Bank Julius Baer has hired ex-Goldman Sachs
private banking co-head Kaven Leung as chief executive for North
Asia and deputy CEO for Asia.
Leung will also assume the role of CEO at the
bank’s Hong Kong branch in April 2012 – subject to regulatory
approvals, reporting directly to Asia CEO Thomas Meier.
Go deeper with GlobalData
Prior to joining the bank, Leung was co-head
of private wealth management Asia ex-Japan at Goldman Sachs.
Leung was also appointed as a member of the
bank’s Asia executive committee.
Clear signs of commitment
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By GlobalDataLeung’s appointment is the latest indication
of the strong strategic headway Julius Baer has made in
establishing Asia as its second home market.
The China Banking Regulatory Commission has
granted Julius Baer a representative office licence to open a
branch in Shanghai, adding to bank’s already existing offices in
Singapore and Hong Kong.
The Swiss wealth manager had also entered a
strategic partnership with Macquarie Group that has resulted in
taking over Macquarie Private Wealth Asia.
Macquarie’s wealth management arm operates
from offices in Singapore and Hong Kong, manages total client
assets of around $1bn.
Pioneer in onshore China
funds
In May, China’s State Administration of
Foreign Exchange (SAFE) granted Julius Baer a $100m quota under the
existing Qualified Foreign Institutional Investor (QFII)
licence.
As a result of this grant, the bank launched
its $100m China Fund in August.
The fund gives Julius Baer’s private banking
clients direct access to the country’s A-share market and the
ability to capitalise on its 12th five-year plan
Julius Baer had CHF166bn ($189.6) in clients’
assets under management as at 30 June 2011.
