UBS Sees More Senior Private Banker Departures in Hong Kong

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(Bloomberg) — UBS Group AG has seen at least three senior ex-Credit Suisse private bankers in Hong Kong resign, adding to departures as the Swiss bank continues to integrate its rival.

Managing directors Alex Law, Victor Chao, and Shin-Yi Jeng have left the firm, according to people familiar with the matter who asked not to be named discussing internal information. The exits add to other recent senior departures, including Credit Suisse wealth veteran Rickie Chan, who is poised to join the Bank of Singapore.

Spokeswomen from Credit Suisse and UBS declined to comment. The three bankers couldn’t be reached for comment.

UBS’s takeover of Credit Suisse, one of the biggest mergers in global finance, has led to a wave of staff exits as Switzerland’s biggest bank looks to streamline operations. Rival firms from Citigroup Inc. to BNP Paribas SA have also snapped up talent from the Swiss bank.

In a recent internal memo, UBS said that its current Greater China Hong Kong market teams at Credit Suisse will be integrated into the existing global wealth management North Asia business sectors. It also said that more details on the structure will be announced in “due course.”

The Zurich-based bank posted a net loss of $785 million for the three months to September, its first quarterly shortfall in almost six years, as costs to absorb Credit Suisse came in at $2 billion. At the same time the bank reported stronger-than-expected client inflows in its wealth-management business, boosted by the first signs of stabilization at Credit Suisse.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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