Edmund Shing has been appointed chief investment officer of BNP Paribas Wealth Management.
Shing has over 21 years of experience in financial markets in a number of positions across Europe. Since 2015, he has been global head of equity and derivative strategy at BNP Paribas in London.
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Furthermore, he has a PhD from the University of Birmingham.
In his new role, Shing will be responsible for piloting the BNPP WM investment strategy. In addition, he will continue to rollout recommendations and themes with actionable advice that brings expertise to clients and client-facing teams.
Shing is replacing Florent Brones, who has moved onto a project with a charitable organisation.
BNP Paribas Wealth and Asset Management arm has reported a fall in its Q3 2020 pre-tax profit, amid a challenging market. The group performance too suffered but surpassed analyst expectations, driven by trading boom.
Key Wealth and Asset Management metrics
The division’s pre-tax income was €146m ($170.8m) for the three-month-period ending September 2020, a fall of 14% compared to €170m in the same quarter of 2019.
Gross operating income decreased to €136m from €154m.
The impact of a low-interest-rate environment on Wealth Management coupled with the pandemic’s impact on Real Estate Services led to a 9% year-on-year decrease in the unit’s revenues to €734m.
Operating expenses dropped 8% to €598m, driven by a fall in Real Estate Services costs and transformation measures mainly in Asset Management.
Total assets under management (AuM) reached €1.11trn at the end of September 2020.
The figure marks a 1% fall from the December-end 2019, driven by a strong fall in the financial markets in Q1 2020, offset by a rebound in Q2 and Q3.
