Elvin Yu quits ICBC-Credit Suisse to start own firm
Elvin Yu, former head of international sales and client relationship at ICBC-Credit Suisse Asset Management (International), has resigned to start his own consulting firm. Yu is currently on garden leave and will leave the fund house in September.
This comes just nine months after Yu joined the overseas arm of Beijing-based ICBC-CS AM, a joint-venture between Chinese bank ICBC and Credit Suisse, to help the firm’s build out its international business.
Yu plans to set up his own independent consulting firm specialising in serving pensions and other asset owners in Hong Kong.
ICBC-CS AM (International) did not respond to requests for comment.
Prior to joining ICBC-CS AM, Yu spent six years at Allianz Global Investors in Hong Kong, where he was head of institutional business for Greater China and Southeast Asia. He was Asia ex-Japan head of institutional business for UK-based Baring Asset Management from 2005-2009, and associate director for institutional sales at Axa Rosenberg Investment Management from 2000 to 2004.
Singapore’s Thirdrock adds investment strategist
Singapore multi-family office Thirdrock Group appointed Eric Goh as investment strategist and senior client adviser last month. This is a newly created role that reflects the firm’s believe in growth potential of the external asset management industry, said Jason Lai, chief executive of Thirdrock.
Prior to joining Thirdrock, Goh was head of investors for Southeast Asia at JP Morgan Private Wealth Management. He is understood to have resigned at the end of last year following the restructuring that saw Peter Flavel leave his role of Asia-Pacific head of JP Morgan PWM and the firm refocus on ultra-high-net-worth clients as opposed to high-net-worth clients. Flavel is now CEO of UK private bank Coutts.
Before that he worked in investment advisory at BNP Paribas Wealth Management. He has also held similar roles in multi-asset class advisory at UBS Wealth Management and HSBC Private Bank, and in FX sales and advisory at Republic National Bank of New York and Singapore’s DBS Private Bank.
TH Real Estate creates transactions role
UK property asset manager TH Real Estate has hired Shu Watanabe from JP Morgan Asset Management as director of capital transactions for Asia. He is based in Singapore and reports to Chris Reilly, managing director for Asia Pacific.
Watanabe will lead a team in evaluating, structuring and originating acquisitions across Asia as part of the $96 billion fund manager’s plan to deploy significant capital in the region. Its Asia AUM is currently $1.6 billion.
His role is a newly created one and his responsibilities were previously part of Reilly’s remit.
TH Real Estate’s Asia-Pacific headcount is 18, of which 13 are in Singapore, with the rest spread across Shanghai and Sydney.
Watanabe joined from JP Morgan AM’s Singapore office, where he was fund manager for its Tokyo Recovery Fund, a private real estate fund invested into the Tokyo office sector. He had been with the US firm since December 2014, according to his LinkedIn page.
He has also worked for Aviva Investors, Macquarie Capital Securities (Japan) and Morgan Stanley Japan Securities.
Carlyle hires former Johnson & Johnson China chairman
US private equity firm The Carlyle Group has hired former Jesse Wu, the former China chairman of pharmaceuticals giant Johnson & Johnson, to help it invest in China’s fast-growing healthcare industry.
Wu will advise Carlyle on potential mainland buyouts, drawing on his 30 years of experience in healthcare and related sectors.
China’s enormous healthcare market continues to expand rapidly, driven by an aging population, economic growth and expanding basic health insurance. In 2013, healthcare expenditure in China hit RMB3.2 trillion ($493 billion), maintaining an annual growth rate of 17.2% over the past nine years.
Wu joined J&J in 1989 as finance director in Taiwan. He later became chairman of J&J China, a new role, in 2013. Earlier in his career, he had worked at Procter & Gamble and PepsiCo.
Deloitte acquires Casey Quirk
Professional services firm Deloitte has acquired substantially all the assets of Casey Quirk, an asset management-focused consultancy. The terms of the deal were not disclosed.
The Casey Quirk partners and existing team will transition to Deloitte and operate under the “Casey Quirk by Deloitte” brand.
Casey Quirk has more than doubled its staff in the past three years and opened offices in Hong Kong and New York, ,” said Yariv Itah, managing partner, Casey Quirk. “Joining Deloitte is an optimal choice to help us maintain our tremendous growth. We also believe this creates a superior career platform for our talented team.”