Banking and Finance News & Trends: Aug Week 3
Banking and Finance News & Trends: Aug Week 3
Banking and Finance Sector News
1. Business Moves
i. BNP Paribas WM Sets Up EAM Desk to Serve Family Offices and UHNW Clients
BNP Paribas Wealth Management launched an External Asset Manager (EAM) desk for Asia Pacific (APAC) to target family offices and ultra-high-net-worth (UHNW) clients in Hong Kong and Singapore. The desk will operate under a selective approach, focusing on partnerships with high-quality EAMs with strong client relationships and robust compliance standards. It will be helmed by BNP Paribas Wealth Management’s APAC EAM desk head, Hugues Thierry.
Takeaway: The move comes amidst growth in the region’s family office sector in the region, which led to an increasingly structured industry. Interestingly, private banks have varied in their approach, with some, like HSBC, closing their EAM desks while others, such as Deutsche Bank, have reopened theirs.
Read the full paid article about BNP Paribas WM’s EAM desk.
ii. HSBC Mulls Sale of South African Operations
HSBC is considering selling its South African operations as part of a broader strategy to focus more on its core Asian markets. The potential sale includes both the South African branch business and its securities unit, which have attracted interest from regional banks, as well as entities from China and the UAE. While no deals have been finalised, the move aligns with HSBC’s ongoing efforts to streamline operations and reduce costs under CEO Georges Elhedery.
Takeaway: This follows a trend of divestments in Western markets, with the bank increasingly redeploying resources towards Southeast Asia (SEA) and China. The bank is also merging several industry-focused divisions into five broader groups, a move widely viewed as preparation for a future where interest rates are expected to decline.
Read the full article about HSBC’s potential sale.
iii. Finture Bags $30m to Expand YUP Beyond Indonesia
Indonesian fintech startup Finture, which operates YUP, a platform blending credit card and e-wallet features, has raised nearly US$30 million in a Series B round led by MindWorks Capital. The funding will drive expansion into new markets like Hong Kong, Vietnam, and the Philippines. YUP focuses primarily on Indonesia, offering credit cards and digital payment solutions to the underserved working-class population excluded from traditional banking. It has gained traction, amassed over one million users and secured strategic partnerships, including an exclusive Visa collaboration.
Takeaway: Since its inception in 2021, YUP has become Indonesia’s largest digital bank for credit and payment services, partnering with major brands like Visa, KFC, and MAP Group. Despite a challenging funding environment in Asia, YUP’s solid business model, stable financials, and local expertise have helped it attract significant investment.
Read the full article about Finture’s fundraising.
iv. Guosen Plans Acquisition of Stake in Vanho, Mirroring Peers
Shenzhen-based Guosen Securities is planning to acquire a 53% stake in the smaller Vanho Securities. Similar mergers are happening across the industry.
Takeaway: The move is part of the broader government-backed push to consolidate China’s fragmented brokerage industry worth 12 trillion yuan. This consolidation effort is being encouraged to create stronger domestic firms that can compete with global players.
Read the full article about Guosen’s interest in Vanho.
2. People Moves
i. Banks: Emirates EBD, HSBC AM, StanChart, Julius Baer, Deutsche, VP and EFG
Emirates EBD: Emirates NBD hired Sameer Deshpande as the new Singapore Head of Wealth Management. Deshpande will oversee the bank’s wealth management business across Singapore and Asia. Deshpande has close to 30 years of experience. This includes 19 years at Citi, where he most recently held the role of Global Head of Investment e-sales, focusing on digital solutions in wealth management.
HSBC: HSBC Asset Management hired Kristy Wong as the Head of Responsible Investment Specialists in Asia. Wong will be based in Hong Kong and will focus on client engagement and product development across the ESG, climate, and responsible investing fields. Companies she has worked at include Amundi, Bank of America, and Ernst & Young.
Standard Chartered: Standard Chartered has made several key leadership changes.
- Exit: Murli Adury, Managing Director and Global Head of Affluent Segments, RM and Sales Management at Standard Chartered Bank (SCB), is moving on to a new opportunity. Adury played a pivotal role in maintaining client relationships and steering the bank’s affluent segment to new heights since joining the bank in January 2020 at the onset of the pandemic. His leadership saw the growth of the bank’s priority banking segment, the launch of Priority Private, and the strengthening of the bank’s international banking presence. Murli also cultivated a supportive culture that enabled Relationship Managers to excel.
- Promotion:
- Global Head of Affluent Segments & Distribution Rajesh Kannan will relocate from Singapore to Dubai. Kannan, who has worked for 25 years at the bank, will be the managing director and head of wealth and retail banking for the UAE and international banking EMEA. He will also lead the affluent global Indian segment, a key focus area for the bank.
- Sofia Hammoucha was named the global head of trade and working capital. Hammoucha, who will be based in Singapore, succeeds Kai Fehr, who is returning to Germany for family reasons. Hammoucha joined Standard Chartered in 2022 and has previously served at BNP Paribas for 22 years.
- Ankur Kanwar was named the head of transaction banking for Singapore and ASEAN. He replaces Maisie Chong, who will continue in other significant roles within the bank. Kanwar has over 20 years of experience and has served in roles across Asia and the US at institutions like J.P. Morgan and Deutsche Bank.
- Reshuffle: Standard Chartered appointed CEO of SC Ventures, Alex Manson, to its group management team as the bank increasingly focuses on innovation. Manson has over 30 years of industry experience and led the establishment of the bank’s fintech arm, SC Ventures.
Julius Baer: Julius Baer hired Ashwin Jayaram as the new Team Head for its Global Non-Resident Indian (NRI) division in Singapore, effective August 19. Jayaram, who has over 20 years of experience in wealth management, previously led a MAS-licensed multi-family office and held roles at banks like J. Safra Sarasin, Coutts and Credit Suisse. This appointment aligns with the bank’s broader global Indian-focused strategy, highlighted by its recent hiring of two senior bankers in Dubai to expand NRI coverage.
Deutsche Bank: Deutsche Bank hired Manik Chhabra as head of global corporate coverage for India and Sri Lanka, effective August 19. Chhabra previously served in a corporate banking role at Citibank for over 22 years and held several senior leadership positions, including India head for mid-corporates. Chhabra will also join the management board of the bank’s India branch.
VP Bank: VP Bank is shutting down its Hong Kong office following the resignation of Asia CEO Pamela Hsu Phua and COO Heline Lam due to strategic disagreements with the bank’s Liechtenstein leadership. The closure of the Hong Kong office, part of a broader efficiency drive to cut costs by at least CHF 20 million, reflects the bank’s focus on profitable regions, such as Singapore. The bank will now service its Hong Kong clients from its Singapore office based on a fly-in, fly-out model. This move comes amid a year of internal changes at VP Bank, including leadership transitions in Asia and ongoing efforts to find a permanent group CEO. The current Asia CRO, Reto Marx, will serve as interim Asia CEO, while CIO Thomas Rupf steps in as interim COO.
EFG: A team of Citi Private Bank offshore bankers, headed by former Citi Private Bank offshore China expert Seamus Yin, will be joining EFG. According to sources, the group includes Yin, two of his former team leaders from Citi, and several relationship managers.
Read the full article about NBD’s Singapore wealth management head.
Read the full article about HSBC AM’s responsible investment head.
Read the full article about Adury’s departure from Standard Chartered.
Read the full article about Kannan’s relocation to the UAE.
Read the full article about Standard Chartered’s new transactional banking leaders.
Read the full paid article about Julius Baer’s team head for global NRI.
Read the full article about Deutsche Bank’s corporate banking head from Citibank.
Read the full article about the departure of VP Bank’s c-suites.
Read the full article about VP Bank’s new Asia CEO.
Read the full paid article about ESG’s team from Citi.
ii. Financial Services: Vistra, Charles Monat and Aviva
Vistra: Vistra hired Andrew Cherry as the new Group Chief Financial Officer (Designate), effective 21 August 2024. Cherry, who was initially based in Luxembourg, will move to Singapore and lead Vistra’s finance function, driving the business’s long-term strategic and financial objectives. Cherry has over 25 years of experience in high-growth situations, technology and organisational transformation. He most recently served as the CFO of Alter Domus, and his past work experience includes tenures at Price Waterhouse, Gemini Consulting, BAT plc, Cable & Wireless, Volex plc, and Salamanca Group. He succeeds Hilton Hess, who is retiring after completing the group’s integration, scheduled for October 2024.
Charles Monat: Life insurance brokerage Charles Monat Associates hired Teddy Chu as Deputy CEO in Hong Kong. Chu has over 25 years of experience in private banking and wealth planning across major financial institutions. He will focus on expanding the firm’s Greater China business while working closely with the APAC CEO on high-net-worth legacy planning solutions.
Aviva: Aviva Investors hired Denis Resovac as the head of insurance solutions sales for the APAC region. Resovac, who will be based in Singapore, will lead investment solutions for insurer clients. He has over 20 years of experience in insurance regulations, asset classes and sustainable investment strategies. Resovac previously held leadership roles at Robeco and DWS Group. He also spent over 14 years at Deutsche Bank, where he specialised in structured credit solutions and fixed-income products for asset managers, insurers, and private banks.
Read the full article about Vistra’s CFO from Alter Domus.
Read the full article about Charles Monat’s Hong Kong Deputy CEO.
Read the full article about Aviva’s insurance head from Robeco.
Investment, PE & VC News
1. Trends
i. Private Wealth Institutionalisation Key to Asian Families’ Succession Plans
The traditional approach of managing wealth within Asian families—often informal and concentrated in familiar sectors—is increasingly seen as unsustainable. With rising geopolitical risks, economic volatility, and generational shifts, more families are turning to an institutional approach, such as family offices, trusts, and structured governance. These structures improve risk management related to intra-family conflicts, especially during succession.
Takeaway: However, older generations may resist more modern, institutional approaches. As such, successfully transitioning requires building trust with external advisers, honouring long-standing values while adapting to new realities, engaging the next generation, and embracing calculated risks.
The institutionalisation of private wealth is becoming a key component in succession planning. As Asia’s economic and social landscape evolves, this shift is set to significantly influence the financial dynamics and legacies of the region’s wealthiest families.
Read the full article about the growing importance of private wealth institutionalisation.
ii. Majority of SEA LPs are Family Offices: Preqin
Based on the Preqin report, SEA-based limited partners (LP) largely comprise of family offices. As the region becomes more affluent, the number of family offices has increased from a fifth of the total investors in 2020 to a third as of June 2024. Corporate buyers form the second largest source of investors, while the third group comprises banks, asset managers and wealth managers. Nearly half of the APAC family offices are now headquartered in Singapore and Hong Kong, and more are increasingly focusing on private assets. Sovereign wealth funds have been crucial in driving the growth of the region’s private capital markets.
Read the full paid article about the investment landscape in SEA.
2. Business Moves
i. Godmother of AI Backs Radical Ventures’ $800m Fundraising
AI pioneer Fei-Fei Li has become a limited partner (LP) in Radical Ventures, a venture capital firm focused on AI, robotics, and disruptive technologies. The firm recently raised nearly $800 million, making it one of the largest AI funds globally. Other investors in the fund include the “Godfather of AI”, Geoffrey Hinton, the family office of former Google CEO Eric Schmidt and CPP Investments, among others.
Takeaway: Li’s involvement deepens her ties with the firm, where she already serves as a scientific partner and has received investment for her own AI startup, World Labs. Radical Ventures was established during a period when AI technology was rapidly emerging and showing great potential. The founders, Jordan Jacobs and Tomi Poutanen, both have successful entrepreneurial backgrounds in the AI field. They founded Layer 6 AI, which was later acquired by TD Bank in Canada, and Vector Institute, one of Canada’s three major AI research centres.
Read the full Chinese article about Fei-Fei Li’s participation in Radical Venture’s fund.
ii. KKR, Hulic Offer $2b for GIC’s Prime Tokyo Skyscraper
KKR, one of Japan’s largest real estate companies, and Hulic have made a bid of approximately US$2 billion to acquire Shiodome City Centre, a prominent office tower in Tokyo owned by Singapore’s GIC. The transaction would be one of Japan’s largest real estate deals. Initially marketed in 2023, the sale faced delays due to tenant changes but has now attracted this single bid. Discussions are ongoing, and there’s potential for more capital partners to join the consortium.
Takeaway: Unlike the US, Japan’s commercial real estate market remains stable due to favourable financial conditions and a relatively resilient office sector.
Read the full article about KKR’s bid for Shiodome City Centre.
iii. Saudi Fund Expresses Interest in Boeing, Airbus Freighters
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is in early talks with Boeing and Airbus to acquire freighters for a new cargo airline.
Takeaway: The move aligns with Saudi Arabia’s plans to establish itself as a logistics hub to compete with Dubai and Doha. The new cargo operation would also align with the kingdom’s broader economic diversification strategy, supporting its national carriers—Saudia and startup Riyadh Air.
Read the full article about the Saudi fund’s interest in airlines.
iv. Roadblock for Wealthy Indians Seeking Overseas Investments via New Finance Hub
Indian regulators have paused the approval of family offices setting up investment funds in the Gujarat International Finance Tec-City (Gift City). The move comes amidst concerns about potential tax evasion and capital control breaches. The Reserve Bank of India (RBI) fears these structures might create loopholes for money laundering.
Takeaway: The decision will likely affect Gift City’s goal to be a hub for wealthy individuals’ overseas investments and prompt family offices to consider alternative locations like Singapore and Dubai.
Read the full article about India’s family office regulations.
v. Tim Draper Leads $2.5m Investment in Ark Labs to Boost Bitcoin Utility
Ark Labs, a three-month-old startup focused on accelerating and reducing the costs of Bitcoin transactions, has secured $2.5 million in pre-seed funding. The round was led by prominent investor Tim Draper, with participation from several venture firms and angel investors. This funding will be used to enhance the Ark protocol, expand the team, and form strategic partnerships to push bitcoin adoption for global commerce.
Takeaway: This investment highlights the growing interest in making Bitcoin a mainstream payment option. However, some analysts believe that Bitcoin will need to offer greater practical utility to maintain its strong level of interest.
Read the full article about Ark Labs’ fundraising.
3. People Moves: CPP and Vontobel
CPP: Kim Suyi is stepping down after a 17-year tenure at CPP Investments, where she played a pivotal role in building and expanding the firm’s Asia business from the ground up. Kim started in Hong Kong in 2007 before eventually opening the APAC office and growing the regional team to 150 members. After becoming the global head of private equity in 2021, Kim relocated to lead the business from Toronto and New York. She will leave at the end of the year to pursue new global investment opportunities. Her successor, Caitlin Gubbels, has been with CPP Investments since 2010 and currently leads the private equity funds business. Gubbels will take over on October 15.
Vontobel: Vontobel has appointed former BlackRock wealth team executive Clarabelle Ho as head of intermediary clients in Asia. Ho will focus on building relationships with key financial intermediaries in the region. She has 15 years of experience in managing intermediary distribution across APAC and has also held positions at UBS Asset Management and BNP Paribas Investment Partners.
Read the full paid article about Kim Suyi’s departure from CPP.
Read the full article about Vontobel’s executive from BlackRock.
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Image Sources:
- Unsplash
- The Banker
- Bendi.news