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Morning Coffee: Asian investment bankers depart as Credit Suisse recruits in wealth

Asian investment bankers depart as Credit Suisse recruits in wealth

In come the private bankers

While Credit Suisse continues to hire in Asian private banking, its investment banking arm in the region has lost several senior staff.

Five experienced investment bankers are departing Credit Suisse in Asia, reports Bloomberg, quoting anonymous sources. They include David Cheng, head of corporate finance for Asia, who’s leaving to take up the same job at Bank of America Merrill Lynch, and Jan Metzger, Asia Pacific head of technology, media and telecommunications, who’s going to Citi.

One headhunter we spoke with says the departures reflect a wider concern within Credit Suisse’s investment banking ranks in Asia. Other banks are seen as potentially better employment propositions now because Credit Suisse is increasingly focusing its business on wealth management under CEO Tidjane Thiam.

As we’ve pointed to in recent months, investment bankers in Asia also increasingly have the option of moving to in-house corporate advisory roles. One of those leaving Credit Suisse appears to be doing exactly that – Catherine Liu, a director and head of media and technology coverage for China, may join a technology company, according to Bloomberg. She would be following in the footstep of Winston Cheng, head of Asia technology, media and telecommunications at Bank of America Merrill Lynch, who left the US bank to join Chinese entertainment company LeTV last month.

While its investment bankers may be looking at other options, Credit Suisse has a “continued mandate” to hire more relationship managers for its private bank, says the headhunter. It is relying on the strength and depth of its product platform in Asia to recruit in a tight job market for private bankers. “One of our strategic focuses continues to be hiring top talent from the market,” Francois Monnet, chief operating officer, private banking Asia Pacific, at Credit Suisse, told us earlier this year.

The Swiss firm is ranked second behind UBS for private assets under management in Asia. By contrast, in equity capital markets it has slipped to 8th position in the region, from third place last year, according Bloomberg.

Meanwhile:

Intercontinental Exchange (ICE) is set to launch its Singapore futures and clearing house on 17 November. (Straits Times)

J.P. Morgan appoints Jonathan Cavenagh as executive director and head of EM Asia FX Strategy. (Reuters)

Singapore parents underestimate cost of an overseas university education: HSBC (Straits Times)

SFC probes Hong Kong brokers and hedge funds over mainland China products. (South China Morning Post)

The explosion in M&A is just getting started for two key reasons. (Business Insider)

A wave of veteran bankers quit the big banks to start boutique firms. (Financial Times)

Hong Kong bosses “upbeat” about hiring in Q4. (HR online)



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