Press

4 November 2016

Ex-UBS Executive Director Joins HSBC

Published by Finews.asia – 4th November 2016

A former Executive Director, Wealth Management at UBS, Singapore, has crossed the street to take up a senior role with rival HSBC Private Bank.

In a statement to finews.asia HSBC Private Bank said: “We can confirm the appointment of Shang-Wei Chow as a Market Head, Domestic (Singapore) team at HSBC Private Bank, effective 3 November 2016. His appointment underpins our continued efforts to enhance our client servicing capabilities and deepen our engagement with clients.”

Chow is a seasoned private banker with nearly 15 years of experience managing client relationships and wealth portfolios in Southeast Asia. As a Market Head of the Domestic team he will be responsible for new business development and deepening existing client relationships in line with HSBC’s strategy. Prior to joining the bank he was Executive Director, Wealth Management at UBS, Singapore.

A Year of Change

HSBC has seen numerous changes to its Singaporean private bank throughout 2016 including the departures of HSBC veterans Rob Ioannou to DBS and Michael Hua to LGT Private Bank.

HSBC Private Bank in the city-state has also appointed several new bankers including a Head of Investment Counselling together with a new Head of Ultra High Net Worth Investment Counselling.

Please visit Finews.asia for more news

4 November 2016

Senjo Group Relocates to Fintech Hub Singapore

Published by Crowdfund Insider – 4th November 2016

Privately held investment firm Senjo Group has relocated its corporate headquarters to Singapore in recognition of Singapore’s growing influence in the Fintech sector. Representatives said the business-friendly environment and focus on financial innovation was key in their decision to lease the entire 56th floor of One Raffles Place. Senjo was only recently set up in 2015. The company was launched to manage a portfolio of payments processing, cross-border remittance, foreign exchange, trade finance, e-commerce, mobile payments, commodity trading and factoring businesses. Senjō also has regional offices in Japan, Indonesia, Malaysia, Myanmar, Thailand, Luxembourg and the UK, and operations in most major markets.

3 November 2016

Change At The Top Of BEA China

Published by Wealth Briefing Asia – 3rd November 2016

Bank of East Asia (China) has appointed Cartier Lam Chi-man as executive director and chief executive. The role was previously held by Kwan Tat-cheong, who will take up a new position as senior advisor to BEA China.

Lam has experience in the banking industry and of mainland China’s financial markets due to his 20 years of experience working at BEA.

3 November 2016

Fidelity retail head Waterhouse to move to Asia role

Published by FTAdviser – 3rd November 2016

Fidelity head of UK retail sales Ben Waterhouse is to move to South East Asia to lead the firm’s sales efforts in the region, with retail sales director Russell Lancaster and head of UK wholesale John Clougherty taking on his responsibilities.

Mr Waterhouse joined Fidelity in 2010 from Legal & General Investment Management and will now become head of wholesale business for South East Asia and the Middle East as well as country head for Singapore.

2 November 2016

Standard Chartered faces Hong Kong IPO investigation

Published by The Telegraph – 1st November 2016

Standard Chartered faces the threat of a financial hit in Hong Kong after the troubled emerging markets-focused lender revealed it was being investigated over its handling of a stock market float, in what marks yet another regulatory blow to the bank.

The FTSE giant disclosed that the Hong Kong Securities and Futures Commission (SFC) has warned the lender that it “intends to take action” against the bank for its role as a joint sponsor on a share sale seven years ago, understood to be the initial public offering of China Forestry. The probe could have “financial consequences” for Standard Chartered, the lender warned in its third quarter results.

1 November 2016

Bank of Singapore to boost AUM with DZ PRIVATBANK Singapore clients

Published by Hubbis – 1st November 2016

Bank of Singapore has been selected by DZ PRIVATBANK Singapore to sign a referral agreement that gives the latter’s clients the option to move their assets to the Singapore-based private bank.

This comes due to the impending closure of DZ PRIVATBANK Singapore.

1 November 2016

Credit Suisse shrugs off China jitters, launches onshore securities brokerage joint venture

Published by South China Morning Post – 1st November 2016

While some international banks are pivoting away, Credit Suisse ratchets up services targeting institutional investors in China ahead of possible inclusion of A-shares in the MSCI

Credit Suisse is ploughing ahead with its China ambitions, a stance that leaves the Swiss bank at odds with rival banks which in some instances are pivoting away from the mainland after years of unsuccessful operations or disputes with their joint venture partners.

1 November 2016

First trade executed via robo-adviser service in Southeast Asia

Published by Wealth Adviser – 1st November 2016

Singapore’s accredited investors have executed the first trades on a robo-adviser platform in Southeast Asia, with the purchase of a position in the All Weather Portfolio on the WeInvest robo-adviser platform.

WeInvest provides a range of passive asset allocation portfolios and thematic baskets across a suite of strategies, asset classes and currencies.

1 November 2016

UBS to Axe 100 Jobs Across its Wealth Management Unit

Published by Finance Magnates – 1st November 2016

Several dozen jobs are being cut at UBS, its latest measures in a rough 2016 fiscal year for the lender.

2016 has been characterized by a wave of job cuts at several leading lenders in Europe, with the epicenter of the trend being London. A combination of factors such as rising labor costs and lagging profits has propagated an influx of pink slips, with UBS joining the ranks in November, according to a recent Reuters report.

1 November 2016

Ex-BSI banker trial: Yeo Jiawei’s former supervisor made S$6.9m in ‘secret profits’ from 1MDB dealings

Published by Straits Times – 1st November 2016

SINGAPORE – On the second day of the first 1MDB-related trial, revelations emerged about the lengths to which ex-BSI banker Yeo Jiawei and his former supervisor Kevin Swampillai went to hide their “secret profits” as investigations by the Singapore authorities intensified. A former head of wealth management services at BSI Bank Singapore revealed that he received about US$5 million (S$6.95 million) in referral fees or secret profits, during the trial of ex-banker Yeo Jiawei.