Standard Chartered has bolstered its Asean capital markets team with the appointment of seven staff in new roles throughout the department, according to an internal company memo seen by Euromoney. The staff have taken up a variety of positions and include new hires and internal transfers at senior and junior levels, according to the memo. A source at Standard Chartered says the new appointments are part of an aggressive plan for 2015, where the company sees lots of opportunities and wants to grow its market share in the region. Victor Lohle joins the DCM team as an executive director from the credit research team. Amit Verma joins the high-yield
product group (HYPG) team as director, from the leveraged finance team. Charles Chua will be rejoining the loan syndications team as a director from Deutsche Bank, where he was responsible for loan sales in southeast Asia. Ross Bennett joins the HYPG team as an associate director, from the project and export finance team, where he spent the past three years covering southeast Asia clients. Puja Shah joins the HYPG team as an associate, from the south Asia DCM team where she has worked since January 2013. Toh Shu Fen joins the DCM team as an as- sociate from Goldman Sachs, where she spent three years in the DCM team based in Singapore. Iris Goh joins the DCM team as an analyst, from the
wealth market product and sales team where she spent the past two years covering fixed-income products. Talent investment “Asean bond and loan markets have been active and dynamic in 2014, and we judge there will be further franchise opportunities to pursue in 2015,” continues the memo. “The existing capital markets teams deserve credit for their strong performance year to date, and this talent investment puts us in a very strong position as we look forward.” At Standard Chartered capital markets in Asean, the DCM team reports to Aaron Gwak, the HYPG group reports to Jujhar Singh, and the loan syndications group reports to Bryan Liew.
Private banking is not so easy in Asia real estate appreciation in Asia there are many more millionaires; also the appreciation of small businesses has led to many more millionaires – but those are not bankable assets,” says Salem. “So private banks set up here thinking there will be thousands of clients; only
Asia has more billionaire cities than any other region, according to data released in November by Wealth-X and UBS. Hong Kong, Mumbai, Singapore and Beijing are the richest cities in Asia. This year 18 new billionaires were created in the region – the highest growth rate in the world. China alone has 157 billionaires (the US has 515). Asia also has the fastest rate of wealth growth. Wealth-X forecasts that Asian wealth will overtake Europe’s in 2017 and its ultra-high-net-worth population will overtake Europe’s by 2021. Total Asian UHNW wealth is predicted to overtake that of the US in 2024 and the total Asian UHNW population is expected to exceed that of the US in 2032. It’s easy to see why so many banks looking for revenue growth in their private banking divisions have set their sights on expan- sion into Asia. Hong Kong and Singapore have a combined UHNW wealth of $690 billion, just below Switzerland’s $750 billion. But is it all an illusion? Some private banks are struggling to make a profit and a wave of consolidation seems to be unfolding, with more sellers than buyers.
Poor reflection “Figures that show Asia’s wealthy population to be booming are misleading,” says Bassam Salem, chief executive of Citi Private Bank Asia Pacific. He says that consultants point to data on the number of high-net-worth individuals in Asia and advise private banks to set up in the region – but their data are not a true reflection of the business opportunities available. “Because of they can’t find any.” Salem also points to the costs of compensation and real estate as further drags that adversely affect the profit growth private bank heads expect in Asia. Property prices have doubled in Hong Kong, for example, since the end of 2012 and banks are facing steep costs to remain in Hong Kong Central or Kowloon. With regards to compensation, there is just too little talent to cope with the growing number of clients and so banks face high costs in attracting sen- ior bankers or training advisers. The in- ability to make Asia private banking a profitable business is forcing some banks to sell. Merrill Lynch in Asia was purchased by Julius Baer for example. Société Générale is selling its Asia pri- vate banking business. It manages around $13 billion.
Feb 21, 2018 0Christy Walton was born in 1955 .Walton has described...