Published by AsianPrivateBanker – 11th February 2015
After more than five years with the Swiss bank, BSI’s head of structured products in Asia leaves to join an external asset manager (EAM) – a growing industry that is estimated to reach up to US$100 billion in assets by 2017.
Vinit Sarangdhar has resigned from BSI Bank where he was head of structured products, based in Singapore. He is now CEO of Alpha Vectors, an EAM business, also based in Singapore.
When contacted, a spokesperson from the bank confirmed the departure.
Prior to his role at BSI, Sarangdhar has worked at a string of financial institutions. Before joining BSI, he was an investment advisor at Deutsche Bank’s private wealth management armd for two years, having held a similar role at Coutts. Prior to that, he was head of treasury FX sales for Citibank’s Singapore desk and a foreign exchange trader at Standard Chartered Bank in Mumbai.
The move to leave to set up shop independently is providing to be popular trend in the private banking industry. Last year, EFG’s head of investments, Harmen Overdijk left to kickstart Caido Wealth with Louis Lamaison, one of EFG’s relationship managers and partnered with Ming Lee, CEO of private equity firm, Caido Capital and former CEO of Oppenheim in Hong Kong. “We belive that the investment cycle is turning and Asia will become once again a favoured destination for investment flows, and by teaming up with a private equity firm we are much better positioned to fulfil our clients’ investment objectives.” Said Overdijk about his move to join the EAM industry.
Indeed all eyes are on the EAM industry as private banks eye its explosive start, with the industry’s assets under management (AUM) rocketing from US$4 billion to US$48 billion in the last six years. In the latter half of last year alone, the likes of UBP and Vontobel have hired to bulk up their EAM offerings while independent wealth managers note a surge in demand in Asia as investors are increasingly seeking independent advice.
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