FROM THE PRESS RELEASE DESK THIS WEEK…
People moves
Deutsche Bank Wealth Management has named Claudio De Sanctis as its new global head. He replaced Fabrizio Campelli, who was appointed as chief transformation officer for the group. De Sanctis was previously the head of wealth management for Europe as well as chief country officer for Switzerland – a role he will retain. De Sanctis joined the firm in December last year from Credit Suisse, where he spent five years, initially as private banking market head for Southeast Asia and most recently as head of private banking for Europe…
Singapore-based multi-family office (MFO) Golden Equator Wealth has appointed Gary Tiernan as managing partner and will head the firm’s team of wealth managers and drive its expansion into other markets. Before Golden Equator, Tiernan was head of investments at Singapore wealth manager Crossinvest Asia, where he led the investment asset allocation and security selection recommendations for the firm’s client portfolios. Before that, he held senior management roles at Standard Chartered Private Bank and Deutsche Bank Wealth Management in Singapore…
Business moves
Eastspring Investments has raised around S$115m ($84.7m) for its first retail fixed maturity product in Singapore – the Fixed Income Plan Series 2, the firm said in a press release. This follows the firm raising $417m for its FMP product distributed by Standard Chartered Private Bank in Singapore, Hong Kong, the UK and the Middle East. It also raised around $350 from its second FMP in Taiwan. Since the beginning of 2019, the firm has raised a total of $1.5bn for its FMPs in Asia…
Assets of DWS Xtrackers exchange-traded products (ETPs) globally have broken the €100bn ($110bn), according to a statement from the firm. As of the end of September, Xtrackers, ETPs had around €104bn in assets, making it the first European-headquartered ETF business to achieve more than €100bn in assets. In total, Xtrackers has around 170 products listed on 11 exchanges globally…
HSBC Securities Services has been appointed the custodian and fund administrator for Pacific Hawk Global OFC, the first open-ended fund company (OFC) launched in Hong Kong. Pacific Hawk offered their open-ended private fund last month after getting approval from Hong Kong’s Securities and Futures Commission in August. The OFC provides Hong Kong with a corporate structure similar to those in other jurisdictions in the UK, Luxembourg, Cayman Islands and the British Virgin Islands. Other similar structures are expected to be launched elsewhere in the region, including Singapore and Australia…
Enforcement
The Securities and Futures Commission has banned Song Baojun, a former relationship manager at HSBC, for 12 months. The regulator found that in 2013, Song used incomplete application forms pre-signed by a client to make four unit trust transactions without first obtaining the client’s specific authorisation for the transactions and failed to advise the client to adopt a lower cost option when he made two other unit trust transactions, with the result of the client having to incur an extra cost of around HK$5,000 ($639)…
