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Daily Dispatches: Barclays sued for failing to pay headhunter

Barclays is being sued in Singapore for failing to pay Pagoda Partners S$365,000 after it hired Timothy Last from Merrill Lynch on the recruitment firm’s recommendation. Barclays was “unjustly enriched” by Pagoda after the headhunter sent the bank Last’s resume in January 2009 and wasn’t paid, according to documents filed with the Singapore High Court. (Business Week)

JP Morgan has hired Ben Shenglin to head its corporate banking business in China, the latest move by the US bank to expand in lockstep with its multinational clients in emerging markets. Ben, formerly the China head of commercial banking at HSBC Holdings will start in the newly created position at JP Morgan on Monday. He will report to Zili Shao, who was named head of the New York bank’s China operations in November. (Wall Street Journal)

CBA and ANZ, are deepening their push into Asia as growth opportunities in Australia diminish. CBA yesterday announced plans to build a 20 per cent stake in Vietnam International Bank (VIB) for less than $200 million, while ANZ is showing interest in a $4.1 billion majority stake in Korea Exchange Bank. (The Australian)

Singapore’s central bank on Wednesday announced a formal review of the city state’s burgeoning fund management industry, including a close look at hedge funds and private equity firms. The Monetary Authority of Singapore said in a statement that it would start a public consultation within two weeks on proposals “to enhance our regulatory regime to ensure that it remains sound and responsive”. (Financial Times)

Bank relationship managers in Singapore may have to take a national examination to ensure they are able to serve customers properly. Monetary Authority of Singapore (MAS) managing director Heng Swee Keat told a conference yesterday that it is studying the idea of a test that could include topics such as ethics and conduct. (Asia One)

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