Michael Chan moved on in August after nine years with the asset management and servicing firm and a search is still under way for his replacement.
The asset management and servicing group is recruiting five executives to raise its Middle East headcount to 14 in anticipation of opportunities in the region's pensions industry.
CEO Rick Waddell says the firm does not intend to seek a licence to conduct onshore custody business in China, but is targeting Asian family offices.
The firm has hired George Hindmarsh from Citi as regional head of business development for asset servicing to institutional clients and he will be looking to add dedicated resources.
Sumitomo Mitsui Trust Bank’s proposed purchase of Daiwa Securities’ hedge-fund admin and trustee business should provide it with access to new client segments.
Asset-servicing firm RBC Dexia says RBC's acquisition of the remaining half of the business will hasten regional expansion and lead to greater cross-selling opportunities.