Swiss private bank Julius Bär has hired another executive from its fallen competitor, Credit Suisse, this time for the Southeast Asian market. Julius Bär has appointed Mun Joo Ng as Team Leader for Southeast Asia, effective from January 15, as stated in an announcement. In this newly created role, he will report to Kevin Tay, who is responsible for Southeast Asia at the Zurich private bank, from Singapore.
Ng brings nearly two decades of experience in the financial sector, most recently as a Senior Team Leader. At Credit Suisse (CS), he led the Singapore Desk for eight years. Prior to that, he spent ten years at the American Citi Private Bank, lastly as a client advisor for ultra-high net worth individuals (UHNWI).
Various competing private banks in the region have benefited from the talent and assets that have migrated from CS following the UBS takeover. According to an estimate by Citi, Julius Bär will be the biggest winner, likely to record at least 10 billion Swiss francs in outflows from Credit Suisse.
About a quarter of Julius Bär’s managed assets and global workforce are in Asia, with Singapore and Hong Kong being the second and third largest locations of the group in terms of employees, according to the company.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇨🇭 🇸🇬 🇺🇸 🇭🇰 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Kevin Tay, Mun Joo Ng |
| Companies | Privatbank Julius Bär, UBS, Credit Suisse, Citi Private Bank |
| Currencies | Swiss Franc |
| Securities | None |
