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J Safra Sarasin names new Asia CEO

The wealth manager has hired BNP Paribas Wealth Management's former co-CEO.
Andy Chai, J Safra Sarasin

Basel-headquartered J Safra Sarasin has named Andy Chai as the new CEO Asia and member of the executive committee. Chai replaced Enid Yip, who has been appointed as a member of the board of both J Safra Sarasin Holding AG and J Safra Sarasin, according to a statement from the firm.

In her new role, Yip will continue to provide strategic advice to the Group in her new role.

Chai was previously at BNP Paribas Wealth Management Asia, where he was co-CEO, according to the statement. Chai joins J Safra Sarasin just a few months after he assumed his co-CEO role in late-2019. At the time, the bank also appointed Arnaud Tellier as co-CEO. While both were co-CEOs, they had different responsibilities, in which Chai was in charge of Greater China, while Tellier covered Southeast Asia, India and international markets.

Chai has 20 years of experience in wealth management, private equity, corporate finance and consulting, according to the statement.

Separately, J Safra Sarasin has also promoted Vinay Gandhi as deputy CEO for Asia, according to the statement. He replaced Yelandur Nagendra, who is retiring from the firm today. Gandhi will continue his role as CEO for Singapore, a role he assumed in 2018.

As of the end of 2018, J Safra Sarasin managed CHF 165bn ($167.2bn) in client assets, the statement said.

Part of the Mark Allen Group.