Indosuez Wealth Management has further boosted its presence in Singapore and Hong Kong with six new relationship managers.
The French wealth manager has been growing its presence in Asia, and the acquisition of Credit Industriel et Commercial’s (CIC) private wealth businesses in Singapore and Hong Kong last year increased the the number of Indosuez bankers in the region to 130.
The bank has made two senior hires for its non-resident Indian (NRI) team. Sumit Chaturvedi joins as a relationship manager from Bank J Safra Sarasin after one-and-a-half years, where his responsibilities included client acquisitions across multiple markets, including Southeast Asia.
Prior to that, Chaturvedi was a Singapore team head for NRI clients at ANZ Private Bank, with assets under management of $250 million, according to his LinkedIn profile.
Another NRI banker, Poonam Kaur, has joined the team in Singapore. She joins from HSBC Private Bank with 10 years of industry experience, and will be responsible for growing Indosuez’s NRI business.
The bank has also boosted its Europe coverage with the hire of Alan Mufatti. He was previously with Bank J Safra Sarasin, and has over 25 years of private banking experience.
Additionally, Sharon Han Su Yin has joined Indosuez to bring in external asset manager clients.
She comes from Credit Suisse, where she was a vice president. She has worked for UOB and DBS in Singapore in the past.
In Hong Kong, the bank has hired Stephen Ho and Helen Lee to grow the North Asia business.
With 15 years of private banking experience, Ho joins from LGT Bank in Hong Kong. Lee, meanwhile, previously worked for DBS Bank (Hong Kong) and ANZ Private Bank.
The hires come amid a slew of departures from the Singapore office, according to sources, who said that at least 15 former CIC private bankers have left Indosuez in the past six months.
While bringing in 60 bankers and assistants across Singapore and Hong Kong, the CIC acquisition had netted between $4 billion and $5 billion in assets under management for Indosuez, boosting its total AUM to EUR 12 billion ($13.9 billion) by the end of December 2017.
Industry participants have alleged that one of the reasons for the departures is the difference in product offering between the two banks.
CIC’s offering enabled bankers to provide sizeable mortgage loans and insurance premium financing to clients without the requirement to bring in additional investment assets.