Spy has had a few weeks hibernating in colder climates, enjoying a range of single malts but news has been reaching him on the ever-reliable grapevine.
James Weston the former head of bank relationships at Generali is now executive director for international distribution at GAM based in Switzerland but covering global markets. James is only the latest in a long line of experienced life insurance people who have jumped ship to the more racy world of asset management.
Ajay Saratchandran, Manulife’s head of investment management services for wealth management in Asia has left the firm. Doris Ma, ex-marketing manager at HSBC GAM has surfaced at Blackrock as head of retail marketing. Prior to HSBC, Doris was at Invesco in Hong Kong.
Vivek Singh Jamwal an experienced equities analyst, formerly of Atlantis Asset Management and CIMB-Principal, has surfaced as a business consultant at Stradegi Investment Management Consulting.
Edward Pantani, has taken on a new role as vice president of Premier Assurance of Miami, whilst keeping his role at UK specialist alternative credit asset manager, Prestige Asset Management. Spy understands Premier and Prestige have a close working relationship.
Speaking of employee turnover, the Spy came across an interesting document that suggests China is the most difficult place in the world to find and retain wealth management talent.
“The turnover rate of our wealth management product advisors, client managers and product development personnel for 2012, 2013, 2014 and the three months ended March 31, 2015 is approximately 36%, 57%, 33% and 14%, respectively,” said Shanghai-based Jupai Holdings, a mainland wealth manager, in an SEC filing the Spy read.
The Spy also heard that three million new investment accounts per month have been opening in China this year. Unfortunately, massive margin borrowing ensued and as the market climbed, the gambling mentality took over.
And of course the Spy has an eye for ad campaigns.
Allianz Global Investors has taken a large billboard in Raffles Place, Singapore, promoting two European strategies: Equity Growth Select and Equity Dividend.
Meanwhile, local mass-market bank PSOB has been getting in on the retirement planning bandwagon with a shiny new advert campaign running on the sides of buses encouraging consumers to save for retirement.
In Hong Kong, Aberdeen was seen around town pushing Japanese equities.
Is everyone else on summer vacation?