Swiss private bank Julius Baer has named a new fund selection head in Hong Kong to replace Johann Santer, sources have told AsianInvestor.
It is understood that Wendy Kwan has been appointed head of managed solutions in Hong Kong, reporting to John Cappetta, Singapore-based head of managed product sales.
Kwan had previously been head of private bank distribution for Hong Kong at BlackRock. Her licence ceased on July 20 at the US fund giant.
Following Kwan's departure, BlackRock has promoted Vivien Lee to head of private banks and family offices for Hong Kong, thereby expanding Kwan's previous remit, a spokeswoman said.Julius Baer declined to comment for this story.
Lee will assume the new role on August 13, reporting to both Julia Lee, head of private wealth and retail banks in Hong Kong, and Brent Kao, head of Hong Kong and Taiwan institutional business and family office/ fund-of-fund business.
Vivien Lee joined BlackRock in February 2018 as a vice president on the Hong Kong client business team, looking after institutions, family offices and fund-of-fund clients.
Santer joined Fidelity International last month to head the fund house’s private bank business for Asia ex-Japan. He had previously been Hong Kong head of investment specialists for funds at Julius Baer, having joined the bank in January 2015.
Kwan arrives at Julius Baer following a period of strong growth for the firm. Its Asia (ex-China onshore) assets under management rose 39.6% last year to $115 billion from $82.4 billion, according to figures from Asian Private Banker. Julius Baer's global AUM rose to Sfr399.9 billion ($401 billion) from $354.7 billion in the year to June 30, 2018, the bank reported late last month.
Before she joined BlackRock in May 2015, she was part of the fund advisory team in Deutsche Bank’s asset and wealth management division. She has also worked for Goldman Sachs, Barclays Capital, BNP Paribas Asset Management and Invesco.