Credit Suisse Appoints Shirley Law as Private Bank Market Leader for Singapore, 270000 HNWIs in Singapore
Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), has appointed Shirley Law as the new Private Banking Market Leader for Singapore in a newly created role. The announcement by Credit Suisse Market Group Head Singapore, Malaysia and South Asia Switzerland Jin Yee Young, also includes the appointment of 3 new Team Leaders for Singapore, Kent Choi, Siang Jin Foo and Luke Hui, who will report to Shirley Law. Kent will transit from his role as Malaysia Team Leader, while Siang Jin and Luke will join from HSBC and Bank of Singapore respectively. According to Credit Suisse Global Wealth Report 2021, Singapore is home to 270,000 HNWs in 2020, and Singapore is projected to have 437,000 HNWs by 2025. (HNW ~ High net worth). View: Credit Suisse Global Wealth Report 2021
” Credit Suisse Appoints Shirley Law as Private Bank Market Leader for Singapore, 270000 HNWIs in Singapore “
Shirley Law, Credit Suisse Private Bank Market Leader for Singapore
Shirley Law is a seasoned banker with over 20 years of wealth management experience. Since joining Credit Suisse in 2013 as a Team Leader, she has established a track record as a business enabler with a skill for building and developing teams. Before Credit Suisse, Shirley was a senior banker at UBS for 8 years, covering Greater China and other Asian markets.
In Shirley’s new role as Credit Suisse Private Bank Market Leader for Singapore, she will report to Dominique Boer, Market Group Head Singapore. The promotion continue to reflect Credit Suisse’s strong bench of internal talent and the attractive mobility opportunities that exist within Credit Suisse.
Shirley Law will be managing 3 teams, with the appointment of 3 new Team Leaders for Singapore.
Credit Suisse Market Group Head Singapore, Malaysia and South Asia Switzerland Jin Yee Young:
“With these appointments, we are in an excellent position to accelerate Credit Suisse’s growth in the Singapore domestic market. We will continue to expand our teams by attracting the best people to the bank and developing talented professionals internally.
In her new role, Shirley will work closely with us to drive further growth and capture a greater share of the Singapore market together with her teams. Having generated good growth momentum in the Singapore market this year, we believe that we are well-positioned to achieve greater success driven by our talented new joiners and the strong leadership team in the Singapore market.”
3 New Team Leaders for Singapore
Alongside the appointment of Shirley Law, Credit Suisse Market Group Head Singapore, Malaysia and South Asia Switzerland Jin Yee Young also announced the appointment of 3 new Team Leaders for Singapore: Kent Choi, Siang Jin Foo and Luke Hui.
Kent Choi is appointed as Team Leader Singapore market with immediate effect, transiting from his current position as Team Leader in the Malaysia market.
Siang Jin Foo is hired as Team Leader Singapore market, who will join Credit Suisse on 19th July 2021 from HSBC. Siang Jin has extensive experience in managing teams and in servicing high net worth clients.
Luke Hui is also hired as Team Leader Singapore market, who will join Credit Suisse on 26th July 2021 from Bank of Singapore. Luke has an established track record in acquiring new clients and in leading teams.
Credit Suisse Expansion Drive, 7 New Private Bankers
In July 2021, Credit Suisse appointed Joyce Low as the new Market Leader for Malaysia in a newly created role with immediate effect (5/7/21). The announcement by Credit Suisse Market Group Head of Singapore, Malaysia and South Asia Switzerland Jin Yee Young also includes appointing Wee Ing Peng as the new Team Leader for Malaysia, assuming the role vacated by Joyce Low, reinforcing Credit Suisse commitment to grow talent from within and retaining the best people in the industry.
In June 2021, Credit Suisse hired Malcolm Tay as Deputy Group Head & Market Leader for Indonesia. An accomplished banker with stellar reputation in the private banking industry (Deutsche Bank, Citi Private Bank, Merrill Lynch), Malcolm joins Credit Suisse Private Bank as Deputy Group Head & Market Leader for Indonesia after 18 years at Deutsche Bank, where he last held the role of Group Head of Southeast Asia of Deutsche Bank International Private Bank.
Indonesia is home to one of the fastest growing billionaires and UHNWs in Asia, and is one of 5 largest economy in Asia with more than $1 trillion GDP (China, Japan, India, South Korea, Indonesia) and the largest economy in Southeast Asia (GDP $1.1 trillion).
Credit Suisse Head of Private Banking South Asia Benjamin Cavalli also made the announcement of 6 Private Bankers joining Credit Suisse: Arleen Sy, Klara Chan, Voragun Thunyasthukul, Patchai Suratwisit, Vaidyanathan Narayanan and Rohit Narayanan.
- Arleen Sy, Senior Relationship Manager (Philippines Market) in Hong Kong
- Klara Chan, Senior Expert Relationship Manager (South Asia Switzerland Team) in Switzerland
- Voragun Thunyasthukul, Senior Relationship Manager in Thailand
- Patchai Suratwisit, Relationship Manager in Thailand
- Vaidyanathan Narayanan, Relationship Manager (India Market) in Singapore
- Rohit Narayanan, Relationship Manager (India Market) in Singapore
Private bankers typically manages $100 million to $300 million of assets, with the most senior and top private bankers managing assets of $300 million to $1 billion and top UHNW private bankers can manage book size of $500 million to $2 billion.
Credit Suisse: We have made more than 100 net hires in 2021 year to date in APAC across all levels, front-to-back, including 30 relationship managers in Private Banking in the first quarter.
Credit Suisse:
- Credit Suisse Appoints Joyce Low as Market Leader Malaysia, To Maintain Leading Position
- Credit Suisse Hires Malcolm Tay as Deputy Group Head & Market Leader for Indonesia, Accomplished Banker with Stellar Reputation
- Credit Suisse Private Bank Expands in Greater China, Appoints John Huang as New Greater China Market Leader
- Credit Suisse Private Bank Appoints Tammy Tan as Team Leader for Thailand & Vietnam
- Credit Suisse Appoints Alois Müller as Head of Private & Alternative Markets APAC, Target $7.8 Billion Assets Yearly
- Credit Suisse Appoints Lock Keng Cheong as Market Group Head Greater China, Adds 6 Private Bankers & Advisors
- Credit Suisse Appoints Dominique Boer as Market Group Head Singapore, Adds 7 Private Bankers & Advisors
Credit Suisse Key Leadership Appointments in Asia
Credit Suisse Private Bank has been making numerous key leadership appointments recently, growing from within including appointing Lock Keng Cheong (Lock KC) as the new Market Group Head Greater China in Singapore, Dominique Boer as the new Market Group Head Singapore and Alois Müller, Credit Suisse’s Head of Global Private Equity, has taken on the additional newly created role as Head of Private & Alternative Markets Asia-Pacific.
Investment Consulting Team Leader for Thailand & Vietnam Tammy Tan was appointed the new Team Leader for Thailand, and Vietnam Market and Greater China Team Leader John Huang was appointed as the new Greater China Market Leader.
(HNW ~ high net worth, UHNW ~ ultra high net worth)
Credit Suisse, $1.75 Trillion AUM
In 2021 Q1, Credit Suisse reported total AUM of $1.75 trillion (CHF 1.59 trillion). Credit Suisse has 3 main business groups: Swiss Universal Bank, International Wealth Management (Private Banking) and Asia Pacific. The 3 business groups are supported by Credit Suisse Investment Bank. (AUM ~ Assets under Management)
For Asia Pacific, Credit Suisse reported CHF 241.9 billion AUM with 630 Relationship Managers in 2021 Q1.
Credit Suisse Assets under Management (AUM):
- Swiss Universal Bank – Private Clients: CHF 213.1 billion
- Swiss Universal Bank – Corporate & Institutions: CHF 487 billion
- International Wealth Management – Private Bank: CHF 386.2 billion
- International Wealth Management – Asset Management: CHF 458 billion
- Asia Pacific: CHF 241.9 billion
- Total: CHF 1.59 trillion / $1.75 trillion
(Net CHF 1.59 trillion AUM after reducing CHF 190.2 billion from assets managed by Credit Suisse Asset Management within International Wealth Management)
Credit Suisse Growing Fast in Asia
Credit Suisse continues to grow in Asia, and focusing on accelerating growth in North Asia including China. In Q1 2021, Credit Suisse hired 30 Private Bankers in Asia-Pacific.
Credit Suisse APAC reporting highlights for 1Q 2021:
- CS APAC delivered record net revenue and adjusted pre-tax income (PTI
- APAC regional revenue +39% YoY and 20% of Group revenue
- Client Business Volume at $419 billion
- APAC division pre-tax income more than doubled YOY
- Net New Assets $5.4 billion in 2021 Q1
Credit Suisse:
- Credit Suisse Appoints Joyce Low as Market Leader Malaysia, To Maintain Leading Position
- Credit Suisse Hires Malcolm Tay as Deputy Group Head & Market Leader for Indonesia, Accomplished Banker with Stellar Reputation
- Credit Suisse Private Bank Expands in Greater China, Appoints John Huang as New Greater China Market Leader
- Credit Suisse Private Bank Appoints Tammy Tan as Team Leader for Thailand & Vietnam
- Credit Suisse Appoints Alois Müller as Head of Private & Alternative Markets APAC, Target $7.8 Billion Assets Yearly
- Credit Suisse Appoints Lock Keng Cheong as Market Group Head Greater China, Adds 6 Private Bankers & Advisors
- Credit Suisse Appoints Dominique Boer as Market Group Head Singapore, Adds 7 Private Bankers & Advisors
- Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
- Credit Suisse Raises $1.92 Billion in Capital, $5.5 billion Losses from Archegos Family Office
- Credit Suisse and Nomura in $6 Billion Hit by Bill Hwang Archegos Family Office
- Credit Suisse Global Wealth Report 2021
- Credit Suisse Global Wealth Report 2020
Private Markets:
- Hong Kong Private Equity Funds to Have 0% Tax for Carried Interest
- Mercer: White Paper on Optimizing Portfolio in Private Markets for LPs in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- UBS and Partners Group to Give UBS Clients Access to Private Markets Investments
- Citi Private Bank Forms Citi Private Capital Group to Provide Institutional Service to Family Offices, Private Funds and Private Companies
- World’s Leading $96 Billion Private Equity Firm Ardian Raises $19 Billion from Global Investors
More:
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland.
Credit Suisse employs approximately 49,090 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.
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