JP Morgan PB hires Asia investment strategist
The wealth management arm of JP Morgan has appointed Fan Jiang from Goldman Sachs’s private banking division as its new chief investment strategist for Asia.
Based in Hong Kong, Jiang started on August 6 and replaces Ivan Leung, who left this year for “personal reasons”, AsianInvestor understands. Jiang now reports to Richard Madigan, JP Morgan PB’s global chief investment officer.
Goldman says Jiang left at the end of April and was most recently chief strategist for its market solutions group in Asia, a capital markets desk that sits with private wealth management.
It is understood the group, headed by Jason Moo, does not plan to replace Jiang and that his former duties have been absorbed by the team. Jiang had also worked in Goldman’s fixed income division, where he started the group’s Asia credit strategy and trading team.
Globally, JP Morgan Private Bank oversees $800 billion in AUM. It does not break out Asia figures.
Targeted expansion in self-managed super funds
BNY Mellon has named Brigette Leckie vice-president for intermediary relationships in Australia in a new role to target planned expansion into self-managed superannuation funds (SMSF).
Leckie started on August 6 and reports to Bruce Murphy, managing director for the group’s asset management business for Australia.
“The SMSF segment is the fastest growing in Australia but as yet has not embraced global investing as a way to diversify risk and improve returns,” says Murphy. “Our focus will be on specialist investment strategies which are tried and true offshore but have not yet been available for Australian investors.”
Most recently Leckie was director of investment strategies at Alliance Bernstein. Prior to that, she was head of investment markets research at Perpetual and chief economist for BNP Paribas.
Principal Global Investors brings in Peter Smyth
Asset manager Principal Global Investors has appointed Peter Smyth from AMP Capital in a newly created role as chief operating officer and head of product for Australia.
Based in Sydney, Smyth joined in mid-July to develop strategy and operational infrastructure and drive market growth. He reports to Grant Forster, group chief executive for Australia.
Forster says the creation of this role was driven by growth in its Australia business over the last 12 months, pointing to global property securities, emerging market equities and currency management.
Smyth left AMP Capital on July 6 where he had been head of product. AsianInvestor has learned that Brian Delaney, head of client, products and marketing, is also set to leave AMP Capital on August 24 and will be looking for a career change. Further departures include chief operating officer Anthony Brown, who left on July 17 and is now CEO of life insurer NobleOak.
AMP Capital is undergoing a restructuring to reduce its cost-to-income ratio. It is set on expanding in Asia and recently hired Kerry Ching from Fidelity to run regional sales and distribution.
It is building its Asia equities coverage, hiring and transferring portfolio managers in Hong Kong. Last week, AsianInvestor reported that Karma Wilson, AMP Capital’s former head of Asian equities, had joined HSBC Global Asset Management.
Capital markets lobby group building in Asia
The Global Financial Markets Association has appointed David Ngai from Macquarie in a newly created role as Asia-Pacific managing director for its foreign exchange advocacy division.
Based in Hong Kong, Ngai started on August 1. His appointment comes as the group seeks to build a full-service trade association to lobby for regulatory development in Asian capital markets, on top of its existing lobby network in Europe and North America.
Ngai reports globally to James Kemp, managing director of the global FX division, and locally to Mark Austen, chief executive officer of the lobby group’s Hong Kong chapter, Asia Securities Industry and Financial Markets Association.
Most recently Ngai worked at Macquarie as group head of compliance for Hong Kong and China. He has also headed compliance divisions at JP Morgan Cazenove and Dah Sing Financial and has worked at Hong Kong’s Securities and Futures Commission.
Deutsche reshuffles trust and securities in Malaysia
German lender Deutsche Bank announced two new appointments for trust and securities services in Malaysia within its global transaction banking business.
Jacqueline William is promoted to head of direct securities services for Deutsche Bank Malaysia and Chua Mee Ling fills her boots as CEO of Deutsche Trustees Malaysia. Both started in July.
Based in Kuala Lumpur, William will oversee account operator services, custody, fund administration and securities clearing to global custodians and fund managers.
Both report to Mrugank Paranjape, head of direct securities services for Asia Pacific, and Raymond Yeoh, chief country officer for Malaysia.
Chinese arts broker expands to Singapore
The Arts Futures Group opened its Singapore office on August 3, two years after it first set up in Hong Kong. It features brokers who build client portfolios, which average HK$1 million ($129,000).
Managing director Jon Reade says annual yields for a piece of contemporary Chinese art can reach 10-15%, adding there is 6% potential secondary income via leasing the artwork to businesses.
Other people moves reported by AsianInvestor in the past week: