A Singapore-based Nomura vice president has left the Japanese firm after just eight months to join Union Bancaire Privée as it continues to expand its Asian headcount and beef up its product offerings.
Ignatius Mark Pang moved to UBP in Singapore last month as a director and head of FX sales Asia, according to his public profile. He had been with his previous employer, Nomura, only since July last year. That followed an 11-year stint at Credit Agricole.
His hire reflects UBP’s desire to expand its range of products and services in Asia. Michel Longhini, CEO of global private banking, said last year that he wanted to add to the firm’s “product offering and advisory capacity in the region, with things such as private debt, and global high yield products”.
Just a few weeks ago, UBP recruited another product specialist in Singapore, former Standard Chartered executive director Jonathan Lau, as a managing director in private banking investment services.
Pang’s move also comes at a time of broader growth for UBP in Asia. UBP acquired the Asian business of British private bank Coutts in 2016, immediately taking its headcount of relationship managers in the region from 13 to 67. It then set a target – but not a timeframe – of hiring 40 more bankers.
UBP is now among five boutique private banks (the others are EFG, LGT, Safra Sarasin and VP Bank) looking to recruit from larger rivals in Asia. Salary rises of between 30% and 50% are not uncommon for those who make these moves, say headhunters. Flatter organisational structures and less rigid market segmentation are among UBP’s other attractions.
Pang began his career at Credit Agricole in Singapore in 2006 and became a director at Indosuez Wealth Management (CA’s global wealth management brand) in 2015.
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