Clariden Leu, Switzerland's third largest private bank, has appointed Philip Penaloza as team head for its asset management office in Hong Kong. This is a new position, which the bank says is a part of its expansion plans in Asia.

Penaloza brings 28 years of experience in portfolio management, private equity and asset management to Clariden Leu, having recently served as senior portfolio counsellor for Citi private banking in Hong Kong.

In his new role, Penaloza will oversee recruitment of bankers and relationship managers for clients in Hong Kong, China and the Philippines.

Clariden Leu in Hong Kong hopes to grow its banking staff significantly in the course of the next year.

"We have just taken over more space in Alexandra House and will be occupying almost an entire floor," explains Christopher Burgess, head of North Asia, Clariden Leu Asset Management (Hong Kong). "With a robust advisory and execution team in place covering equities, fixed income and structured products and a substantial framework of finance, administration, and compliance resources, we have set our sights on building the front office."

"Bankers are in high demand, but our philosophy remains consistent û hire the top bankers with mature and trusted client relationships." adds Burgess. "As a pure private bank, Clariden Leu is in an enviable position to further strengthen its resources in Hong Kong and the region. Unique to most of our competitors, Clariden Leu does not have geographically segmented teams which dictate where bankers serve clients. This makes for a diverse environment with room for only the best serving each of the select markets of North Asia: Hong Kong, China, Philippines, and Taiwan."