State Street reshuffles senior ranks
US fund servicing group State Street has reshuffled its senior ranks as it looks to centralise its regional management team and better coordinate its business decisions, says a spokeswoman.
Ian Martin was promoted to the newly created role of Asia-Pacific head of State Street Global Markets and State Street Global Exchange. He will assume the role on July 1.
He will relocate to Hong Kong from Australia, where he was most recently head of State Street’s investment servicing and global services subsidiary for Australia, South Asia and the Pacific region, as well as global markets head for Australia and New Zealand.
Global Markets is the investment, research and trading arm of the group, while Global Exchange is the organisation’s portfolio performance, analytics and electronic trading business.
Chris Taylor, Asia head of business development who is based in Hong Kong, will take over Martin’s Australian role.
Meanwhile, Andrew Erickson has taken up the newly created role of Asia-Pacific head of global services and investment manager services. He is based in Hong Kong.
The role builds on his previous remit, for which he was responsible for the global services unit in North Asia. The country heads of sales and relationship management for global services in Asia Pacific will report to him.
Martin and Erickson will continue to report to Wai Kwong Seck, State Street’s Asia-Pacific head of global services and global markets.
Coutts poaches new Hong Kong head
RBS’ private banking arm Coutts has named Pang Shun Tak as managing director and head of Hong Kong with immediate effect.
Based in Hong Kong, Pang is responsible for leading Coutts’ five private banking teams in Hong Kong, and one team responsible for the Philippines. He will report to David Lam, head of North Asia.
Pang joins from JP Morgan Private Bank, where he was most recently head of its private wealth management business for Hong Kong, China, Taiwan and the Philippines.
He replaces Ignatius Chong, who will now turn his focus to his role as chairman of the Coutts Institute in Asia, which he was appointed to in September, 2012.
The private bank’s global assets under management reached £28.5 billion ($47.9 billion) as of March 31. It declines to break out its Asia AUM.
The appointment comes after other recent hires made by Coutts. Yee Chin Lit was named as its Indonesia market head in January. He joined from Credit Suisse.
JP Morgan declined to comment when asked whether it had found a replacement for Pang.
Separately, a spokeswoman confirms that Coutts has yet to find a replacement for its ex-Asia CIO Gary Dugan. It was revealed in March he had left the UK bank earlier this year to join the National Bank of Abu Dhabi, as reported.
JP Morgan AM hires in strategic relations
JP Morgan Asset Management has appointed Mark Carlile to the newly created role of head of strategic relationships Australia for its recently launched mutual funds business.
Based in Melbourne, Carlile started earlier this month. He reports to David Halifax, head of Australia funds, a business that was launched this March.
Carlile’s remit is to help drive expansion and deepen the firm’s relationships with financial institutions in Australia.
He joins from Vanguard Investments where he was national manager for key accounts research and platforms in Australia. Carlile has previously worked for Goldman Sachs, JBWere Asset Management and ANZ.
Vanguard confirms it is beginning the recruitment process, looking both internally and externally for a replacement.
J. Safra Sarasin continues to mine BoS
Swiss group J. Safra Sarasin this week named Hena Hoda from Bank of Singapore (BoS) as managing director for client advisory in Southeast Asia.
Hoda will report regionally to Yelandur Nagendra, who was appointed to the then newly created role of deputy CEO for Asia earlier this year with the remit of building the bank's business in Asia. She will report locally to Eric Morin, CEO for Singapore and Southeast Asia.
Previously she had worked as managing director and market head of the India subcontinent desk and Southeast Asia for Bank of Singapore.
Her departure follows an exodus of at least 14 BoS bankers bankers to J. Safra Sarasin this March to cover the non-resident Indian segment in Hong Kong.
S&P Dow Jones Indices replaces Aus/NZ head
Index provider S&P Dow Jones Indices has named Daphne van der Oord as its new head of Australia and New Zealand. She took up the role last month.
Van der Oord will focus on advancing business in the region and strengthening strategic relationships, including that with the Australian Securities Exchange (ASX).
She has joined SPDJI from Man Investments where she was responsible for institutional business development.
Van der Oord replaces Guy Maguire, who left SPDJI recently for personal reasons, having worked at S&P's parent company McGraw Hill Group for more than 12 years, a spokesperson confirms.
Additionally, SPDJI announced it had hired Jonathan Morgan last month as senior director of channel management, which is responsible for business development of indices. He covers local asset owners, investment management consultants and financial advisors in Australia.
Morgan joins from the ASX, where he spent 13 years leading client relations and business development. Both Morgan and Van der Oord will be based in SPDJI’s office in Sydney.
Goodwin Procter adds partners in HK
Law firm Goodwin Procter announced the addition of partners Andrew Yang and Christopher Yu earlier this month to its finance practice in Hong Kong.
Yang advises clients on private equity, mergers and acquisitions and US and Hong Kong capital markets transactions. He has represented issuers and underwriters in equity, equity-linked and debt transactions across Asia. He joins from Milbank, Tweed, Hadley & McCloy’s Hong Kong office.
Yu advises clients on mergers and acquisitions, privatisations, initial public offerings and general regulatory compliance in Hong Kong. He joined from Cleary Gottlieb Steen & Hamilton, also in Hong Kong.
Hong Kong private wealth association replaces MD
The Private Wealth Management Association has named Joanne Leung as managing director to replace James Hong, who had only been appointed in April. As of press time, Hong’s reason for leaving was not clear.
Previously, Leung was Deutsche Bank’s COO for private wealth management North Asia for six years. Prior to that, she held senior management positions at UBS, Citibank, the Hong Kong Exchanges and Clearing and Wardley.
Launched in September, the voluntary association promotes Hong Kong as a regional private wealth management hub.
Other people moves reported on AsianInvestor.net: