StanChart creates new role to align PB, WM

UK-based Standard Chartered has confirmed the appointment of Didier von Daeniken from Barclays as its new global head of private banking and wealth management.

It comes after AsianInvestor exclusively broke news of von Daeniken’s hire yesterday. The bank subsequently said he was set to join in March 2016 based in Singapore. The appointment is subject to regulatory approval.

The move will see Michael Benz officially leave his role as global head of private banking on December 18.

In addition, Judy Hsu, who had been global head of wealth management in addition to Singapore CEO, will relinquish her WM title and focus on being Singapore chief, as AsianInvestor also reported.

StanChart said von Daeniken’s role was newly created and would combine private bank and wealth management product and advisory services.

This, it claimed, would create greater alignment and also allow the wealth management group to continue supporting affluent customers in the retail bank.

Von Daeniken (pictured) will be responsible for growing the two businesses and achieving a target of $25 billion in AUM growth by 2018 from a reported level of around $170 billion currently. He will report to Anna Marrs, chief executive of commercial and private banking at Standard Chartered.

“[Von Daeniken] joins the bank at a dynamic time as we prepare to invest significantly in 2016 and beyond, to strategically grow our private banking and wealth management businesses,” said Marrs.

She added: “We thank [Benz] for his contribution to growing our private banking business over the past two years.”

In the interim, before von Daeniken joins StanChart, the bank said Marrs would take on the additional responsibility of interim global head of private banking.

Von Daeniken initially joined Barclays to lead its private banking business for Asia Pacific in 2007. By the time he left he still had that responsibility, but had added the Middle East and Africa to his global geographic remit.

Prior to that he had spent a career at Credit Suisse and held senior positions in Zurich, Geneva, Dubai, Istanbul and Singapore.