Julius Baer Group
Swiss private bank Julius Baer Group is hiring around 20 Singapore-based bankers from BSI, the wealth manager shut down by the Monetary Authority of Singapore (Mas) in May 2016, reports Bloomberg.
A person familiar with events said the BSI bankers specialise in managing the wealth of non-resident Indians (NRI). Eight are understood to be relationship managers and the rest are support staff. Julius Baer has also hired four relationship managers specialising in NRIs from BSI in Hong Kong, the source said.
When contacted by the news service, a representative from Julius Baer in Hong Kong declined to comment, as did Daniela Haesler, a spokesman for EFG International in Zurich, the private bank that recently acquired BSI.
Securities and Exchange Commission
The US regulator has confirmed two further departures after it was announced last week that commission chair Mary Jo White will step down at the end of the Obama administration.
Matthew C. Solomon, the chief litigation counsel for the SEC’s Enforcement Division, will leave the agency early next month. He has led the division’s litigation programme since September 2013, having joined as deputy chief litigation counsel in June 2012.
Stephen Luparello, director of the Division of Trading and Markets, is also leaving the agency and is expected to step down by the first of the year. He was named director of the office in February 2014. Luparello played a key role in enhancing the transparency and strengthening the integrity of US markets.
Following his departure, Heather Seidel, chief counsel for the Division of Trading and Markets, will become acting director.
JP Morgan Asset Management
Rachel Farrell will take on JP Morgan Asset Management’s newly-created role of chief executive and country head of global investment management in Australia. She is currently the firm’s Asia Pacific ex-Japan head of sovereign and institutional clients, a role she has held since 2014.
Farrell, who is currently based in Hong Kong, will relocate to Australia early next year and will oversee all of JPMAM’s operations and assume direct responsibility for the firm’s funds and institutional businesses in the country.
She joined JPMAM in 2011 from Citi Capital Advisors.
Øyvind Schanke has been appointed chief executive of Skagen, with effect from 1 February 2017. He joins from Norges Bank Investment Management (NBIM).
At NBIM, Schanke was chief investment officer for asset strategies for Norway’s Government Pension Fund Global since 2014, a fund with NOK7,100bn (£668.63bn, $828.4bn, €780.7bn) under management. He remit has also included global management of the broad equity and fixed income portfolios.
Schanke has been employed at NBIM since 2001 and has 21 years of experience from the financial industry. He takes over from Leif Ola Rød who has been chief executive of Skagen since 2014.