Industry News & Trends Recap: Mar Week 1

Industry News & Trends Recap: Mar Week 1

Weekly Industry News & Trends Recap

Table of contents

  1. Finance Industry News
  2. Investment, PE & VC News
  3. Legal Industry News
  4. Healthcare & Life Sciences News
  5. Luxury & Retail News


Finance Sector News

banking and finance news


Morgan Stanley Lays Off 9% Staff in China Fund Unit

Morgan Stanley laid off around 9% of its asset management staff in China due to challenges in the country’s stock market. The downsizing affected approximately 15 employees at Morgan Stanley Investment Management China. This marks the first retrenchment at the China fund unit since Morgan Stanley acquired full ownership in 2023, reflecting broader challenges global financial firms face amid China’s economic downturn.

Read the full article about Morgan Stanley’s retrenchment.



Citigroup to Harness Hong Kong’s Financial Hub Status for Wealth Business Expansion in Asia

Citigroup plans to expand its wealth management operations across Asia, focusing on the Greater Bay Area (GBA) and leveraging its Hong Kong base despite selling its mainland China wealth business to HSBC. Andy Sieg, Citi’s global wealth head, expressed confidence in Hong Kong’s pivotal role in global wealth creation, citing the region’s potential for substantial growth in the next decade. The bank aims to capture a significant share of this growth, targeting US$150 billion in new business by 2025 as part of its broader Asia-Pacific (APAC) region strategy.

Read the full article about Citigroups’ plans for Hong Kong.



JPMorgan Picks HSBC and Standard Chartered as Hong Kong and Taiwan Custodians

JPMorgan Chase has chosen HSBC and Standard Chartered to manage its custody businesses in Hong Kong and Taiwan, which have assets exceeding US$500 billion. The decision follows reports in December that JPMorgan would outsource its local custody operations in these regions, with Citigroup also initially considered. HSBC will manage the custody business in Hong Kong, while Standard Chartered will oversee operations in Taiwan, although financial terms were not disclosed. The transition is expected to be completed by the end of the year.

Read the full article about JPMorgan’s custodians.


HSBC, Standard Chartered and BoA Seek to Finance Indonesia’s Coal Retirement

HSBC, Standard Chartered, and Bank of America are among the banks looking to finance the early closure of Indonesia’s Cirebon-1 coal-fired power station. Mitsubishi UFJ Financial Group is also considering participation, signaling banks’ growing interest and willingness to make fossil-fuel investments amid the global energy transition.

Read the full article about the financing for Indonesia’s coal retirement.



Personnel Moves: Julius Baer Appoints New Head for SEA, BIL Suisse Hires APAC Market Head

Julius Baer: Julius Baer appointed Malcolm Tay as its Southeast Asia (SEA) head, a newly created role based in Singapore. Tay was from Credit Suisse, and his appointment reflects Julius Baer’s strategy to consolidate leadership and foster regional growth. With extensive experience in leadership roles during his tenure at Deutsche Bank Wealth Management and Citi Private Bank, Tay is expected to strengthen Julius Baer’s leadership in Asia.

BIL: BIL Suisse hired Sharon Xie as Market Head of APAC to enhance its services for entrepreneurs and corporate clients. Xie brings over 20 years of banking experience across markets, including Switzerland, Hong Kong, and China. Her career spans notable positions at HSBC Beijing and Bank of China International.

Read the full article about Julius Baer’s appointment.
Read the full article about BIL’s new market head.


Investment, PE & VC News

private credit and M&A news

Trident Trust Enhances Asian Fund Administration Reach through Tricor IAG Acquisition

Trident Trust acquired Tricor IAG Fund Administration Group (TIAG), a leading provider of fund administration services to Asian private equity and venture capital funds. TIAG, formed in 2013 as a joint venture between Tricor and IAG Group, operates in Singapore and Hong Kong, managing funds totaling US$12 billion in assets under management (AUM). The acquisition sees all TIAG staff joining Trident Trust’s existing team, enhancing its fund administration capabilities and increasing its global funds assets under administration (AUA) to US$62 billion across 940 funds.

Read the full article about Trident Trust’s acquisition.



Fidelity International to Trim 1,000 Jobs Worldwide

Fidelity International plans to reduce its global workforce by around 1,000 jobs in 2024, amounting to about 9% of its staff. According to an internal memo obtained by Reuters, the move is part of a cost-cutting initiative expected to save $125 million annually. The move comes amid industry-wide challenges in fund management. The company’s president, Keith Metters, emphasised a strategic shift towards prioritising investments in areas that offer the most value to clients while delaying non-core projects.

Read the full article about Fidelity International’s layoff.



J.P. Morgan Collaborates with iCapital to Broaden Private Market Investment Options in APAC

J.P. Morgan Asset Management partners with iCapital to offer private market investments in APAC through a technology platform. The collaboration builds on the firms’ existing relationship and aims to meet the growing demand for alternative investments and democratise access to private markets in the region.

Read the full article about J.P. Morgan’s partnership.



Chinese Investment in Asia Surged by 37%, with Indonesia as the Top Beneficiary

According to a joint study by Griffith University in Brisbane and Fudan University in Shanghai, Chinese investment in the APAC region surged to nearly $20 billion last year. This marks a 37% increase. The report indicated Indonesia as one of the top beneficiaries and the Philippines and Pakistan are among the losing countries.

Read the full paid article about Chinese investors’ investment in APAC.



Personnel Moves: TallRock Capital, NEBA and GAM

TallRock: TallRock Capital appoints Ian Black as Head of Pension & Tax in its Singapore office, enhancing its financial advisory services. With over 29 years of experience, Black brings extensive expertise in taxation and personal finance. He will advise clients on tax planning, navigating regulations, and sharing insights on financial best practices.

NEBA: NEBA Private Clients appointed Will Price as managing director for its Singapore office to bolster its wealth management services in Asia. Price assumes his position at a pivotal moment for NEBA Private Clients, which is revamping their services for wealthy individuals and businesses. His understanding of the specific financial needs and challenges faced by clients in Singapore and beyond is expected to drive innovation within NEBA.

GAM: Keisuke Kubo was appointed the Head of Distribution for GAM Japan Limited in Tokyo and will be responsible for servicing wholesale and institutional clients. With over 30 years of experience in investment and distribution, Kubo joins from Goldman Sachs Asset Management.

Read the full article about TallRock’s appointment.
Read the full article about NEBA’s new managing director.
Read the full article about GAM’s head of distribution.


Legal News

jc consulting legal industry movements news summary


Appleby Expands Banking Expertise in Hong Kong with Hire from Mourant

Appleby: Offshore law firm Appleby appointed Lily Miao as its Hong Kong office’s partner. This marks the firm’s fourth lateral partner hire since it recruited Lorinda Peasland, Eason Huang, and Kitty Chan last year. Miao brings nearly 15 years of experience in offshore and onshore jurisdictions across Asia and the UK. She focuses on fund finance, but her expertise includes leveraged and acquisition finance, real estate finance, and general corporate lending. She is expected to enhance Appleby’s banking, finance and fund practices in Asia.

Read the full article about Appleby’s appointment.



Ex-Dechert Asia Arbitration Head Joins New Zealand Boutique Firm

Mark Mangan, former Singapore-based head of international arbitration for Dechert, has joined New Zealand’s Lindsay & Francis, resulting in a name change for the firm. Mangan’s two decades of arbitration experience spans various sectors, including oil and gas, finance, F&B, telecommunications and sports.

Read the full article about Mark Mangan’s departure.



Global Law Offices Appoints Four New Partners

Global Law Office bolstered its team with four new partners, Gu Chen, Yu Haiyan, Geoffrey Zha and Joyce Zhang, who will join its offices in Shenzhen, Chengdu, Beijing and Shanghai. The new additions will strengthen the firm’s practice in capital markets, intellectual property, corporate governance, M&A, PE, VC, compliance and risk. Prior to their tenure, the four partners helmed from Dacheng Law Offices, AllBright Law Offices, LexField Law Offices and JunHe.

Read the full article about Global Law Office’s appointments.



IP and Dispute Resolution Experts Join Jingtian & Gongcheng as Partners
Jingtian & Gongcheng welcomed two new partners, Zhang Zhanjiang and He Yuan, to its Beijing and Hangzhou offices. Zhang brings expertise in intellectual property and experience from working at Haiwen & Partners. Meanwhile, He specialises in civil and commercial dispute resolution and corporate legal risk prevention and has served in Zhejiang Zeda Law Firm.

Read the full article about Jingtian & Gongcheng’s appointments.



Joint-Win IP Expert Joins DOCVIT’s Shanghai Office

DOCVIT Law Firm in Beijing appointed Wang Miao as a senior partner in its Shanghai office. Specialising in licensing and enforcement, Wang is expected to strengthen the firm’s IP and cyber disputes practice. Before joining DOCVIT, Wang worked at Joint-Win Partners. This is the firm’s first partner-level hire of the year.

Read the full article about DOCVIT’s appointment.


Healthcare & Life Sciences News

life sciences, healthcare and biotech news


Australian Telix Pharmaceuticals Acquires Texas-based IsoTherapeutics

Telix Pharmaceuticals acquires IsoTherapeutics in a $13.6 million cash and stock deal, expanding its manufacturing presence in the US The agreement includes upfront cash and stock payments, with additional cash payments tied to milestones and revenues over the next few years. Telix aims to leverage IsoTherapeutics’ expertise in bioconjugation and radiochemistry and expand its manufacturing footprint.

Read the full article about Telix’s acquisition.



Kyowa Kirin Plans $200m Plant Investment in the U.S. and 100+ New Hires

North Carolina continues to attract biopharma companies, with Kyowa Kirin joining the ranks with a planned investment of $200 million in a biologics manufacturing centre in Sanford. The investment is expected to create 102 new jobs. The state’s Helix Innovation Park will host Kyowa Kirin’s facility.

Read the full article about Kyowa Kirin’s planned investment in the U.S.



Bristol Myers India to have its Biggest R&D Presence Outside the US by 2025

Bristol Myers Squibb aims to bolster its R&D presence in India, with plans for its newly inaugurated Hyderabad facility to become its largest unit outside the US by 2025. The $100-million facility will employ over 1,500 staff and focus on leveraging digital technologies and AI for drug development. The company is actively involved in 17 clinical trials in India, focusing on therapies for cancer, blood disorders, and heart diseases, among others.

Read the full article about Bristol Myers Squibb’s new facility.



Advent-Owned indian CDMOs Suven and Cohance Announce Merger Plan

Suven Pharmaceuticals intends to merge with Cohance Lifesciences, backed by Advent International. The move aims to bolster its manufacturing capabilities. The merger, pending regulatory approval, is slated to conclude within the next 12 to 15 months and will allow the firm to offer drug production, speciality chemicals, and API manufacturing services.

Read the full article about Suven Pharmaceuticals’ merger.



Personnel Moves: Catawba, Ionis, OncoNano and Fore Biotherapeutics

Catawba: Catawba Research appointed Syed Faridi as VP of global business development, tasked with building client relationships and devising new strategies. Faridi, who joined in December 2023, brings extensive experience from roles at Clinical Ink, Medidata Solutions, and Parexel.

Ionis: Kyle Jenne returns to Ionis Pharmaceuticals as EVP and Chief Global Product Strategy Officer to lead commercialisation efforts. Jenne’s prior experience with Ionis and Akcea and his deep expertise in commercial leadership are expected to contribute to Ionis’ innovative pipeline and patient-focused initiatives to drive commercial growth.

OncoNano: Dr. Kartik Krishnan, MD, PhD, was appointed as the new CEO of OncoNano Medicine, Inc., succeeding Martin Driscoll. Dr. Krishnan, who previously served as Chief Medical Officer, brings over two decades of experience in cancer treatment and has played a pivotal role in advancing OncoNano’s therapeutic pipeline. Dr. Melissa Paoloni was promoted to Executive Vice President and Chief Operating Officer. Her business development and alliance management expertise is expected to support the company’s growth and development.

Fore Biotherapeutics: Fore Biotherapeutics appointed William R. Hinshaw as CEO and Director of the Board. Hinshaw has over 30 years of experience in biotechnology and pharmaceuticals, notably at Novartis and Axcella Therapeutics.

Read the full article about Catawba’s new VP of global BD.
Read the full article about Ionis’ new chief global product strategy officer.
Read the full article about OncoNano’s appointments.
Read the full article about Fore Biotherapeutics’s new CEO.


Luxury & Retail News

beauty and cosmetics news


M&As: Carlyle Initiates Sale of Cosmetics Firm Tokiwa, Leste Buys Stake in Prestige Cosmetics

Carlyle Group: Private equity firm Carlyle Group has initiated the sale of Japanese cosmetics supplier Tokiwa Corp, with the company potentially valued at $800 million, according to sources familiar with the matter. Non-binding bids for Tokiwa Corp are anticipated by mid-March, with private equity firms and cosmetics industry players among potential buyers, sources said. Tokiwa Corp, known for supplying eyeliners and brow pencils to global brands, has around $50 million in expected EBITDA and aims for a high-teen multiple over core earnings in the sale.

Leste Group: Leste Group has acquired a significant stake in Prestige Cosmetics, a top distributor of luxury perfumes and cosmetics in Brazil with an expanding presence in North America. Prestige holds exclusive distribution rights for various luxury brands, including Clinique, Dolce & Gabbana, Salvatore Ferragamo, Bulgari, Tom Ford, Acqua di Parma, and Bond No. 9. The move aims to accelerate its international presence with Leste’s support.

Read the full article about Carlyle Group’s Sale.
Read the full article about Leste Group’s stake acquisition.



Allbirds Finalises Distribution Partnerships in Japan and Australia

Allbirds has shifted four international regions to a distributor model as part of its Strategic Transformation Plan. Goldwin Inc. will become the exclusive distributor in Japan effective June 1 and Compendium Group, appointed for Australasia, will start on July 1, 2024.

Read the full article about Allbirds’ partnerships.


Coach Unveils its First Global Dining and Hospitality Venture in Jakarta

Coach has ventured into the hospitality industry by opening its first Coach Restaurant and Coach Coffee Shop at the Grand Indonesia Mall in Indonesia, inspired by its vision of Expressive Luxury. The dining experiences aim to deepen connections with consumers by offering immersive experiences beyond products, drawing inspiration from New York City’s heritage and spirit. Designed by Coach’s Creative Director and Studio Sofield, the spaces blend natural and industrial materials, reflecting the brand’s artisanal legacy and Southeast Asian setting, with plans to expand globally.

Read the full article about Coach’s new hospitality initiative.



Shiseido Proposes Voluntary Early Retirement for 1,500 Staff

Shiseido offered voluntary early retirement to 1,500 employees in Japan to enhance growth and profitability, with applications open from April 17 to May 8. The financial impact is already factored into its annual forecast. The move aligns with the company’s broader strategy to pursue sustainable growth, expand into new markets, and reduce costs by approximately 25 billion yen over the next two years.

Read the full article about Shiseido’s early retirement scheme.


Personnel Moves: Hugo Boss, Gobi Cashmere, Huda Beauty, M&S and More

Hugo Boss: Hugo Boss extended CEO Daniel Grieder’s contract until 2028. Concurrently, the company appointed Oliver Timm as Deputy CEO and renewed CFO Yves Müller’s contract until 2027. The leadership continuity is expected to drive the company’s continued growth and success. It also affirms Hugo Boss’s confidence in the strategic direction under Grieder’s leadership, who brings extensive experience from Tommy Hilfiger and PVH Europe.

Gobi Cashmere: Gobi Cashmere promoted managing director and chief growth and strategy officer, Amarsaikhan Baatarsaikhan, to CEO. The move aims to help the brand drive global brand expansion and enhance operational efficiency.

Huda Beauty: Makeup mogul Huda Kattan revealed plans for a business overhaul, including new launches and discontinuing certain items, as she returns as CEO of her beauty company. The Dubai-based brand, Huda Beauty, will introduce a new logo, revamped packaging, and new products this year, with Kattan emphasising a return to her vision and heart for product development.

Tapestry Inc: Tapestry, Inc. added Kevin Hourican and David Elkins to its board of directors, bringing the total membership to eleven, with ten independent directors. Hourican, formerly of Sysco, and Elkins, of Bristol Myers Squibb, bring extensive experience in strategic and financial leadership, including M&A, to the company’s board. Kevin and David, known for their strategic and financial expertise, will bring valuable experience in innovation and global growth to the group, particularly in M&A.

M&S: Clothing & Home CEO Katie Bickerstaffe is set to leave M&S to pursue a portfolio career, including a board role at B&Q’s parent company, Kingfisher. Bickerstaffe previously shared the top title with Stuart Machin, with Bickerstaffe focusing on digital ambitions and Machin handling day-to-day leadership.

Jigsaw: Julia Reimann, head of Wovens Designer, has been promoted to Design Director at Jigsaw. Reimann previously held the position of Head of Design at fashion houses Stine Goya and Peter Pilotto. She will report directly to CEO Hash Ladha, alongside the newly promoted Buying Director Louise Long, People and Culture Director Vicki Williams, and Merchandising and Operations Director John Cossey.

Schuh: UK’s footwear retailer, Schuh, appointed Stephanie Legg as Chief Marketing Officer and Justin Lodge as Chief Digital Officer. The move aims to enhance its leadership team’s capabilities to target socially conscious students, Gen Z, and Generation Alpha. Legg brings two decades of experience in distributed commerce and multi-channel consumer marketing across various sectors. Meanwhile, Lodge has a background in leading global e-commerce operations and regional store networks for retail brands like Superdry and Boohoo.

Gymshark: Gymshark appointed global marketing director Carly Natalizia as its new chief digital officer. Natalizia will focus on enhancing the brand’s digital journey and driving growth to support its continued expansion.

Geox: Mistron, previously with Luxottica, takes over as Geox reports a decrease in sales, particularly in North America and Europe, but noted an improved operating margin. Mistron succeeds Livio Libralesso, who agrees to step down.

Read the full article about Hugo Boss’s CEO contract extension.
Read the full article about Gobi Cashemere’s new CEO.
Read the full article about the return of Huda Beauty’s CEO.
Read the full article about Tapestry Inc.’s new appointments.
Read the full article about Bickerstaffe’s exit.
Read the full article about Jigsaw’s new appointments.
Read the full article about Schuh’s appointment.
Read the full article about Gymshark’s appointment.
Read the full article about Geox’s new CEO.


Navigate Market Changes with JC Consulting

Curious about how these market shifts could impact your career or industry? Consultants from our executive search firm in Singapore and China are happy to offer further insights over a coffee chat. With dedicated teams for diverse sectors, spanning from life sciences recruitment to private equity talent acquisition, luxury & retail recruitment and more, you’ll find an expert aligned with your interests and sector expertise. Drop us a message today to take the first step towards seizing market opportunities.