Deutsche Bank closes Australia wealth arm 
Deutsche Bank is closing its wealth management unit in Australia with the loss of 15 jobs including head of the business Chris Selby, amid growing concerns about the financial health of the German lender. The firm will retain a cross-border capability, with teams in Singapore and Hong Kong servicing Australian clients. 

The decision follows that of moves by other banks, such as UBS, Goldman Sachs and Bank of America Merrill Lynch, to close their onshore Australia wealth businesses amid rising costs and more stringent regulations in the segment.

A Deutsche Bank spokeswoman said the shift was in line with the group's aim to achieve a simpler and more efficient organisation and with its global wealth management strategy to serve clients through selected, scalable hubs.

She added that the firm's "immediate priority is to support those employees who are affected and to work with our wealth management clients to transition their business to alternative providers of their choice".

The transition of Deutsche's private client activities to alternative providers is expected to be completed in the first half of 2017.

Chief executive John Cryan has reportedly set out a long-term plan to shrink the bank and cut costs, including exploring options such as selling all or part of its asset-management business. However, Cryan was quoted in September ruling out such a move, stressing the importance of the AM unit to the group.

JP Morgan Private Bank promotes Asia chief 
JP Morgan has promoted Andrew Cohen to CEO for international private banking, in addition to his role as Asia chief executive, which he has held since 2010.

Pablo Garnica, CEO for private banking for Europe, the Middle East and Africa, and Chris Harvey, Latin America CEO for the private bank, now report to Cohen.

The international private bank chief role had been vacant since Doug Wurth took on another post in the US in 2013. Since then, Cohen, Garnica and Harvey had been reporting to Phil Di Iorio, global CEO for private banking.

Credit Suisse replaces Japan private banking head
Credit Suisse has hired Tsuneaki Hirao, UBS's former Japan head of ultra-high-net-worth, as head of private banking Japan, effective September 28. He replaces Masahide Ohashi, who left in July to pursue other interests.

Based in Tokyo, Hirao will report functionally to Alex Wade, Sydney-based head of private banking for developed and emerging Asia, and locally to Martin Keeble, Japan chief executive.

Hirao had been with UBS in Japan for 10 years. The bank declined to comment on his departure. He has also worked for Citi Private Bank in Japan.

Sun Life creates Asia high-net-worth chief role
Canadian insurer Sun Life has appointed David Varley as chief of high-net-worth and wealth structuring for Asia, effective Setember 29. Based in Hong Kong, he reports to Jason Dehni, Hong Kong chief executive of Sun Life.

This is a newly created role, as Sun Life has set up a new HNW business under the guidance of Dehni, who came onboard in May, said a spokesperson.

Varley's responsibilities include developing the regional strategy, managing key partner relationships across the region (such as with private banks, family offices and HNW brokers) and managing related operations and marketing.

Varley was previously Hong Kong head of high-net-worth and Asia head of protection and health development at rival insurer Axa. The French firm declined to comment on his replacement. He had also worked at UK insurer Aviva from 2003 to 2009. 

Deutsche Bank WM hires back William Tsang 
Deutsche Bank Wealth Management has rehired William Tsang to take on the Hong Kong-based role of managing director for key client partners. He rejoined in July with a mandate to grow key relationships in China. Deutsche declined to say who looked after those responsibilities previously.

Tsang had left the German firm in 2012 to join Nomura as Asia ex-Japan head of products for wealth management. It was the Japanese bank’s first step in further expanding its wealth products platform at that time, as reported.

Nomura did not respond by press time to queries about when he left or whether he had been replaced.

His most recent role at Deutsche had been head of investment advisory for North Asia based in Hong Kong.

Lombard Odier hires senior RM from Goldman
Swiss private bank Lombard Odier has hired Sandy Lim as a senior relationship manager in its Singapore office. He will focus on Southeast Asia and report to Vincent Magnenat, Singapore chief executive and Asia head of private banking. 

Lombard Odier declined to comment on whether Lim had replaced anyone.

Lim was most recently Goldman Sachs Private Wealth Management, where he had been executive director since July 2013. Goldman has not yet replaced Lim. He has also worked at UBS Wealth Management and Singapore sovereign wealth fund GIC.

Aima names new chairman and board directors
The Alternative Investment Management Association (Aima) has announced a new chairman and the formation of a new Aima Council, its global board of directors.

Simon Lorne, vice chairman and chief legal officer of US hedge fund firm Millennium Management, succeeds Kathleen Casey, who served as chair from September 2012 to September 2016. 

There are four new additions to the Aima Council: Robyn Grew, London-based chief administrative officer and general counsel of UK hedge fund firm Man Group; Ho Han Ming, Singapore-based partner at law firm Sidley Austin; Ryan Taylor, London-based global head of compliance at UK-based Brevan Howard Asset Management; and Michael Weinberg, New York-based senior managing director and chief investment strategist at Protégé Partners. 

Eva Sanchez, general counsel and head of compliance at Citadel Europe, and Choo San Yeoh, a director at Albourne Partners, are stepping down from the Council. 

The Council, comprised of 16 directors, will serve from September 2016 to September 2018. The full list of the Council directors can be found here.

Jupiter hires ex-Barings manager for Japan funds
UK asset manager Jupiter has hired Mitesh Patel from Baring Asset Management as a portfolio manager for its Japan funds.

Patel will join on October 3, supporting Dan Carter on the Japan Income and Japan Select Sicav products. Carter was appointed lead manager of the Jupiter Japan Income Fund in May, taking over from Simon Somerville, who has left Jupiter after 11 years. Patel and Carter are both based in London.

Patel had been an investment manager at Barings since 2013 and previously worked at US fund house BlackRock. Barings did not respond to queries about his replacement by press time.

GAM restructures multi-asset business
Swiss asset manager GAM has restructured and renamed its multi-asset portfolio solutions (MAPS) business as GAM investment solutions (GIS). The company declined to comment on whether there had been any changes to its Asian team. 

The former MAPS unit comprised three teams: alternatives, multi-asset, and private clients and charities. The new GIS division comprises four functions: investment management, manager research, solutions development and client relationship management. GAM said it had made the change to “better cater to client needs”.

London-based Larry Hatheway, GAM’s group chief economist, who has led the MAPS group since November 2015, will continue to lead the new GIS team. He will take over David Smith’s role as chairman of the alternative investment solutions investment committee. Smith will depart this month following the restructuring, after 18 years with firm.

Under the new structure, manager research will be led by Kier Boley, a portfolio manager in the AIS team. Rory MacEwen, head of private clients and charitieswill head client relationship management.

Solutions development is a new area focusing on bespoke investment solutions, co-led by Boley and Andrew Jenkins, an investment director covering multi-jurisdictional assets for high-net-worth individuals and family offices

Other people news reported on AsianInvestor in the past week:

Amundi shuffles bond team after Jauer switch