The bank is expanding its asset management business in the Asia Pacific region and has hired a team of five including front office staff in Singapore.
VP Bank, the Liechtenstein-based private bank, has hired five front office employees in Singapore, including three relationship managers.
Sean Chee, who served as the business development manager for the brokerage team, previously worked for Credit Suisse, Citigroup and Julius Baer in Singapore.
Christopher Shi and Howard Wang work in the Private Banking team as Senior Relationship Managers for the Southeast Asian region. For the past two decades, Shi has worked in the wealth management industry for UOB, ANZ, and Julius Baer. Wang joined VP Bank earlier this year from HSBC Private Bank, where he has spent the past 19 years managing the wealth of the Southeast Asian rich.
In the past six months, the bank hired a total of 11 front office staff, including seven senior relationship managers.
“Asia is an important growth market for asset management. VP Bank is expanding its presence in Asia with a strong talent pool and I look forward to seeing you make a significant contribution to supporting our efforts in Asia, ”said Bruno Morel, CEO of VP Bank Ltd, Singapore branch.
Last July, Liechtenstein-based VP Bank launched a joint asset management platform in Hong Kong with Hywin Wealth Management (China), which dealt with onshore and offshore service offerings. The move continued a pattern of Asian partnerships with European banks, particularly banks in Switzerland.
In 2017, Hywin Capital (UK), part of the Hywin Financial Holding Group, acquired Azure Wealth, a UK-based wealth management company.
At the end of March, VP Bank warned that it would adjust one of its loan portfolios by around CHF 20 million (USD 20.9 million) due to the virus pandemic. The bank said there was no more money to set aside after stress tests it had been running for the past few days.