Julius Baer hires Asia CIO from Pictet
Swiss private bank Julius Baer has created the post of Asia chief investment officer and hired Bhaskar Laxminarayan from Pictet Weath Management to fill it. Based in Singapore, he started yesterday and also heads the Asia investment management division.
Julius Baer did comment by press time on how Laxminarayan's duties had been dealt with previously.
He reports to Yves Bonzon, global head of investment management and CIO, based in Geneva.
Laxminarayan was Asia CIO at Pictet for nine years, based in Singapore. Pictet said a replacement would be announced in due course.
Prior to this, he had held roles at various firms in Singapore, such as CIO at Shinsei Asset Management and portfolio manager at US fund house AllianceBernstein.
Meanwhile, Julius Baer has named Ivan Guidi as deputy sub-regional head for emerging Asia and senior client adviser for ultra-high-net-worth investors in the Philippines. He was previously head of offshore markets excluding Greater China. Julius Baer did not comment by press time on who would take on that role now. Guidi remains in Hong Kong and reports to Angela Bow, who joined in May as head of emerging Asia from Credit Suisse.
Christian Cappelli, market group head for Philippines, will relocate to Singapore from Hong Kong. He remains in his present role and reports to Bow.
Adia poaches operations head from Ashmore
Sovereign wealth fund Abu Dhabi Investment Authority (Adia) has hired Garry Beaton from UK asset manager Ashmore in the newly created role of global head of operations.
He will guide the operations department’s strategy and oversee its key activities in the areas of trade support (internal and external funds), corporate actions, performance and development, securities lending and custody.
Beaton will report to Mohamed Darwish Al Khoori, executive director of Adia’s operations department. Beaton’s responsibilities are understood previously to have been shared by senior managers in the operations team and overseen by Darwish.
This approach has been adopted across many of Adia’s departments in recent years, with global heads being added in departments including alternatives, private equity, real estate and internal equities. They all report to a department head.
Beaton moves to Abu Dhabi from London after three years as global head of operations at Ashmore, which declined to comment on his departure. Before that, he spent seven years with Goldman Sachs Asset Management in London and Bangalore.
HSBC Private Bank lures Goetz from Credit Suisse
HSBC Private Bank has hired Roger Goetz as Asia-Pacific head of advisory and sales management. He has taken over some of the responsibilities of Lionel Kwok, who was named head of Asia sales management in April but has since left the bank.
Goetz will be responsible for driving the regional sales management process and the investment advisory framework in collaboration with market teams, investment counselling teams and product teams.
He joined from Credit Suisse Private Banking in Singapore, where he was global head of digital relationship management strategy and experience. Credit Suisse did not respond to a query about his departure by press time.
He has relocated to Hong Kong for the HSBC role, reporting to Fan Cheuk Wan, head of investment strategy for Asia. Fan joined in April from Credit Suisse Private Banking, where she had been Asia-Pacific chief investment officer.
Noah appoints US chief, group CFO
Chinese wealth manager Noah Holdings has named Tao Ching, its former chief financial officer, to chief executive of Noah's US business, and Chuang Shang-yan, former Noah Hong Kong CEO, will replace her. The appointments took effect on September 1, with both reporting to Kenny Lam, group CEO.
Tao moved from Noah's headquarters in Shanghai to San Francisco to oversee the US operations, comprising offices in Silicon Valley and New York. The San Francisco office will focus on sourcing direct investment opportunities, while New York will target investments in the secondary market.
The opening of the US subsidiary came on the heels of Noah opening a trust company, Ark Trust, in Jersey two weeks ago as a joint venture with trust service provider JTC.
Meanwhile, Chuang relocated to Shanghai from Hong Kong to replace Tao. He was replaced as Hong Kong CEO by Liu Yihao in August, as reported.
Tao had joined Noah in August 2014 as CFO, while Chuang started in 2011 as director of investment relations and corporate development and in 2012 established Noah Holdings' Hong Kong branch.
Unigestion replaces non-executive Asia chairman
Swiss fund house Unigestion has appointed Edouard Merette as non-executive chairman for Asia. He replaces Bill Foo, who served as chairman for five years and remains a member of the board.
Based in Singapore, Merette will lead the firm’s strategy for growth in the region. He was previously managing director for Asia Pacific at Caisse de Depot et Placement du Quebec, a Canada pension fund manager.
Schroders creates global head of strategy role
UK asset manager Schroders has created the role of global head of strategy and hired Huw van Steenis from Morgan Stanley to fill it. He will come on board in the fourth quarter.
Based in London, and reporting to group chief executive Peter Harrison, van Steenis will be responsible for business strategy and corporate development, with a focus on medium and longer-term strategy development.
Van Steenis has 20 years’ experience in the investment industry, including 14 as global coordinator of banks and diversified financials research at Morgan Stanley. He has also worked at JP Morgan and Boston Consulting Group.
Property services firm Jones Lang LaSalle has promoted Megan Walters as Asia-Pacific head of research, effective October 1. She replaces Jane Murray, who is leaving after 18 years with the company.
Based in Singapore, Walters will report to Anthony Couse, JLL’s Asia-Pacific chief executive. Walters joined the firm in 2010 as head of research for Asia-Pacific capital markets, a role she will also retain.
Australian asset manager QIC has hired Paul Nicholson in London as director for global fixed income and absolute return, a newly created role.
He will join in November from Vontobel Asset Management in Zurich, where he was head of fixed income absolute return. Vontobel did not respond to a query about Nicholson's replacement by press time.
Nicholson will report to Susan Buckley, QIC’s managing director of global liquid strategies, based in the firm's Brisbane headquarters.
Nicholson will be responsible for expanding QIC’s global liquid strategies capacity across international markets, focusing on alpha generation across the UK, Europe and the US.
Falcon Private Bank replaces CEO
Falcon Private Bank has appointed Walter Berchtold as chief executive, succeeding Eduardo Leemann, who will resign but remain with the Swiss bank as senior adviser. Leeman, 60, is retiring from operational management, said the bank in a statement.
Based in Zurich, Berchtold will start in the role on October 1. He joined the bank’s board in March 2015.
The switch comes after the Monetary Authority of Singapore said on July 21 that it had found "substantial breaches" of anti-money laundering regulations following an investigation into several banks related to scandal-hit Malaysian state fund 1MDB, as reported. Falcon has said it is in full cooperation with the authorities and will comment further when the investigations are complete.
Berchtold has three decades of experience in banking. He became head of private banking at Credit Suisse in 2004. In 2011, he gave up operational responsibility but continued to serve as chairman of the private banking division. He stepped down as a member of the executive board of Credit Suisse in November 2012.
French bank Credit Agricole has appointed Paul de Leusse as chief executive of its private banking arm, Indosuez Wealth Management.
Based in Paris, he replaces Christophe Gancel, who had held the role since November 2011.
De Leusse was most recently deputy chief executive of Credit Agricole Corporate and Investment Banking, a role he had held since 2013, before which he was CFO. He has been with the firm since 2009.
He has also worked for private equity firm Bain & Company and consultancy Mercer Oliver Wyman.
Taiwan FSC names new banking bureau chief
Taiwan’s Financial Supervisory Commission has appointed Wang Li-chuan as director general of its banking bureau, to succeed Austin Chan, who is retiring.
Wang was previously director general of the FSC's financial examination bureau and has been replaced by Wu Quei-mao, who had been chief secretary. The chief secretary position has been assumed by Su Yu-ching, former director general of the department of planning.
Jean Chiu, former deputy director general of the banking bureau, will take Su’s former role. The new deputy chief of the banking bureau is yet to be announced, a spokesperson said.
All the appointments took effect on August 31.
Taiwan's Life Insurance Association elected Huang Diao-kui as its new chairman on August 31. He has been vice chairman of the country's biggest life insurer, Cathay Life, and has been with the firm since 1973.
The association's former chairman, Hsu Shu-po, has served the maximum of two successive three-year terms since 2010. Hsu is vice chairman of Taiwan Life.
Singapore Exchange has elected Kwa Chong Seng to succeed Chew Choon Seng as chairman, effective September 22, when Chew will retire.
Kwa was elected to the board in September 2012 and was appointed lead independent director in December 2013. Chew joined the SGX board in December 2004 and has been chairman since January 2011.
Other people news reported on AsianInvestor in the past week: