Barclays adds four bankers as S’pore emerges a wealth management centre
BARCLAYS has hired four senior private bankers from its rivals in recent weeks to beef up its wealth and investment management business in Singapore.
Among its latest hires is Tsukasa Miyachi, who joined Barclays as a managing director on April 3, focusing on the Indonesia market. Mr Miyachi was most recently the head of wealth management for Asia excluding Japan at Nomura. He has 25 years of private banking and investment banking experience, spanning Singapore, Hong Kong, Beijing and Tokyo.
He is part of a wider group of private bankers attracted to Singapore over the past decade by the country’s growing importance as a wealth management centre for clients worldwide, Srinivas Siripurapu, head of wealth management for South-east Asia and South Asia at Barclays, told BT in an interview.
“One of the trends we’re seeing is that clients are increasingly looking at Singapore as an option for setting up their offshore entities. Some clients are even shifting to Singapore altogether,” said Mr Siripurapu, who joined Barclays in November 2009 from UBS, taking nine others with him.
“I’ve seen significant interest, especially from South Asian clients, whether they’re domiciled in India, the Middle East or even the United Kingdom. I know many clients who have shifted their base here, or who have opened an office here.”
Bankers too are increasingly showing interest in shifting to Singapore from other locations such as Europe, he said. “Once the clients are attracted, so are the private bankers.”
“I myself came to Singapore in 2002. Once I went through the transition and understood the place, the local regulations and the lifestyle, it was easy for me to encourage people to come here. That’s how I built a very large team; more than half are people who relocated from other countries to Singapore.”
Another new hire is Erliena Yulianawati, who joined Barclays from Clariden Leu as director on April 2, also focusing on the Indonesia market. She has more than 20 years of experience in private banking and corporate banking with financial institutions in Singapore and Indonesia.
A third hire, Fumiko Omura, joined Barclays as director on March 20 from Merrill Lynch. She spent 25 years at Merrill in Singapore and Tokyo, with the last 12 years as a senior private wealth manager here. At Barclays, she serves mainly clients in South-east Asia.
Eugene Huang, another former Merrill banker, joined Barclays Greater China team in February as a director, serving very rich, or ultra high net worth, clients in Greater China. He has over 20 years of wealth management experience with various financial institutions in Singapore and Taiwan.
All the new appointments are based in Singapore. Barclays now has some 100 bankers across Asia, with 70 based in Singapore, covering South-east Asia and South Asia, BT understands.
Source: Business Times 24 April 2012