Published by Asia Asset Management – 8th December 2016
China’s National Council for Social Security Fund (NSSF) has appointed 21 domestic asset managers to undertake its new pension mandates. The bureau is looking to establish a new pension fund scheme dedicated to provincial or local pension accounts.
The trend of Western lenders selling Asian private banking operations continued with the ABN AMRO transaction today.
Liechtenstein-headquartered LGT has agreed to buy the private banking businesses of ABN AMRO in Hong Kong, Singapore and Dubai, which together hold around $20 billion of client assets under management. The transaction is yet another example of how some non-Asian lenders have sold off private banking operations amid a bout of M&A activity in recent years.
Published by WealthBriefingAsia – 5th December 2016
Private banks in Asia want to grow annuity income at a time when reliance on transactional revenues is harder to justify as cost/income ratios are high. But access to funds requires a battle for talent and new ideas on where to find the right people, so this report says.
Published by AsianPrivateBanker.com – 25th November 2016
Nomura’s Singapore-based deputy head of wealth management for Asia ex-Japan has left the bank, Asian Private Banker can reveal. The private bank has also reshuffled a number of senior management roles.
Amanda Chen has exited Nomura after almost two years as Asia deputy head for Japanese lender’s wealth management division.
Chen reported to Nobuhiro Sano, head of wealth management, Asia ex-Japan, who remains with the bank.
Asian Private Banker understands that Johnny Heng, who was Nomura’s chief investment officer (CIO), wealth management, Asia ex-japan, has taken on the role of head of relationship management for the wealth management unit, effective immediately.
The vacated CIO role has been spilt, with Vincent Ng becoming CIO for Hong Kong and Tong Yeu Sng becoming CIO in Singapore.
A spokesperson for the bank declined to comment on Chen’s departure and the internal changes.
Chen joined Nomura Wealth Management in January 2015 from Morgan Stanley where she held a number of role, including head of strategic transaction group and head of private wealth management. Chen also worked with Lehman Brothers in equity derivative structured sales.