Credit Suisse Hires Stella Lau as Private Bank Market Leader for Greater China, Adds 5 Senior Private Bankers
21st July 2021 | Hong Kong
Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), has hired Stella Lau as Credit Suisse Private Banking Market Leader for Greater China, in the Swiss bank continued expansion in Asia-Pacific and China. Stella Lau rejoins Credit Suisse from JP Morgan (Head of China Market) and UBS (China Desk Head), and will lead the Greater China Team in the fastest growing economy in the world and home to the fastest growing companies, billionaires, UHNWs & HNWs. Credit Suisse Head of Private Banking North Asia Francois Monnet also announced the hiring of 5 senior private bankers from UBS, Julius Baer, Bank J Safra Sarasin and CMB Wing Lung – Shirley Li, Teresa Tam, Sanjeev Sharma, Yandy Tano, Jae-Ock Lee, and Investment Consultant Leon Mok (HSBC). Since June 2021, Credit Suisse has added 11 new Private Bankers to the North Asia team. (Credit Suisse Global Wealth Report 2021: China has the 2nd most number of millionaires with 5.27 million and 28,130 UHNWs – View Report)
“ Credit Suisse Hires Stella Lau as Private Bank Market Leader for Greater China, Adds 5 Senior Private Bankers “
Stella Lau, Credit Suisse Private Banking Market Leader for Greater China
Stella Lau rejoins Credit Suisse Private Bank from JP Morgan where she was the Head of China Market. In 2012, Stella had left Credit Suisse to join UBS where she was the China Desk Head for 5 years. In total, She has close to 20 years of experience focusing on China market and had began her career in Wealth Management at Citibank.
Stella Lau will assume her role alongside John Huang, who is also Credit Suisse Private Banking Market Leader for Greater China. Both Stella and John reports to Keng Cheong Lock (KC Lock), who is Credit Suisse Private Banking Market Group Head of Greater China in Singapore. She will commence her role on 23rd August 2021.
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.
Francois Monnet, Head of Private Banking North Asia:
“We are reinforcing our commitment to driving accelerated growth in the North Asia Private Banking franchise with the appointment of our second market leader Stella and senior bankers joining our Greater China team. We are confident that the new hires will strengthen our industry position with their proven expertise in this critical market.
With them on board, we are poised to take our franchise in Greater China to the next level to capture the significant opportunities we see in this exciting growth market. Going forward, we will continue this strong trajectory to attract top talent who enable us to best meet our clients’ evolving needs.”
Adds 5 Senior Private Bankers, Grows North Asia & Greater China
Credit Suisse Head of Private Banking North Asia Francois Monnet also announced the hiring of 5 senior private bankers from UBS, Julius Baer, Bank J Safra Sarasin and CMB Wing Lung – Shirley Li, Teresa Tam, Sanjeev Sharma, Yandy Tano, Jae-Ock Lee, and Investment Consultant Leon Mok (HSBC). Since June 2021, Credit Suisse has already added 11 new Private Bankers to the North Asia team.
- Shirley Li Expert Relationship Manager (China)
- Teresa Tam, Expert Relationship Manager (Hong Kong)
- Sanjeev Sharma, Senior Expert Relationship Manager (North Asia Switzerland)
- Yandy Tano, Senior Expert Relationship Manager (Greater China)
- Jae-Ock Lee, Senior Relationship Manager (Japan & Korea)
- Leon Mok, Investment Consultant
Recent Promotions in North Asia Team:
- Lock Keng Cheong as Market Group Head Greater China Singapore
- John Huang as Market Leader Greater China Singapore
- Vanessa Wu as Team Leader Greater China Singapore
- Jack Siu as Chief Investment Officer Greater China based in Hong Kong
2021 New Hires in North Asia Team
- Ray Chun joined China Market in January 2021 as an Expert Relationship Manager based in Hong Kong
- Thomas So joined as an Investment Consultant based in Hong Kong
- Wilson Chan re-joined Credit Suisse as a Team Leader, Investment Consulting Business Initiatives, North Asia and Expert Investment Consultant, Greater China based in Hong Kong
China, $14.3 trillion Economy
China is the fastest growing economy in the world and home to the fastest growing companies, billionaires, UHNWs & HNWs. China is the 2nd largest economy in the world with GDP of $14.3 trillion in 2020, representing 16.34% of global GDP ($87.7 trillion). China also has the largest population in the world with 1.39 billion, representing 18.21% of global population (7.67 billion).
China also have 3 of the world’s largest stock exchange – Shanghai Stock Exchange, Hong Kong Exchange and Shenzhen Stock Exchange. In the 2021 Global Financial Centres Index 29 Report, 4 of China’s cities are in the top 10 ranking – Shanghai, Hong Kong, Beijing, Shenzhen.
(Credit Suisse Global Wealth Report 2021: China has the 2nd most number of millionaires with 5.27 million, and 28,130 UHNWs – View Report)
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.
In Southeast Asia, Shirley Law was appointed as Private Bank Market Leader for Singapore, Joyce Low as Market Leader for Malaysia and accomplished banker Malcolm Tay was hired as Deputy Group Head & Market Leader for Indonesia. Investment Consulting Team Leader for Thailand & Vietnam Tammy Tan was appointed the new Team Leader for Thailand, and Vietnam Market.
In North Asia, Greater China Team Leader John Huang was appointed as the new Greater China Market Leader and Stella Lau joins as Greater China Market Leader. In Australia, Nicole Dunn as is hired as Private Banking Team Leader for Australia.
(HNW ~ high net worth, UHNW ~ ultra high net worth)
- Credit Suisse Hires Nicole Dunn as Private Banking Team Leader in Australia, 1.8 Million HNWs in Australia
- Credit Suisse Appoints Shirley Law as Private Bank Market Leader for Singapore, 270000 HNWIs in Singapore
- 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, $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 Hires Nicole Dunn as Private Banking Team Leader in Australia, 1.8 Million HNWs in Australia
- Credit Suisse Appoints Shirley Law as Private Bank Market Leader for Singapore, 270000 HNWIs in Singapore
- 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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