ANZ wealth chief exits amid restructuring
Australian bank ANZ is breaking up its global wealth unit, folding most of it into its retail business, resulting in the departure of Joyce Phillips, global head of wealth, marketing and innovation.
New chief executive Shayne Elliott is seen to be ringing the changes with a view to boosting profitability, following his appointment in January to replace former CEO Mike Smith.
David Hisco, chief executive of New Zealand and group executive, is now responsible for Asia wealth, along with international and Pacific retail, effective March 12. Bret Packard, Asia head of wealth and private banking, and Sanjoy Sen, Asia head of retail, will report to Hisco.
The latest changes come just a year after the bank combined its wealth and private banking units under Packard, previously Asia head of wealth management, leading to the departure of Manfred Liechti, global head of private banking.
Phillip’s exit is part of a restructuring, which ANZ said aimed to simplify its approach to wealth management and align the distribution of wealth products and services with its retail and commercial businesses.
An industry source said the restructuring came as no surprise. “Private banking is something the bank tried to start organically in 2008, but numerous chief executives have come and go. To date the profitability of the private bank has always lagged behind the retail bank.”
The wealth team is in charge of product manufacturing, he noted. “The hard P&L resides with the distribution arms, comprising retail and private bank. Retail Asia has been doing well since ANZ acquired this business from RBS in 2008. Mass affluent is its sweet spot.
ANZ did not respond to requests for comment as of press time.
Reporting to Packard in Asia are Arjan de Boer, private banking head for North Asia, and Amresh Acharya, private banking head for Southeast Asia.
JP Morgan AM appoints Japan property head
JP Morgan Asset Management's global real estate unit hired Tetsuya Karasawa last month as its first head of real estate for Japan. Based in Tokyo, he reports to David Chen, head of real estate for Asia Pacific.
Karasawa's duties in Japan were previously spread among the Asia-Pacific team, which has offices in Hong Kong, Mumbai, Shanghai, Singapore, Sydney and Tokyo.
Karasawa was previously Japan head of Axa Real Estate Investment Managers and left the role on February 5. The company is recruiting a replacement and Shiro Yamanaka, deputy head of Japan, is taking responsibility for the office in the meantime.
Karasawa had joined Axa in 2010 after 18 years with Japanese trading company Mitsui.
Former Coutts chief resurfaces at Indian wealth manager
Sanctum Wealth Management, formerly the Indian wealth business of Royal Bank of Scotland, has named Rory Tapner, previously chief executive of UK private bank Coutts, as chairman.
Tapner was with Coutts, the wealth division of RBS, from 2010 to 2015. Prior to this he was Asia chairman and CEO at UBS for five years. Peter Flavel, formerly deputy CEO for Asia Pacific at JP Morgan Private Bank, has succeeded him at Coutts.
Sanctum is headed by Shiv Gupta, formerly India head of RBS Private Bank. Gupta, together with other investors, is acquiring the UK firm's local private banking business, as announced in September.
The sale followed RBS’s sale of Coutts to Swiss bank Union Bancaire Privee.
Sanctum will have offices in Mumbai, Delhi, Bangalore and Chennai.
BNPP IP appoints head of EM fixed income
BNP Paribas Investment Partners has hired Bryan Carter as head of emerging-market fixed income in London, effective February 29. He reports to Dominick DeAlto, chief investment officer of institutional fixed income.
Carter's post was previously held by Guy Williams in addition to his role as CIO of BNP Paribas Investment Partners’ institutional business. Williams remains in the latter role.
Carter previously worked at Boston-based Acadian Asset Management as a portfolio manager and was formerly an economist for the US Treasury.
BNPP IP's move reflects a growing focus on EM debt by some asset managers. For instance, Man GLG recently hired its first head of EM debt, and Nikko Asset Management added an EM debt portfolio manager last month.
Oaktree Capital opens in Australia
Distressed debt investor Oaktree Capital has opened an office in Sydney at a time when falling commodity prices and China’s economic slowdown are weighing on the Australian economy. Byron Beath will lead investment activities in the region.
The move follows the collapse of the country's mining boom collapse in the face of falling commodity prices and rising costs, which has caused equity and debt financing via capital markets to virtually dry up, according to FinanceAsia's report.
Beath joined Oaktree in 2016 to focus on investment opportunities in Australia and New Zealand. He previously spent 15 years with Australian bank Macquarie, where he was most recently a director in the corporate and asset finance division.
StanChart adds securities services head
Katarina Rosboch has rejoined Standard Chartered in the newly created role of global head of securities services for information technology and operations.
Based in Hong Kong, Rosboch reports to Michael Dargan, chief information officer for corporate and institutional banking. She joined from UBS and took up the role on February 4.
Rosboch is responsible for the global technology and operations teams supporting securities services clients. The bank said the role was created to enhance the service provided to investors and intermediaries.
She spent two years at UBS as managing director in its Asia-Pacific investment bank operations after two years at StanChart from June 2012 to June 2014.
AsianInvestor understands that Mervyn Chiu, previously of Nomura, has joined UBS to replace Rosboch. Chiu had been managing director for Asia operations at Nomura since 2010, according to his LinkedIn profile.
Maple Fiduciary adds Hong Kong office
US-based Maples Fiduciary, a provider of fiduciary and corporate administration services, has opened a Hong Kong office to add to its Singapore presence.
The new branch will be headed by Charlie Sparrow, regional head of fiduciary for Hong Kong, who joins from law firm Maples and Calder, for whom he worked in London and, most recently, Hong Kong.
The initial focus will be on Hong Kong company incorporations and corporate services, but it will also offer services related to directorships, trusts, board support, private clients and accounting.
Maple Fiduciary's clients include family offices, private trusts and philanthropic trusts.
Withers sets up Asia-Pacific hotels team
UK law firm Withers has hired a team of four hotel and hospitality specialists from Sydney-based Ryan Lawyers to establish an Asia-Pacific hotels team.
The team specialises in acqusitions and sales of hotels and resorts and represents owners and operators in the hotels and hospitality sector.
Robert Williams heads the team at Withers after leading Ryan Lawyers' Australian operation. Justin Gross is also a partner, with 20 years’ experience in M&A, funds and structuring. The team is rounded out by consultant Chris Greiner and associate Vivian Chen.
They took up the new roles on March 2.
Williams and Gross will split their time between Sydney and Singapore, while Greiner and Chen are based in Sydney.
Axioma names head of Asia ex-Japan
US risk solutions provider Axioma has brought in Joel Coverdale as head of Asia ex-Japan based in Hong Kong, continuing its regional expansion.
The role has been created as the firm, whose client base comprises largely asset managers, has also opened new offices in Tokyo and Melbourne. Heads of Australia and Japan will be named later.
Coverdale reports to Asia-Pacific managing director Olivier d'Assier and is responsible for business development and operations in territories including China, Hong Kong, Korea, Singapore and Taiwan.
Coverdale previously ran his own risk consultancy, Eight Isle, from May last year to January this year, according to his Linkedin profile. Before that he worked at US fund house BlackRock in several senior roles in Asia and at software provider MSCI Barra in London.
Meanwhile Axioma has promoted Sam Ho to head of equity and client services for Asia-Pacific and hired Nathan Mackey as head of enterprise risk solutions and client services for the region. Both report to d’Assier and are based in Hong Kong.
Ho joined Axioma in 2006 and was previously overseeing sales and support teams in the Hong Kong office, duties that will now come under Coverdale's remit.
Mackey joined on January 4 from MSCI, where he spent eight years, most recently as business manager in its risk and portfolio management analytics business lines. MSCI had no comment on Mackey's departure or his replacement.
Other people news reported on AsianInvestor.net in the past week: