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Her new boss, Andreas Mondovits, explains that UBS GAMÆs single biggest client, worldwide and regionally, is the private banking business at UBS. It is also the largest private bank in Asia in terms of assets under management.
Until now, UBS GAM serviced UBS Wealth Management across several product groups under MondovitsÆ supervision. His role is managing director for pan-Asia, meaning he is in charge of business development for Asia ex-Japan, ex-China. (James Hong runs the China business.) ôI lacked the time to do this as well as my other business roles,ö he says.
So this summer, UBS GAM decided to merge these various arms of client services in Asia into a single unit dedicated to UBS Wealth Management. Other teams look after other clients. But this required a senior, experienced leader. Enter Ching, with her institutional experience and high-profile role running InvescoÆs local office. The job involves not just client servicing but developing products for the private bank as well as conducting joint pitches with UBS Wealth Management to its high-net-worth clients.
A stickler for semantics would argue that going from country CEO to MD is a step down, but Mondovits says: ôThis is KerryÆs entry point to the UBS world. She has a good reputation and we want to cultivate more Asian talent. UBS Global Asset Management wants to grow in Asia-Pacific, and we havenÆt just said it, weÆve done it. And opportunities for someone like Kerry will grow in line with our organisation.ö
Ching left Invesco this spring. In response, Invesco restructured its local operation. Asia-Pacific CEO Andrew Lo had overseen her duties, but the firm then hired Desmond Ng from JF Asset Management for a new role as head of institutional business development for the region.
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