As the private banker merry-go-round continues in Asia, two senior Hong Kong-based executives recently left UBS Wealth Management, while one has joined the firm.
Dominik Fuerst has resigned as executive director in the ultra-high-net-worth (UHNW) business competence centre – a team of multi-asset-class investment specialists – in Hong Kong. He had been at the Swiss banking giant for his whole career, since 1999. Fuerst has another job lined up, says a Hong Kong-based source, but he does not know where.
Adeline Chien, formerly managing director and cluster head of UBS WM’s UNHW team, has joined EFG Bank, Zurich-based EFG International’s business in Hong Kong. She started last week as managing director and senior client relationship officer (CRO) and will focus on business development in Greater China. Chien is joined by a two-member team, including one CRO. EFG declined to name the other two, but Fuerst is not one of them.
Fuerst’s responsibilities are being covered by other members of the team, says UBS spokesman Mark Panday, but it’s not yet known whether anyone will replace Chien.
Before joining UBS in late 2008, Chien was an executive director and client adviser at Goldman Sachs Private Wealth Management in Hong Kong. She has also held senior private banking roles in American Express Private Bank and Citibank Private Bank. She began her career at Chase Manhattan Private Bank in 1991.
EFG Bank says it is committed to becoming a leader in Asian private banking, and has ambitious plans for the region, having set up operations here in 2000. Initially based in Hong Kong and Singapore, the business has grown to include presences in Bangkok, Jakarta, Manila, Shanghai and Taipei. Across the region, it has around 500 employees, including more than 160 CROs, a number that has grown by some 40% since the start of 2008.
Meanwhile, Jaya Jayaram started at UBS WM on August 13 as executive director and desk head for the India team in Hong Kong. She will further develop UBS WM’s India business in Hong Kong and reports to Vinay Gandhi, Singapore-based regional head of the non-resident Indian business.
JP Upadhyaya, who was UBS WM's previous India desk head in Hong Kong, has taken up another as-yet-unspecified role in the India team.
Jayaram joins from Deutsche Bank Private Wealth Management Hong Kong, where she set up the North Asia/Hong Kong desk for Indian clients. Before that, she worked for the wealth-management teams at Société Générale and Bank of America.
She has gained substantial business development and client relationship experience throughout her 32-year banking career, says UBS in an internal memo seen by AsianInvestor. “We expect to particularly benefit from the contacts Jaya built over the past 20 years she worked in Hong Kong, and the depth of her 14 years experience as a private banker,” it adds.