eFinancialCareers

Singapore has come in fourth in a global ranking of 75 financial centres. According to the Global Financial Centres Index, Singapore is placed behind London and New York, which tied for first place, as well as Hong Kong, which was ranked third. . (938 Live) AIG will deliver about US$46m in bonuses today to former employees of the bailed-out insurer’s derivatives trading unit, said a person briefed on the company’s plans.... Read more

One of Goldman Sachs’ most senior China bankers has quit to follow in the footsteps of several former colleagues who left the group to establish mainland private equity funds. Fred Hu, the bank’s chairman of greater China, will retire as a partner next month after a 13-year career at Goldman. Hu plans to set up a private equity fund focused on Chinese deals, according to people familiar with the matter,... Read more

BSI, the Swiss private bank, has hired more than 100 staff from the Singapore office of RBS Coutts, in one of the largest such transfers between industry rivals. The Financial Times revealed last October that more than 70 staff of RBS Coutts, the international arm of the UK private bank, had quit, although their destination was unknown. But Hanspeter Brunner, BSI Asia chief executive, admitted it had boosted its 30-strong... Read more

A management reshuffle at Nomura, announced on Monday, has prompted a high-profile resignation at the Japanese bank amid signs that other departures could soon follow. Siggi Thorkelsson, head of equities in Asia, is leaving the bank following a reshuffle that will elevate Rachid Bouzouba, head of equities for Europe, the Middle East and Africa, to global co-head of equities. (Financial Times) Prudential, the UK life assurer, plans to list in Hong... Read more

Temasek Holdings, Singapore’s state investment firm, is setting up a wholly owned multibillion dollar investment company with its own money, three people with knowledge of the matter said. Seatown Holdings International will employ a multistrategy to invest in assets from stocks to bonds, targeting absolute returns. (Bloomberg) HSBC is targeting the growing "mid-market" segment in Hong Kong and a number of countries as one of its profit growth drivers. (The Standard) Anthony... Read more

Standard Chartered plans to hire 500 employees this year for its wealth management business in Hong Kong. The bulk of the new hires will be “frontline” staff. (Bloomberg) When Citic Private Equity Funds Management Co closed the largest local-currency private equity fund in China’s history last month it could not have looked more different from the previous funds to hold that title. (Financial Times) American and European banks are finding themselves in... Read more

Deutsche Bank plans to expand aggressively its equity capital markets and merger advisory operations in Asia to help push regional revenues above US$5.5bn by 2011. (Financial Times) Local insurers in Hong Kong are trying to beef up their distribution channels by launching a franchise system and hiring more agents now that the economy is recovering. But market watchers do not expect the hunt for clients to pose a big threat to... Read more

DBS, Southeast Asia’s largest bank, posted the biggest increase in quarterly profit in three years as investment-banking fees and lending earnings advanced. Net income in the three months ended December 31 climbed 67 per cent from a year earlier to S$493m, the Singapore-based bank said in a statement to the stock exchange today. (Bloomberg) Citigroup chief executive officer Vikram Pandit said the bank is seeking a Chinese partner to set up... Read more

Sales of Islamic bonds may increase 24 percent this year, led by Southeast Asia, as the region’s expansion helps drag the world out of recession, said CIMB Group Holdings, the leading arranger of such issuance. (Bloomberg) Bank of China and its subsidiary Bank of China (Hong Kong) are looking to issue bonds to repay loans and replenish capital. (The Standard) The Asia-Pacific Loan Market Association opens the first global conference in its... Read more

The head of Bank of Singapore, the newly renamed private banking unit of OCBC Bank, has set out ambitious goals for the business that would expand its reach to Europe and the Middle East. (Asia One) China Investment Corp has invested €685m into Apax Partners’ €11.2bn fund in a groundbreaking deal that could tempt other private equity groups to solicit the financial support of the Chinese sovereign wealth fund. (Financial Times) China... Read more

The private equity unit of Goldman Sachs has emerged as a leading contender to acquire a minority stake in a Chinese life assurer being sold by Axa. People familiar with the situation said that Goldman’s principal investment arm is in talks to acquire some, or all, of the 15.6 per cent stake in Taikang Life being sold by the French insurer. (Financial Times) HSBC is understood to be looking to buy... Read more

Here's a world-leading pole position for Singapore that probably explains quite a bit of its dismal productivity record of late. Beavering away doggedly, Singaporeans may not be aware that they have, for the past two years, overtaken the industrious South Koreans in notching up the highest number of hours worked per year, worldwide. (Asia One) Those appalled by the excesses of banker compensation in New York or London might be tempted... Read more

As most banks gear up for Davos week, HSBC is gearing up for Hong Kong week. At least that is what is preoccupying Mike Geoghegan, and his support staff, as the chief executive of Britain’s most international bank prepares to relocate his office half way across the world. (Financial Times) Asian banking and metals stocks fell Monday, leading regional indexes lower, after Friday's hefty losses on Wall Street. Still, it wasn't... Read more

CIMB-GK Securities will be hiring aggressively in Singapore this year, beefing up its number of dealers by 100 to 500 as it seeks to become one of the top players in the local retail broking sector. (Asia One) When it comes to pay, Wall Street could learn a thing or two from Singapore. Outsize bonuses at big banks and securities firms have never been more controversial. Governments are on the warpath,... Read more

The latest report by human resource consultancy Hudson indicate that more firms in Singapore are raising headcount in the first quarter, paying bigger bonuses and boosting starting salaries of new recruits. (Straits Times) The mainland's two stock exchanges are expected to launch two exchange-traded funds as their first products linked to Hong Kong shares. Shanghai Stock Exchange president Zhang Yujun said yesterday his bourse plans to introduce the H-share ETF this... Read more

Bank of America-Merrill Lynchplans to use more deferred compensation to pay its investment bankers, Chief Executive Officer Brian Moynihan said. “The amount of deferral is going to be consistent with both companies.” (Bloomberg) The financial sector should enhance three areas to avoid potential risks. Addressing an Asian Financial Forum audience, Hong Kong Monetary Authority chief executive Norman Chan Tak-lam identified the areas: banks should maintain sufficient liquidity, increase pay for senior... Read more

Bank of China (BOC), the country's largest foreign exchange lender, said it had already completed the preparatory work for establishing its Taiwan branch, according to a statement on the bank's website. (Xinhua) And DBS, Southeast Asia's biggest bank, plans to add branches and staff in Taiwan as more opportunities arise from improving cross-strait ties with China. DBS plans to add three more branches from the current 40, and increase the number... Read more

Bank of America Merrill Lynch is helping more than a dozen multibillion dollar international hedge funds set up or reestablish a presence in Hong Kong and Singapore as the US and Europe increase industry regulation. (Bloomberg) Credit Suisse will increase the headcount in its prime brokerage team in Asia by 15 per cent to 20 per cent in 2010 as it aims to win business from the increasing number of global... Read more

The total foreign and domestic currency assets of Chinese financial institutions rose 26.3 per cent year on year to 78.8 trillion yuan (11.54 trillion US dollars) by the end of 2009, according to the China Banking Regulatory Commission. (Xinhua) Prudential, the UK insurer, is retreating from Japan’s life insurance sector after eight years of struggling to expand its toehold in the fiercely competitive environment of the world’s second largest insurance market.... Read more