Barclays hires 3 private bankers from JP Morgan, LGT, Deutsche Bank for Singapore
British lender also relocates senior banker from London as it expands coverage across Asia
[SINGAPORE] Barclays Private Bank in Singapore has hired three executives from rivals, and relocated one from London, as it structures its front office into regionally focused teams, The Business Times has learnt.
The UK lender has recruited Clare Yang from JP Morgan Private Bank, where she was executive director. Experienced in advising clients in Greater China including Hong Kong and Taiwan, Yang takes on the role of team leader for North Asia at Barclays, according to an internal memo dated Thursday (Oct 2).
Jessine Chua joins Barclays as senior private banker for Malaysia and Singapore. Having spent more than two decades at LGT Bank and UBS, Chua is experienced in serving ultra-high-net-worth (UHNW) clients across South-east Asia.
In addition, Barclays is relocating private banking veteran David Nendick to Singapore, to be the team leader for South-east Asia.
With more than 40 years of advising UHNW families and family offices in Asia, Nendick will focus on expanding Barclays’ coverage in Thailand and Malaysia, according to the memo, which was sent by Evonne Tan, head of its private bank in Singapore.
Yang, Chua and Nendick will report directly to Tan, whose title remains even as she is expanding client coverage.
Hiring from Deutsche Private Bank
Barclays has also recruited Jerome Idres as head of investment services platform and product management in Singapore. He joins with nearly 25 years of experience across private banking and capital markets, and was most recently at Deutsche Private Bank.
Idres, who will be overseeing the full life cycle of Barclays’ investment proposition and product development, will report to Ken Sze, head of investments, Asia. All appointments take effect immediately.
In the memo, Tan said the appointments come as Barclays continues to build momentum towards establishing its booking centre in Singapore and expanding its coverage across Asia.
A spokesperson for Barclays in Singapore confirmed the contents of the memo.
The lender is in the process of setting up a booking centre in Singapore, which it aims to make operational next year. This will be its second in Asia-Pacific, in addition to the one in India.
A booking centre is a dedicated office for handling clients’ specific needs, such as managing their assets, executing transactions and providing wealth management services. Clients’ accounts will be registered there, which could affect where they are taxed, depending on their citizenship. A booking centre requires staff, and systems and structures to facilitate these processes.
