Swiss private bank Clariden Leu is further strengthening its position in the Asian market with the appointment of Raymond Chung and David Louie as co-heads of North Asia, both effective November 2.
They replace Christopher Burgess, who left recently to head up the newly formed international desk and run the external asset manager business at rival Swiss firm Julius Baer.
"The new executives are very well acquainted with the North Asian market and have more than 20 years of experience in the wealth management industry," says Erich Pfister, head of the Middle East and Asia division.
Chung worked for 16 years as a managing director of private wealth management at Deutsche Bank and Bankers Trust Company in Hong Kong. In this role he managed a team of more than 20 private bankers. Prior to that, he held senior management positions at Standard Chartered Bank in Hong Kong.
Louie spent 15 years as a managing director of private wealth management at Deutsche Bank in Hong Kong, where he led a team of 40 private bankers. He has also held senior management positions at Chase Manhattan and Republic National Bank of New York in Hong Kong. Prior to this he worked at Bankers Trust Company and Citibank International in Hong Kong and Los Angeles.
Clariden Leu's global assets under management as of June 30 totalled SFr101 billion ($98.6 billion). It does not break down AUM by region, but it is clearly building up its Asian business. Pfister said at a media briefing In June that more than half of the private bank's international staff is based in Asia.
Earlier this month, Kenneth Toong joined Clariden Leu as its first chairman for Asia in Hong Kong. He too had worked at Deutsche where he was head of North Asia based in Hong Kong. He was succeeded in late August by Lok Yim.