been with the firm since 1978 and has served in various roles, including managing director in charge of commodities and futures banking and head of investor services for Europe.
BBH has changed its reporting lines in Asia, following Tucker's appointment. Rosensweig and Nagahisa will report to him, while LJ Jia, country manager for China, will continue to report to Rosensweig.
Previously, Rosensweig reported directly to Jeffrey Holland, London-based global head of financial institutions, and he will continue to do so for BBH's financial institutions segment. Rosensweig also reports to Susan Livingston, a Boston-based partner, in relation to the funds and asset managers business.
BBH's Asia strategy will involve focusing on growing in terms of "people and functions" and building Hong Kong into a regional hub, says Rosensweig. Tucker, who remains global head of markets products -- including securities lending, brokerage and foreign exchange -- will be instrumental in driving take-up of these products in the region.
Rosensweig says BBH has no immediate plans for additional offices in the region. The firm opened an office in Beijing, its third in Asia, in September.
BBH services $410 billion in assets for Asian clients and has $2 trillion in assets under custody globally.