Credit Suisse Appoints Lock Keng Cheong as Market Group Head Greater China, Adds 6 Private Bankers & Advisors
13th May 2021 | Hong Kong
Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), has appointed Lock Keng Cheong as the new Market Group Head Greater China in Singapore. Credit Suisse Head of Private Banking North Asia and Chief Executive of Hong Kong Francois Monnet, made numerous key announcements including hiring 6 Private Bankers and Investment Consultants from leading private banks including UBS, Citibank, BNP Paribas, Pictet, Julius Baer and UOB Private Bank.
“Credit Suisse Appoints Lock Keng Cheong as Market Group Head Greater China, Adds 6 Private Bankers & Advisors”
Francois Monnet also announced the relocation of Thomas Ang, Head of Family Office Services Asia Pacific to Hong Kong in June 2021 and the hiring of Jennie Lau, former Senior Legal Counsel at Chow Tai Fook Enterprises, as a Family Office Specialist based in Hong Kong to support Thomas Ang in growing Credit Suisse family office services in the Greater China Region. (The Chow Tai Fook family is one of the wealthiest family in Hong Kong with around $22 billion of family assets)
Lock Keng Cheong (Lock KC) has been appointed Market Group Head, Private Banking Greater China Singapore
Lock Keng Cheong (Lock KC) has been appointed Market Group Head, Private Banking Greater China Singapore with immediate effect, leading the Singapore-based team covering the Greater China market. Lock KC has joined Credit Suisse in 2007, and has more than 20 years of wealth management experience.
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).
Thomas Ang, Head of Family Office Services APAC, Relocates to Hong Kong
To strengthen ultra-high net worth services to business families and Single Family Offices in Greater China Region, Francois Monnet also announced the relocation of Thomas Ang, Head of Family Office Services Asia Pacific to Hong Kong in June and the hiring of Jennie Lau as a Family Office Specialist based in Hong Kong to support Thomas Ang in growing Credit Suisse family office services in the Greater China Region.
Jennie Lau was the Senior Legal Counsel at Chow Tai Fook Enterprises, where she advised the group on investments, treasury transactions and family office operational governance. (The Chow Tai Fook family is one of the wealthiest family in Hong Kong with around $22 billion of family assets)
In addition to Thomas’ current responsibilities in South Asia, he will focus on accelerating the development of our wealth planning services platform in Hong Kong, providing on-the-ground support in the areas of Family Legacy planning, Family Office advisory services, Private Label Funds and wealth structuring, and philanthropy services. He will continue to report to Bernard Fung, Head of Wealth Planning Services Asia Pacific.
4 Private Bankers, 2 Investment Consultants Join Credit Suisse
Credit Suisse Head of Private Banking North Asia and Chief Executive of Hong Kong Francois Monnet, also announced several key hires, including 4 Private Bankers and 2 Investment Consultants. They joined Credit Suisse from leading private banks including UBS, Citibank, BNP Paribas, Pictet, Julius Baer, UOB Private Bank. Private Bankers are able to attract large amount of assets from billionaires, UHNWs, HNWs, family offices and institutional investors.
The 4 private bankers are Ray Chun, Terence Seah, Harry Chen and Maggie Ma. The investment consultants are Thomas So and Wilson Chan.
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, $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 1Q21:
- 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 Head of Private Banking North Asia and Chief Executive of Hong Kong, Francois Monnet:
“Asia Pacific is a growing region and the fundamentals underpinning wealth creation remain positive, especially in North Asia and China. To capture opportunities in this important area, we have recently made a significant number of hires across the Greater China market to build up our presence.
We are also absolutely focused on developing our team, and will continue to hire the best people in the industry so that we are in the best position to leverage the prospects in this critical market.”
The Private Bankers & Investment Consultants Joining Credit Suisse
Ray Chun has joined the China market in January as an Expert Relationship Manager based in Hong Kong. He joins from Citibank, and has more than 15 years of experience in the banking industry covering corporate wealth management, cross-border cash management solutions and trade finance.
Terence Seah has joined the Greater China Singapore market as a Team Leader based in Singapore. He joins from UOB Private Bank and has more than 15 years of banking and wealth management experience.
Harry Chen has joined the Greater China Singapore market as a Relationship Manager based in Singapore. He joins from Julius Baer and has more than 13 years of international banking experience in retail, corporate and private banking,
Maggie Ma has joined the Greater China Singapore market as an Expert Relationship Manager based in Singapore. Previously, she was with UBS and ABN AMRO, and was formerly the branch president of China Minsheng Bank in Shanghai and has more than than 15 years of experience in the banking and finance industry.
Thomas So has joined Credit Suisse as an Investment Consultant based in Hong Kong. He joins from BNP Paribas where he was a Senior Investment Advisor. He has more than 20 years of experience in FX advisory sales, derivatives and treasury sales to Institutional and Private banking clients.
Wilson Chan has re-joined Credit Suisse as a Team Leader, Investment Consulting Business Initiatives, North Asia and Expert Investment Consultant, Greater China based in Hong Kong. He rejoins from Pictet Wealth Management where he was an Investment Consultant. Prior to Pictet, Wilson had spent 12 years at Credit Suisse where he served as Investment Consulting Cluster Head.
Credit Suisse:
- 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 2020
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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