VP Bank poaches intermediaries head from EFG

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Thomas Jost will join VP Bank’s Singapore branch as head of intermediaries.

Jost’s focus will be on Asian external asset managers to help expand the Liechtenstein-based private bank’s regional business, according to a media release. He will take up the job on 1 August, subject to approval from the Monetary Authority of Singapore, and report directly to Singapore’s head of client business Reto Marx.

Jost has two decades of experience in the financial sector, including eight years in Singapore, according to the statement. He has previously worked at Credit Suisse and Bank Julius Baer.

Most recently, he was head of the independent asset manager business and senior vice president at EFG Bank in Singapore.

In the statement, Bruno Morel, CEO of VP Bank in Singapore, said Jost “will contribute significantly to the further growth of our activities in the Asian markets”.

Established in 2008, VP Bank in Singapore said in 2017 it wants to double its 40 headcount in the region over three years. According to the statement, it now employs 70 staff and provides wealth management and family office services for high-net-worth clients and professional asset managers.

Asian target markets are Singapore, Hong Kong, Malaysia, Thailand and Indonesia.

Earlier this month, VP Bank announced the signing of a letter of intent for strategic cooperation with Shanghai-based Hywin Wealth Management China. The intention is to set up a Hong Kong-based platform “to meet the demand of wealthy Chinese for sophisticated wealth management services on- and offshore”, the bank said.

Its parent, VP Bank, was founded in 1956 and is listed on the Swiss stock exchange. The group has CHF40.4bn ($40.75bn) of assets under management, and its unaudited earnings for the first six months of this year rose 20% to CHF35m, according to it website.

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