Weekly roundup of people news, Aug 21
BARINGS POACHES INVESTMENT SPECIALIST FROM BNPP AM
Emerging market fixed income specialist Karan Talwar is set to leave BNP Paribas Asset Management in September to join rival fund house Barings. The position at Barings will be a newly created one, AsianInvestor understands, but could not ascertain more details.
Meanwhile, Stanley Shek, previously a client portfolio manager for multi-asset and onshore China fixed income at Barings, left in April to join Aberdeen Standard Investments as an Asia fixed income investment specialist, according to his LinkedIn page.
Barings declined to confirm or comment on either move.
Talwar had been with BNPP AM since September 2017, according to his LinkedIn page. His responsibilities will be redeployed to Michael Tambue, a London-based investment specialist on the global emerging market fixed income team, while the firm seeks a replacement, a company spokesman said.
HK INSURANCE AUTHORITY REAPPOINTS CEO
Clement Cheung has been reappointed as chief executive of the Hong Kong Insurance Authority (HKIA). This is Cheung's second term after he first took up the post in 2018.
He will work with HKIA for another three years until August 14, 2023, the regulator said in a press release. HKIA was established in December 2015.
PANTA CAPITAL TO DOUBLE LOCAL HEADCOUNT
Jakarta-based Panta Capital, set up on March 19, aims to double the number of staff in its head office to 12 by the end of 2020, after launching its private equity co-investment services on August 19.
The firm and its leadership team currently has six people in Jakarta, with another 70 supporting Panta Capital through subsidiaries in Surabaya in east Java. Panta Capital focuses on raising private equity capital from Europe to co-invest in companies and projects in Indonesia.
Founder Daniel Tjoa started as president director on March 19 alongside managing directors Alex Chandra, Bayu Brachmanto and Raymond Tjiadi, as well as head of project management Cassidy Pignatello and head of financial analysts Arnold Sampeliling.
Chandra, Brachmanto and Tjiadi report to Tjoa, while Pignatello and Sampeliling report to Chandra and Brachmanto, respectively.
Before launching the firm, Tjoa was Surabaya-based chairman at management consultancy Prodigi Wasesa Cendekia.
MAS BANS FORMER BANK OF SINGAPORE AND PRUDENTIAL EXECS
The Monetary Authority of Singapore (MAS) has banned a former insurance agent and a former bank employee from working in financial services for five and three years, respectively, because of fraud and dishonest conduct, with effect from August 18.
The two individuals are Aw Yong Seng, former representative of Prudential Assurance Company Singapore, and Johnny Chew Swee Sun, former representative of Bank of Singapore. The two cases were not related.
In June 2017, Aw forged a document purporting to be an official receipt issued by Prudential but kept a premium of around S$25,000 ($18,114) for himself rather than paying it to the insurer. Aw has now made full restitution of the amount to Prudential and the client’s policy has been reinstated. He was convicted of forgery and sentenced to four months’ imprisonment.
Meanwhile, from April 2012 to December 2012, Chew had defrauded securities firm IG Asia by placing false orders for securities using his personal trading accounts and accounts belonging to his relatives and a friend.
He was aiming to influence the associated contracts for difference (CFD) prices offered by IG Asia in his favour. The trades in the underlying securities were never executed and would be withdrawn shortly after the CFD orders were executed.
Chew eventually made restitution to IG Asia. He was convicted of employing a scheme to defraud and for unauthorised trading and sentenced to eight weeks’ imprisonment.
SCHRODERS "PERMANENTLY EMBRACES FLEXIBLE WORKING"
UK fund house Schroders has announced that it has permanently embraced flexible working across its business, in light of the coronavirus pandemic, following similar moves by other firms.
A spokesman for Schroders confirmed that the policy applied to all employees globally, but added: “It is crucial to note that we have not said staff can work from home permanently.”
The memo said: “Schroders continues to see many benefits in people coming to the office and this will remain an important part of our approach to flexible working.”
The British firm has offices across Asia Pacific, in Australia, China, Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan.
Similarly, US rival BlackRock announced internally on August 3 that it would be giving all staff globally the option of working remotely for the rest of 2020, in light of the coronavirus pandemic.
Moreover, Malaysian state-linked fund manager PNB said in May it would offer working-from-home as a permanent option to all its staff.
RBC WM NAMES EXECUTIVE DIRECTOR
RBC Wealth Management has hired Jason Tong from rival Pictet as Singapore-based executive director on the relationship management team.
He joined the company in July and is responsible for providing clients with financial and wealth planning advice, with a focus on Singaporean and Chinese individuals.
Tong reports to Michael Reed, Singapore-based head of Southeast Asia, in what is a newly created role, a company spokeswoman said. She declined to comment on who had looked after Tong's duties previously.
Previously, Tong worked at Swiss private bank Pictet & Cie, where he was a senior banker overseeing client relationships focused on China. He left the firm in June, a spokeswoman said, declining to comment on whether he has been replaced.