Swiss bank UBS restructures wealth management business in Asia

A workman, suspend from wires, take down a UBS Group AG logo from their old offices at Broadgate circle in London, U.K., on Friday, Nov. 18, 2016. "Wait and see is also UBS's attitude toward Brexit," UBS Group AG Chairman Axel Weber said Wednesday at a conference in the U.K. capital. Photographer: Chris Ratcliffe/Bloomberg

UBS Group AG is revamping its wealth management business in Asia as the Swiss bank implements a sweeping global shakeup driven by new wealth co-head, Iqbal Khan.

LH Koh, head of the private bank’s China international business, was appointed co-head of global family office for Asia Pacific, according to people familiar with the matter. He will share duties with the unit’s current chief, Anurag Mahesh, said the people, who asked not to be named because the information is private.

A spokeswoman for UBS in Hong Kong confirmed the appointments.

Khan and wealth co-head Tom Naratil are restructuring UBS’s most important business to rein in costs and speed up decision making. The bank is dismantling a unit dedicated to the ultra rich and moving some client advisers into the regional divisions and others to its global family office unit. It also started a round of job cuts at its wealth operations in Europe and Asia.

UBS wants to give wealth managers more autonomy in granting loans, in a bid to accelerate approvals and increase the business it does with clients, people familiar with the reorganization said earlier.

David Man was appointed regional vice chairman of wealth management for Greater China, one of the people said. Man, who joined the bank in 1996, has been developing its Taiwan international wealth operation.

The restructured Asian Wealth unit includes:

In Singapore:

  • Patricia Quek – sector head, Singapore and Malaysia
  • Tian-Ong Foo – sector head, Thailand and Philippines
  • Raymond Ang – sector head Indonesia, Greater China (Singapore) and Japan International

In Hong Kong:

  • Adeline Chien – sector head Hong Kong domestic and Southeast Asian (Hong Kong)
  • Marina Lui – sector head for China (international and domestic teams)
  • Francis Liu – sector head Taiwan international

All executives will report to Amy Lo and August Hatecke, co-heads of wealth management for the APAC region.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.