AUSTRALIANSUPER HIRES FRONTIER ADVISORS' CEO
AustralianSuper, the largest superannuation fund in the country, has hired Damian Moloney from investment consultancy Frontier Advisors to be its head of investment for Europe.
Moloney is leaving his role as chief executive at Frontier on March 29 and begins at AustralianSuper in April, according to a press release from the superannuation fund said. The role is newly created as part of the funds efforts to bolster its European investments, an AustralianSuper spokesman said.
AustralianSuper declined to comment on whether there would be further hires on its European team.
Moloney will be based in Melbourne before relocating to London in early 2019, the spokesman said. He will report to chief investment officer Mark Delaney, the spokesman added.
Frontier Advisors will fill the hole left by Moloney with Andrew Polson (pictured), who it has hired from Australian financial services group MyState. Polson is now general manager of wealth management at MyState.
Kim Bowater, director of consulting, will be acting chief executive in the interim until Polson starts his role in May, a Frontier Advisors spokesman said. He will report to the Frontier Advisors board, the spokesman added, and he will be based in Melbourne.
MyState did not respond to queries on Polson’s exit date, whether a replacement has been announced yet, or who will be covering his duties in the interim.
STANCHART’S PRIVATE BANKING CEO TO LEAVE
High-profile banker Anna Marrs is leaving Standard Chartered on September 9 to join American Express as president for global commercial services.
Marrs is StanChart's regional chief executive officer for Asean and South Asia and CEO of the commercial and private banking unit. Her departure will lead to structural changes.
She hands her responsibilities as regional CEO to Judy Hsu, who is currently CEO for Singapore and Asean markets, on May 31. Marrs also steps down from the group's management team that day.
Subject to regulatory approval, Hsu takes over on June 1, but she will retain her Singapore CEO duties until a successor is appointed.
Internal reporting lines for the commercial banking, private banking and wealth businesses have been realigned as a result of Marr’s departure.
Didier von Daeniken, who previously reported to Marrs, will continue to run private banking and wealth management. For his wealth responsibilities, he will report to Ben Hung, chief executive for Greater China and North Asia as well as retail banking. Meanwhile he will report to Tracy Clarke, regional CEO, Europe and Americas, for his private banking responsibilities.
In her new role at American Express, Marrs will report to chairman and CEO Steve Squeri.
MERCER NAMES REGIONAL HEAD OF SUPERANNUATION PRODUCT
US consultancy Mercer has appointed Darren Stevens as head of superannuation product and platform strategy, Pacific.
Stevens will be based in Melbourne, and he will start on April 9, a Mercer spokeswoman said. He will oversee the identification and execution of opportunities to enhance Mercer’s local and global capabilities, as well as partnership solutions, for the consultancy’s master trust and superannuation clients.
He will report to Australia chief executive Ben Walsh, said the spokeswoman. She added that the role was newly created, and declined to expand on who was responsible for his duties previously.
Most recently, Stevens was director of product management and strategy for Australian superannuation, pension, and life insurance professional services firm Bravura Solutions.
Bravura did not respond to queries on Stevens’ exit date, and whether a replacement has been found yet.
PIMCO APPOINTS ESG EXECUTIVE
US fixed income investment manager Pimco has named Gavin Power as executive vice president and chief of international affairs and sustainable development.
Power will be working with managing director and head of ESG strategies Mike Amey and chief investment officer of US core strategies Scott Maher to lead the integration of ESG factors in Pimco’s investment process, as well as provide clients with ESG specific investments opportunities, a Pimco spokeswoman said.
The Newport Beach-based role is newly created, according to the spokeswoman, and he will report to managing director and head of public policy Libby Cantrill.
Pimco was not able to provide a start date for Power.
Power is currently deputy executive director of the United Nations Global Compact, a platform that promotes sustainability and responsible investment, and he was the co-founder of UN-supported sustainable investment organisation Principles for Responsible Investment.
His last day at the United Nations Global Compact will be April 13, a UN spokeswoman said, and the process of finding a replacement will take place in the coming months. The UN did not comment on who would be taking over Power’s duties in the interim.
NNIP APPOINTS LEAD PORTFOLIO MANAGER FOR EMD
Dutch asset manager NN Investment Partners (NNIP) has promoted Lewis Jones to lead portfolio manager of emerging market debt (EMD) local currency strategies.
Jones is responsible for the day-to-day portfolio management activities of all EMD local currency portfolios, overseeing senior portfolio manager Daniel Wood, who runs the Eastern Europe, Middle East, and Africa region, portfolio manager Johnny Chen, who runs the Asia region, and portfolio implementation manager Annika Wong. He will also continue covering Latin America.
He started the New York-based role on March 13, an NNIP spokeswoman said, and continues to report to head of EMD Marcel Assalin.
Assalin had been taking on the lead portfolio manager role responsibilities on an interim basis after the departure of Marcin Adamczyk in March 2017, said the spokeswoman.
Jones was most recently senior portfolio manager for EMD local currency.
ADIC MERGES INTO MUBADALA
Abu Dhabi, one of the seven emirates of the United Arab Emirates, has announced a merger of two of its investment funds into a combined wealth fund.
The Abu Dhabi Investment Council is set to become part of Mubadala Investment Company, according to a UAE presidential decree.
Under the new law, the Mubadala Investment Company board of directors become the board of directors for the Abu Dhabi Investment Council.
The senior leadership of ADIC will continue to manage the Council, a media statement said.
Eissa Mohammed al Suwaidi will continue to lead the organisation as its chief executive officer, and will report to Mubadala group CEO and managing director Khaldoon Khalifa al Mubarak, the statement said.
Mubadala did not respond to queries on when the merger takes effect or whether it will trigger any personnel changes.
CHINA LIFE PROMOTES CHIEF INFORMATION OFFICER TO VP
China Life has promoted Ruan Qi to vice president.
He was previously chief information officer at the life insurance company before stepping up to the new role in January. The appointment is still pending approval from the China Insurance Regulatory Commission.
Ruan is still overseeing the information technology department at China Life, which declined to comment on whether he had replaced anyone in his new capacity.
CREDIT SUISSE FOUNDER NAMES TWO SENIOR RESEARCHERS
Credit Suisse Founder Securities (CSFS), a joint venture between Credit Suisse and Founder Securities, has appointed two Shanghai-based researchers to cover the China A-share market.
Chen Li, previously China A-share strategist at Credit Suisse, moved to CSFS as chief strategist to lead its A-share coverage in February. He reports to Wang Mingshen, CEO of CSFS.
Herman Chan joined CSFS’ research department in January as executive director and he reports to Chen Li.
Credit Suisse said both were new hires, but did not respond to question on whether it was seeking someone for Chen’s former role.
Herman Chan was previously the director and head of business management for investment banking at HSBC Qianhai Securities, a position he left in December, according to his LinkedIn profile. HSBC Qianhai declined to comment on his departure.
CITI'S CEO FOR HONG KONG AND MACAU DEPARTS
Citi's country officer and chief executive officer for Hong Kong and Macau has left the bank to join the property development industry, FinanceAsia reported.
Weber Lo will officially become CEO of both Hang Lung Group and Hang Lung Properties on July 16 after its current CEO Philip Chen retires. The appointment was made on May 16.
Citi said a replacement for Lo would be named in due course.
PICTET WEALTH MANAGEMENT'S SE ASIAN MARKETS MD LEAVES
Grace Barki, managing director for Southeast Asian markets, has left Pictet Wealth Management.
She joined the Swiss private bank in Singapore in February 2016.
A Pictet WM spokesman confirmed the departure but declined to say if a replacement has been named or who had taken over her responsibilities.
Before joining Pictet WM, she was with Royal Bank of Canada Wealth Management as managing director and Southeast Asia head, also based in Singapore.
She has previously worked for J Safra Sarasin and UBS.
Other people news reported by AsianInvestor this week: