Press

12 October 2016

Julius Baer Boosts Thai, Philippines Teams With Credit Suisse Trio

Published by Wealth Briefing Asia – 12th October 2016

Julius Baer has appointed Pradinan Arkarachinores as team head for the Thai market, Agatha Chan as team head for the Philippines market, and Tisha Mellado as senior relationship manager for the Philippines. All three join from Credit Suisse.

Arkarachinores previously was an ultra-high net worth client relationship manager at Credit Suisse in Hong Kong, where she has worked since 2011. She has over 10 years of private banking experience in Thailand, Singapore and Hong Kong. Based in Hong Kong, she will report to Angela Bow, head of emerging Asia at Julius Baer.

11 October 2016

Singapore directs Falcon Bank to stop operations in Singapore

Published by Reuters – 11th October 2016

The Monetary Authority of Singapore (MAS) has asked Swiss wealth manager Falcon Private Bank Ltd to cease operations in the city state over lapses related to handling fund flows with scandal-hit Malaysian sovereign fund 1MDB.

The move comes after MAS – Singapore’s central bank – in May ordered the shutdown of Swiss private bank BSI and subsequently charged people in connection with the probe and froze assets linked to 1MDB. It also imposed financial penalties on DBS Bank and the Singapore branch of UBS AG for breaches of AML requirements.

11 October 2016

UBS Doesn’t Escape Unscathed from 1MDB

Published by Finews Asia – 11th October 2016

Singapore’s financial regulator has penalised banks for doing business with Malaysian state fund 1MDB, which is at the center of a billion-dollar corruption and money-laundering investigation. UBS, the world’s largest private bank, is guilty of 13 violations.

The Swiss bank’s money-laundering breaches include deficiencies in taking on new accounts, weaknesses in corroborating the source of funds, inadequately scrutinizing customers’ transactions and activities, and failure to file suspicious transaction reports on time, the Monetary Authority of Singapore said in a statement.

10 October 2016

Head of Deutsche Wealth Management in Asia Departs

Published by Finews Asia – 10th October 2016

In what could be a serious blow to morale, the long time head of the German lender’s Asian wealth business is reported to have left the firm and is headed for a larger rival institution.

Deutsche Bank investors have no doubt been hoping that the bank can settle their numerous investigations with the U.S. Justice Department quickly. However for some the lingering uncertainty seems to have proved too much.

10 October 2016

Two ex-BSI Singapore employees charged with criminal offences

Published by The Business Times – 10th October 2016

Singapore prosecutors have slapped seven charges each on two ex-BSI senior private bankers Yak Yew Chee and Yvonne Seah Yew Foong in the massive probe into Malaysia’s 1MDB case.

The Attorney-General’s Chambers said in a press release on Monday afternoon that most of the offences relate to Low Taek Jho’s accounts with BSI Singapore.

7 October 2016

Singapore’s asset management industry AUM increases by 9%

Published by Asia Asset Management – 7th October 2016

Singapore-based asset managers’ combined AUM increased by 9% last year to reach a fresh high of S$2.6 trillion (US$1.9 trillion) as of end December 2015. According to the Monetary Authority of Singapore (MAS), this was predominately due to strong net fund inflows.

In its newly-released asset management survey, the MAS found that that the increase could almost be entirely attributed to new asset growth. Nevertheless, the trends in different segments were mixed. Private equity (PE)/venture capital (VC) and real estate grew by over 40% and 80% respectively to S$136 billion and S$69 billion, while AUM managed by traditional asset managers increased at a modest pace of 4%. However, several emerging market managers recorded outflows from their equity and bond funds.

6 October 2016

Barclays Private Bankers Defect Before OCBC Acquisition

Published by Bloomberg – 6th October 2016

Standard Chartered Plc has stepped up its hiring from Barclays Plc’s private-banking team in Hong Kong ahead of the transfer of the business to Oversea-Chinese Banking Corp., in a move that underscores the stiff competition for wealth managers in Asia.

More than 10 Barclays relationship managers in Hong Kong are joining Standard Chartered, which is expanding its wealth business in the region after hiring global private-banking head Didier Von Daeniken from Barclays in March, said people familiar with the matter, who asked not be named as the move hasn’t been disclosed. Barclays had about 130 relationship managers in Asia as of last year, according to Asian Private Banker.

6 October 2016

Credit Suisse Confirms Head of Wealth Management Thailand

Published by Finews Asia – 6th October 2016

Credit Suisse has formally announced the new head of Wealth Management Thailand. Based in Bangkok she will lead the team of investment planners and report to Christian Senn.

The Swiss bank first set up a wealth management team in Thailand in May this year through its local securities entity Credit Suisse Securities (Thailand), offering wealthy individuals and families access to a comprehensive international investment and wealth management platform via its regional Private Banking hub in Singapore.

4 October 2016

Bank Of Singapore Adds To Indonesia Team

Published by WealthBriefingAsia – 4th October 2016

Bank of Singapore has appointed former BNP Paribas banker Leonard Yong as an executive director and cluster lead for its Indonesian team, this publication can confim.

This publication is seeking further details about Yong’s former role.

3 October 2016

Cazenove Capital acquires C Hoare & Co’s wealth management arm

Published by Fund Strategy – 3rd October 2016

Cazenove Capital is to acquire C Hoare & Co’s wealth management business for an undisclosed sum.

The oldest private bank in London, C.Hoare & Co has 1,800 private clients and £2.2bn of discretionary assets under management, as at the end of June 2016.