More changes at Schroder Investment Management

Following the promotion of Lieven Debruyne to chief executive for Asia Pacific in May, Schroder Investment Management made further changes to its management team in the region.  

It appointed Chris Durack, head of distribution for Hong Kong, to succeed Debruyne as country head of Hong Kong. In addition, he took over as Schroders' head of institutional business for Asia Pacific from Greg Cooper. Sydney-based Cooper retains his role as country head of Australia but was given an additional mandate: global head of institutional business.

Further, Schroders gave Showbhik Kalra, head of product for Asia Pacific, added responsibility as head of intermediary business for Asia Pacific - a role previously held by Debruyne.

Durack and Kalra report to Debruyne, who remains based in Hong Kong. In his regional CEO capacity, Debruyne succeeded Richard Mountford, who has returned to London to be Schroders' global head of products.

The changes are part of a reshuffle sparked by the imminent retirement of global head of distribution Massimo Tosato. His role will be split between his current deputy, John Troiano, and Mountford.

While Tosato will only leave at the end of the year, the personnel changes took effect on May 10. Mountford and Troiano report to group CEO Peter Harrison.  

Deutsche AM chief Price resigns

Quentin Price, head of Deutsche Asset Management globally, has tendered his resignation following a period of medical leave starting in mid-April, the bank announced.

Deutsche Bank's board of management, on which Price sat, accepted his resignation, which is effective on June 15. The bank has already launched a search for Price’s successor.

In the meantime, Jon Eilbeck, global chief operating officer and regional head of Asia Pacific at Deutsche AM, will continue to lead operational responsibilities for the business.

Price joined Deutsche Bank from BlackRock in October 2015 and became a member of the management board in January. His appointment came following a management reshuffle that included Deutsche de-merging its wealth management unit from asset management and combining it with retail banking.  

BSI Hong Kong MD joins independent asset manager

Hong Kong-based independent asset manager Swiss International Asset Management (SIAM) has appointed Peter Krismer as a partner and senior relationship manager.

Krismer joined from troubled Swiss private bank BSI, where he was managing director for Hong Kong. BSI was ordered by the Monetary Authority of Singapore to close its Singapore operation for serious breaches of anti-money laundering requirements. His appointment is pending regulatory approval and no start date has been set.

Based in Hong Kong, Krismer will report to SIAM chief executive Cyrill Arzner, who boasted that the company is growing and “we are getting more attention from professional and experienced personalities like Peter to join our company".

When asked if it would be hiring senior bankers in addition to Krsimer, Arzner said: “It is our strategy and intention to grow the business in the greater Asia area. In this regard we are always having an eye on the market for potential opportunities to hire talents and other senior bankers.”

Prior to his five-year stint at BSI in Hong Kong, Krismer spent over 20 years with Coutts Bank in Switzerland and Hong Kong. His last role at Coutts was as senior client partner, responsible for managing a portfolio of international UHNW clients. 

Before moving to Hong Kong, Krismer was Coutts' head of private banking, international clients in Zurich, an office that has 25 team members including relationship managers, analysts and supporting staff.

BSI did not respond to requests for comment.

ING Bank gives Asia growth role to Newman 

ING Bank has appointed Mark Newman as head of ING retail challengers & growth markets in Asia (excluding Australia), with effect from June 1.  He will continue to serve as CEO of ING wholesale banking Asia.

In his new role, Newman will oversee ING’s retail businesses in Asia (ex-Australia), including the Dutch institution’s strategic partnerships with Bank of Beijing in China (in which ING holds a 13.6% stake), Kotak Mahindra Bank in India (6.4% shareholding), and TMB in Thailand (30% stake). 

Newman now reports to Aris Bogdaneris, ING’s head of challengers & growth markets for his retail banking responsibility; as well as continuing to report to Malgorzata Kolakowska, ING wholesale banking global head of network in his wholesale banking role. Newman remains based in Singapore, the regional headquarters of ING Bank in Asia.

He succeeds Vaughn Richtor, who recently announced his retirement after a 24-year career at ING Bank. 

Newman joined ING in London in 1992, but has been based in Hong Kong, then Singapore for the past 20 years. He began his ING career in audit, before moving to risk management and subsequently financial markets, where he held a number of senior positions before becoming regional head of financial markets Asia in 2004. 

He was appointed CEO of ING wholesale banking in 2012. In April 2015, Newman was appointed a board member of ING Direct Australia; and a month later, he was appointed to the board of Kotak Mahindra Bank in India.

Ethical fund house hires from HSBC Private Bank

HSBC Private Bank’s head of investment strategy for Asia, Ben Pedley, has joined Australian ethical fund manager UCA Funds Management as an investment director. He started in May in the newly created role in Australia, reporting to CEO Michael Walsh.

Pedley leads the firm’s investment team, provides macroeconomic analysis, determines the investment strategy and sets asset allocation. He also manages the UCA Growth Portfolio and international equities portfolio.

With over 20 years of experience in Asian financial markets, Pedley left HSBC earlier in the year where he had helped manage more than $90 billion in assets for clients. He was at the UK private banking operation in two stints between 2010-2012 and 2013- March 2016.

HSBC earlier named Fan Cheuk Wan to an expanded role that included Pedley's former responsibilities.

Prior to HSBC Private Bank, Pedley was a managing director, head of advisory services, at LGT Bank in Hong Kong and head of investment strategy at UBS Wealth Management Australia.

UCA Funds Management manages more than $729 million from ethically-minded investors and charities.

White & Case hires Kelly to lead corporate practice

Law firm White & Case has expanded its global mergers and acquisitions practice, bringing in Chris Kelly as a partner to lead the corporate practice in Asia.

Based in Hong Kong, Kelly took up his duties on June 6. He joins from Linklater's, where he had served as head of private equity in Asia.

White & Case says it has expanded its global M&A practice in Asia in the past year, adding partners Peggy Wang, KS Kim and Catherine Tsang and local partners Pradyumna Mysoor and Jonathan Bowden.

The corporate practice was previously led by Barrye Wall, White & Case's Singapore-based  regional section head for Asia.

Linklater's did not respond to requests for comment on who would lead its private equity team.

Other people news reported this week by AsianInvestor:

Savills IM to open in China amid Asia push