It’s been another busy week for people moves among senior financial professionals in Asia-Pacific.
CITIC brokerage business has a new head
The current head of CITIC Securities’s brokerage business, Xu Gang, is going to be replaced by Liu Jun, who is currently head of CITIC’s asset management division.
The new role will also mean Liu is part of CITIC’s executive committee, on which both CITIC’s chairman and president sit. At the same time, Liu will remain head of the asset management division. One source from CITIC confirmed that it’s a big promotion for him and that he will become a “very important figure” within the company.
A 20-year CITIC veteran, Liu has held a number of senior roles within the company, such as GM of Dalian branch and GM of Treasury. He took up the role as head of asset management in September 2013.
As a result of the shuffle, Xu Gang will be tasked to manage CITIC’s back-office and IT services, and will continue to be in charge of the research division.
Former Temasek China head moves to Morgan Stanley
Ding Wei, China head of Temasek, the Singapore government’s investment company, has been poached by Morgan Stanley to join as a vice chairman in its Asia Pacific investment banking unit.
Ding joined Temasek in 2011 to head its China operations. Prior to that, he was the investment banking chief at China International Capital Corporation (CICC) – one of China’s leading investment banks. Before that, he was Deutsche Bank’s chief country officer for China.
China Evergrowing Bank appoints new CEO
Lin Zhihong, until now head of China Minsheng Bank’s Hong Kong business, has been appointed CEO of China’s Evergrowing Bank to succeed the retiring CEO Luan Yongtai.
Lin was recommended to Evergrowing by Minsheng Bank’s Chairman Hong Qi. The two banks are expected to work closely together once Lin takes up the role.
A local bank based in Yantai, Shandong Province, Evergrowing bank is one of China’s top ten share-holding commercial banks.
And Minsheng Bank itself has just got a new president two weeks ago. It would be Zheng Wanchun, who will move from ICBC to take up the position.
ANZ Wealth loses its Asia head for mutual funds
Ceri Ng, head of mutual funds at ANZ Wealth Asia, has left the firm. She only moved from Australia to Singapore to take up this role in November last year.
As the largest Australian bank in Asia, ANZ consolidated its Asian private banking and wealth management units after a review of the region.
Before joining ANZ, Ng was a senior research analyst at financial services firm Perpetual Private, based in Sydney.
Nomura appoints new head of Asia ex-Japan trust
Nomura has announced that Harry Ng will be its new head of trust as well as head of wealth planning strategy and solutions for Asia ex-Japan.
In his new role, Ng will be managing the trust’s client relationships and trustee services business. He will be based in Singapore and report to head of wealth management of Asia ex-Japan Nobuhiro Sano.
An experienced wealth expert, Ng used to work at the wealth management and planning division in a number of banks such as Julius Baer and Merrill Lynch.
StanChart hires new head for UHNW clients ASEAN
Standard Chartered has appointed Enoch Tan as a managing director and regional head for ultra high net worth (UHNW) clients, ASEAN.
Tan joins from Royal Bank of Canada, where he was a managing director and Asia’s head of client solutions. Prior to that, Tan used to work for Rothschild and UBS, both as an investment banker.
In his new role, Tan will be based in Singapore and report to Stephen Richards-Evans, head of global UHNW clients, as well as to Peter Kok, ASEAN’s regional head of private banking clients.
Hermes makes new hire in Asia
UK fund manager Hermes has just created a new business development post in Singapore and has hired Brian Sng for that post in the aim of driving new business from institutional and wholesale clients in Asia.
Sng will report to Jakob Nilsson, head of business development for Asia Pacific.
BOCOM International hires senior role for ECM
BOCOM, the investment bank arm of China’s state-owned Bank of Communication, has hired Diva Hon as an executive director in its ECM team to succeed Lisa Lim who left the firm earlier this year.
Hon joins from CITIC CLSA Securities, where she has been a director since November 2013. CITIC CLSA Securities was formed through the merger of CLSA and CITIC Securities International – the investment banking arm of CITIC Securities. Hon has been a high-profile ECM professional and has been involved in some landmark deals in Asia such as Bank of China’s IPO and Bank of Communication’s rights issue.
Hon will report to Esther Wong, head of equity capital markets of BOCOM International.
Former CEO of Cathay Conning AM to join AIA
It was reported last week that Mark Konyn, CEO of Cathay Conning Asset Management was leave the firm. At that time it was not clear what Konyn’s next step would be. But, he’s set to join life insurer AIA as the chief investment officer.
Konyn will start on 1 September to replace John Chu, who will be retiring later this year. Chu has worked at AIA since 1983 and has been group CIO since January 2010.
Credit Agricole expands private banking in Hong Kong
Credit Agricole has hired Patsy Cheung as a senior relationship manager, in a bid to expand its private banking business in Asia.
Cheung was previously working as a managing director for the Swiss private bank Lombard Odier. Prior to that, she used to work for Julius Baer and LGT Investment Management.
HSBC appoints APAC financial sponsor head
Michael Bevan has been named head of HSBC’s financial sponsors group for Asia-Pacific. He replaces Lindsay Chu who left to join Nomura earlier this year.
Meanwhile, he will remain in his role of head of sovereign wealth and public pension funds for Asia-Pacific.
AIA promotes Singapore CEO to group chief risk officer
Life insurer AIA’s Singapore CEO Tan Hak Leh has been appointed group chief risk officer. His new role starts on 1st September. He will be succeeded by Patrick Teow.
Tan Hak Leh only joined AIA Singapore in June 2011, and he will relocate to Hong Kong to take up his new role.