Carol Chen, who joined Barclays Wealth in 2011, is working out her notice and the bank is reviewing its internal structure, say sources.
The Liechtenstein-based boutique private bank is building its team in Asia and has made a senior hire from Barclays Wealth in Singapore.
The firm is half way through a three-year plan to build its infrastructure and production capacity. CEO Tom Kalaris outlines the five key components that should be ready in Asia next year.
The firm hires Carol Chen from UBS and Michelle Ho from HSBC to cover Greater China from the Lion City. They’ll work in tandem with Januar Tjandra, based in Hong Kong.
Pakorn Boonyakurkul is focusing on ultra wealthy entrepreneurs in China and wants to add a raft of senior staff as the firm strives to double AUM to $50 billion in three years.
New research underlines the key challenges and opportunities facing private banks as first-generation business owners contemplate how best to pass on their wealth.
The firm appoints Pakorn Boonyakurkul from HSBC Private Bank, with Joanna Chu reverting to Hong Kong market head. HSBC is understood to have lost Carole Cheung, and speculation suggests she may join Boonyakurkul at Barclays.
Barclays Wealth hires nine bankers in Singapore and three in Hong Kong as it continues to expand in the region.
Barclays Wealth investment strategist Aaron Gurwitz says investors should look past worries in both East and West to focus on developed-market stocks.
North Asia head Joanna Chu is hoping to appeal to Greater China clients and wants to hire more private bankers, with RMB services planned to be offered in Hong Kong next year.
The firm says wealth managers in Asia need to be at the forefront of dialogue with clients and insurers about how to tailor and enhance insurance solutions to meet their specific needs.
Most high-net-worth individuals plan to work past traditional retirement age, with their home nation’s macroeconomic prospects identified as a key motivator, finds a Barclays Wealth survey.