FORMER CHINA PB HEAD AT STANCHART ACQUITTED OF BRIBERY CHARGE
The former private banking head for China at Standard Chartered, Ryan Gwee Yuan Kerr, has been acquitted of a bribery charge by a magistrate court in Hong Kong, a media statement said.
The charge was brought against Gwee by the Independent Commission Against Corruption (ICAC).
In January 2018, following the conviction of Teng Wen-Chung, former chairman of Taiwan's Singfor Life Insurance, for embezzlement, the ICAC charged Gwee for “being an agent in accepting an advantage”, a media statement said.
Gwee was alleged to have accepted HK$150,000 ($19,169) in August 2011 in relation to the handling of Teng’s accounts and those of his companies’ accounts at SCB.
Magistrate Lam Tsz-kan of Hong Kong’s Eastern Magistrates’ Courts dismissed the ICAC charge on October 9 after a hearing.
Gwee, now co-founder and CEO of private equity firm Asia Capital Pioneers (ACP), had worked at Standard Chartered in Singapore, Hong Kong and Shanghai for more than a decade, as head of private banking for China before he left in 2011.
He then set up an investment firm, which was reorganised to become ACP. The firm provides consultancy services to family offices on investments and philanthropy.
CAMBRIDGE ASSOCIATES' ASIA HEAD TO DEPART
Cambridge Associates’s Asia head, Alvin Tay, is set to leave the investment consultancy at the end of 2018, having held the role since February 2014. He is on sabbatical until December 31, AsianInvestor understands.
Tay will be replaced by Aaron Costello, managing director on the global investment research team a Cambridge Associates spokeswoman told AsianInvestor. Prabhat Ohja, managing director of Asia private clients, will work alongside Costello, she added.
Both Costello and Ohja are based in Singapore, she added.
Cambridge Associates did not respond to queries about whom Costello and Ohja report to. AsianInvestor could not ascertain where Tay might be going next.
DBS PB NAMES NEW HEAD OF INTERNATIONAL IN MIDDLE EAST PUSH
Singapore's DBS Private Bank has appointed Rudiger von Wedel as Dubai-based head of international, as part of its expansion plan in the Middle East for the coming five years.
He was most recently chief executive of the global wealth division of the National Bank of Abu Dhabi, which did not reply to AsianInvestor’s query about his departure.
Von Wedel joined DBS on November 19 and reports to Lawrence Lua, Singapore-based deputy head of the private bank.
Vivek Chandy remains general manager of the Dubai office.
Von Wedel succeeds Rob Ioannou, who takes up the role of regional head of family office, wealth planning, insurance solutions and external asset managers.
Ioannuou had been based in Singapore as head of international and will remain in the city-state, also reporting to Lua.
Ioannou's role is dedicated to addressing growing client interest, a company spokesman said. He declined to clarify how these areas had been overseen previously.
DBS has some 20 staff in its Dubai private bank business and aims to more than double that number over the next five years, the spokesman said.
The strategic plan for the Middle East aims to cater to clients looking to Asia for investment opportunities and to make its Dubai office a strategic hub for that region.
BNP PARIBAS WM NAMES ASIA HEAD OF STRUCTURED INVESTMENTS
BNP Paribas Wealth Management has appointed Henry Hui as head of structured investments and derivatives for Asia, effective November 27.
Based in Hong Kong, Hui reports to Lemuel Lee, deputy head of investment services for Asia Pacific.
Hui is responsible for originating, structuring and marketing structured products across all asset classes. Hui joined from Bank of Singapore, where he was head of equities advisory and sales trading for Hong Kong.
AsianInvestor understands that Hui replaced Yves Guo, who has been appointed head of corporate and business development for Greater China and head of the RMB Competence Centre.
Bank of Singapore declined to comment on Hui’s departure or whether anyone had replaced him.
*This story has been updated
BNP PARIBAS SECURITIES NAMES APAC HEAD OF ALTS INVESTORS
BNP Paribas Securities Services has appointed Caleb Wong as Asia-Pacific head of alternative investors, effective November 28.
In this newly created role, Wong will lead BNP Paribas Securities Services’ alternative investors client line teams in the region, as the French firm seeks to grow its Asia franchise across the hedge fund and private capital market segments.
Before joining BNP Paribas, Wong was managing director at State Street Alternative Investment Solutions, responsible for its private equity and real estate administration business in Asia Pacific.
Based in Singapore, Wong reports to Mostapha Tahiri, head of institutional investors for Asia Pacific.
Wong left State Street in September and his duties have been taken on by Cora Tang, Asia head of private equity, and Celyn Chan, vice president for real assets, said a spokeswoman for the US firm.
AVIVA INVESTORS EXPANDS EM TEAM
Aviva Investors, the asset management business of British insurer Aviva, has appointed Aaron Armstrong as portfolio manager for global emerging market equities in London, as part of the expansion of its equity capabilities.
Armstrong joined Aviva Investors in the newly created role on November 5 from Alquity Investment Management, where he worked for around four years, most recently as senior analyst in the Asian investment team.
He reports to Alistair Way, head of global emerging market equities.
An Alquity spokesman said Armstrong left in October and a search for his replacement is underway.
*This story has been updated with new details.
CBRE NAMES PRESIDENT FOR CHINA UNIT
CBRE, a US-based real estate services and investment firm, has promoted Alan Li to Shanghai-based president of its China business.
Li started the role on November 26 and is responsible for CBRE’s advisory services across business lines in China, including advisory and transaction services, capital markets and asset services. He reports to Ben Duncan, Hong Kong-based president of North Asia.
The role was created to centralise all geographic and advisory business line leadership in China, a CBRE statement said. It enables the company to collaborate more freely around clients and to integrate service offerings, a company spokeswoman said.
Li was previously managing director of capital markets for Greater China at CBRE, based in Shanghai, and maintains those duties while the firm identifies a replacement.
MUFG INVESTOR SERVICES APPOINTS CEO, SALES HEAD
MUFG Investor Services, the asset servicing arm of Japan's Mitsubishi UFJ Financial Group, has appointed John Sergides and Hideto Shimada as chief executive, respectively, on January 1.
Eiji Ihori, the current interim CEO, will return to his former role as senior managing executive officer of Mitsubishi UFJ Trust and Banking.
Over the past six months, Sergides and Shimada have been operating as deputy CEOs overseeing the day-to-day running of the business. Shimada also cotinues in his role as chief risk officer, a spokesman for MUFG told AsianInvestor.
In addition, Mike McCabe will assume the role of global head of sales, product and marketing at MUFG Investor Services after serving as interim head for the past six months.
MUFG Investor Services said rdid not immediately respond to AsianInvestor queries on who was in the role of chief risk officer previously.
*This story has been updated with new details.
ANGELA BOW TO LEAVE JULIUS BAER
Swiss private bank Julius Baer’s Hong Kong-based head of the Japan, emerging Asia and intermediaries team, Angela Bow, will leave the bank, AsianInvestor understands.
Christian Cappelli, market head for Philippines, will assume her emerging Asia duties, while continuing in his current role, AsianInvestor understands.
The Japan offshore teams in Hong Kong and Singapore will be integrated into the Greater China and Southeast Asia business.
It is also understood that the intermediaries teams in Hong Kong and Singapore will be transferred to the newly created intermediaries and global custody team, to be led by Philipp Rickenbacher, an executive board member, starting on January 1.
Bow had joined Julius Baer in May 2016 from Credit Suisse, according to her LinkedIn profile. Julius Baer declined to comment on her departure.
Other people news reported by AsianInvestor last week:
*This roundup has been updated since November 30 to include the Standard Chartered acquittal story.