BNPP IP creates Asia-Pacific and EM head role
BNP Paribas Investment Partners (BNPP IP) has appointed Ligia Torres as head of Asia Pacific and emerging markets, a newly created role based in London.

This follows the promotion of Vincent Camerlynck to Asia-Pacific chief executive from deputy CEO following the departure of CEO Stewart Edgar in July, as reported in news broken by AsianInvestor.

Camerlynck reports to Torres, who will oversee Asia Pacific and all new markets and reports to BNPP IP’s CEO, Philippe Marchessaux.

Torres joins from BNP Paribas Wealth Management, where she was UK head and chairman of BNPP IP UK. She has 30 years of international experience in financial markets. 

Camerlynck has been in Hong Kong since 2012, before which he was based in London and was responsible for institutional sales globally.

BNPP IP’s presence in Asia Pacific and emerging markets covers 19 countries and includes local investment capabilities in Argentina, Australia, Brazil, Chile, China, India, Indonesia, Japan, Hong Kong, Korea, Malaysia, Russia, Singapore, Taiwan and Turkey.

The Asia-Pacific and EM division managed some €60 billion ($80 billion) of assets as of June 30 and has close to 1,000 employees, including 280 investment staff.

Natixis appoints HK head of wholesale
Natixis Global Asset Management has hired Davy Yuen from Man Investments as its new head of wholesale distribution in Hong Kong.

Yuen is responsible for new business development and managing its existing clients, including private banks, consumer banks, insurance companies and IFAs.

He started in his newly created role on September 9, and reports directly to Madeline Ho, managing director and head of wholesale distribution in Asia Pacific, based in Singapore.

Ho joined in January from Fidelity Worldwide Investments.  A Fidelity spokeswoman did not have a response as to whether the firm has found a replacement for Ho.

Yuen previously spent six years at Man Investments as an executive director responsible for wholesale and institutional business in Greater China. Prior to Man he worked at UBS Global Asset Management, Invesco Asset Management and Janus International.

Natixis, which managed $783.3 billion as of June 30, has offices in Beijing, Hong Kong, Seoul, Singapore, Taipei and Tokyo. Asia Pacific assets totalled $24 billion as of March 31.

The firm is focusing on developing its wholesale divisions in Singapore and Hong Kong, a spokeswoman says, adding the firm may consider similar expansions in its other regional offices.

Man Investments declined to comment on whether Yuen had been replaced.

Northern Trust targets Middle East growth
Northern Trust has opened an office in Riyadh, Saudi Arabia, in response to its growing Middle Eastern client base.

The Chicago-based bank’s only other office in the region is in Abu Dhabi, which opened in 2008.

Michael Slater, who has overseen the Abu Dhabi branch since 2008, has been named head of the Riyadh office. Sheldon Woldt, Middle East head for Northern Trust, will now oversee its Abu Dhabi operations, a spokeswoman says. Slater will continue to report to Woldt.

Slater joined Northern Trust in 2005 to focus on business development in the region, and will hold similar responsibilities in Riyadh, meeting sovereign wealth funds, central banks, pension funds, asset managers and wealthy families.

There are five employees in Riyadh, and the firm will add more as the business grows. A spokeswoman declined to offer details on how many the firm hopes to hire.

In addition to business development, Northern Trust received a licence to manage investment funds in Riyadh, as well as offer advisory and custody services, a spokeswoman says, declining to offer more detail.

Before joining Northern Trust in 2005, Slater worked at Bankers Trust, Deutsche Bank and HSBC.

Credit specialist hires CEO
Asian credit fund manager Double Haven Capital has named Greg Donohugh its new chief executive officer.

Donohugh previously worked at Wells Fargo Securities’ Asian platform overseeing the firm’s regional securities operations and working directly with banks, sovereign wealth funds, central banks, pension funds, insurance companies, private equity firms and long-only fund clients.

He joined Wells Fargo Securities in 2004, having previously worked at Lehman Brothers and Bear Stearns.

Darryl Flint, Double Haven’s founder and CIO, handled the CEO responsibilities before Donohugh joined. Now Flint will solely oversee the firm’s investments while Donohugh will focus on the firm’s business strategy and distribution.

Double Haven manages $630 million in AUM. Twenty employees work in its Hong Kong office, its only location.

Walkers adds to Hong Kong office
Hong Kong-based offshore law firm Walkers has hired Mark Cummings as a counsel.

Cummings joins from Appleby Global, where he advised clients seeking to domicile hedge funds and private equity firms in the Cayman Islands and British Virgin Islands. He worked at Appleby from 2007, spending a few years in the Cayman Islands before relocating to Hong Kong.

Walkers, which opened its Hong Kong office in 2003, specialises in legal advice for firms seeking to domicile or structure funds in the Cayman Islands and the BVI.

Research house seeks to add to HK headcount
Schulte Research International, a new research house founded by Paul Schulte in Hong Kong earlier this year, is looking to add to its headcount.

It has four people working in Hong Kong, and Schulte plans to add two more employees soon, a spokeswoman said. She declines to offer more details.

Schulte left China Construction Bank in June 2012 to start the research firm, which focuses on corporate credit in emerging markets.

After the launch of the Hong Kong office in March, it opened a branch in Rio de Janeiro this July. Schulte may consider opening offices in other locations, although has no firm plans yet.

Schulte was global head of financial strategy and Asia banks research at China Construction Bank. He previously held similar positions at Nomura, Lehman Brothers, Baring Asset Management and Credit Suisse.

Other people moves reported by AsianInvestor in the past week:

Chinese insurers building internal expertise