ON THE MOVE: Deutsche Names Mahesh APAC Wealth Vice Chair; Credit Suisse Promotes Eugster
Anurag Mahesh is rejoining Deutsche Bank Wealth Management as Vice Chairman, Wealth Management APAC. In this newly created role, he will focus on developing new client relationships in the region, as well as assisting the coverage and advisory teams in deepening relationships with existing clients. He will start in early January based in Singapore and report to Lok Yim, Head of International Private Bank APAC and CEO of the Hong Kong Branch, regionally and Alessandro Caironi, Global Head of Lending and Advisory & Sales, globally.
Mahesh has over 25 years’ experience in private banking in the region and beyond. He joins from UBS, where he was Co-Head of Global Family Office for Asia Pacific. In that capacity, he drove the buildout of the family office business in APAC. He has also worked closely with regulators and other stakeholders in Singapore as part of key industry groups to further the development of the family office industry there.
Credit Suisse has promoted Sacha Eugster to the position of market leader for the Philippines. Eugster joined the firm in 2003 and since then, has worked in a variety of roles within the Swiss bank’s COO function. After 11 years, he took on the role as the head of the Singapore booking center, before becoming a team leader for the Philippines Market in 2016.
In his new role, which he starts in January, Singapore-based Eugster will continue to report to Marcus Slöör, market group head Philippines.
Credit Suisse has made Asia a priority for investment within its new global wealth management division as it puts in place an ambitious plan to grow the high-net-worth client segment. It said it plans to hire 500 additional client advisors by 2024 and triple the size of its team in mainland China.
Sun Life Financial Inc has hired Luc Nhon Ly from AIA Group as its new chief executive officer of Sun Life Vietnam. He succeeds Larry Madge, who has been appointed senior vice president of financial and insurance risk management at Sun Life’s headquarters in Toronto. Luc reports to Sun Life Asia President Ingrid Johnson, and is also a member of the Sun Life Asia executive team.
Luc, who had held various positions at AIA Group, including CEO of AIA Myanmar and chief financial officer of AIA Vietnam, says he is “excited to be joining Sun Life at a time where we see huge opportunities in Vietnam”.
UBS fund manager Ross Dikes, whose $3.3 billion Asian High Yield fund has been hit by its Evergrande debt exposure this year, is leaving the firm. The fund has lost around 17% so far this year, with the slide accelerating in the third quarter as concerns grew about contagion in the Chinese property market.
Singapore-based Dilkes is a 16-year veteran of the company and has been running the fund since it was launched nearly a decade ago. Hayden Briscoe, head of global emerging markets and Asia Pacific fixed income, will take over as interim manager from 20 January until a successor is named. He will co-manage the fund with Singapore-based Michael Fleisch.