After a decade with UK private bank Coutts, Ignatius ‘Iggy’ Chong is believed to be moving back to Canada's RBC Wealth Management. This comes amid reports that RBS is considering selling the overseas arm of Coutts.
Sources say Chong will be joining RBC WM as managing director in a market head role, reporting to Michael Yong-Haron, who was named head of North Asia in March. It seems likely Chong would oversee the Hong Kong teams, as he had held a similar position at Coutts.
He left the UK firm earlier this month, where he had been Asia chairman of the Coutts Institute, which provides advice on family businesss and philanthropy. He had previously also served as head of Hong Kong, until Pang Shun Tak arrived in May from JP Morgan to take on that position.
Chong is understood to be on gardening leave, so would be unlikely to be starting in his new role for at least a month or two, say sources.
He spent 12 years at RBC from 1982 to 1994, initially in Canada then in Asia from around 1990. He held various roles, with sub-team leader the most recent and senior post before he moved to Coutts.
RBC declined to confirm or comment on whether he would be joining them. Coutts declined to comment on Chong’s departure.
RBS declined to comment on the reports about its potential sale of Coutts, apart from to say: “We announced in February that Coutts will sit within our commercial and private banking division, where we can better connect it with the successful entrepreneurs and growth businesses who are creating wealth. As part of the transition and integration of this business, we have been reviewing our private banking business so that it works to the benefit for customers.”
Other recent senior changes at RBC WM include Stefan Mueller joining from Credit Suisse as head of investments and products for Asia in March. He succeeded Mary Sumners, who returned to the US as head of international wealth for the US.
In addition, Andrew Turczyniak left his post as head of Asia in March, with Barend Janssens, Singapore-based head of emerging markets, absorbing his responsibilities.
Meanwhile, Coutts lost its Asia chief investment officer, Gary Dugan, earlier this year, and is yet to replace him.