The Swiss asset and wealth manager is shutting its Hong Kong operation, a move that came as no surprise to market observers. More industry closures and consolidation are expected.
The Swiss banking group has hired six relationship managers in Hong Kong, four of whom joined from HSBC Private Bank. But it has also lost staff recently.
Edmond de Rothschild Group is boosting its private banking capabilites in Hong Kong, and will look to add 10 staff in the next 12 months. It is also exploring opportunities for a Singapore office.
The French bank has a new Asia business development team whose main focus will be asset management, and has boosted its stake in its Chinese fund-management joint venture.
The firm has named Lavin Mok as head of Asia sales and Bryan Yip as China equities manager and will transfer its Asia portfolio manager from Paris to Hong Kong.