Singapore-based multi-family office Wealth Management Alliance (WMA) is the latest independent wealth manager in Singapore to snap up seasoned former bankers.
In recent months, independent wealth managers in the city-state have been adding senior bankers at a steady pace. The moves come as more private bankers break away from an institutionalized work environment to operate more closely with a few key clients.
Stephan Repkow, founder and CEO of WMA, confirmed to The Asset the most recent additions to his team.
Kenny Chong joins Repkow’s team as its new head of investment services. Before joining WMA, Chong was a portfolio manager at Marathon Asset Management responsible for the Asian credit portfolio of the emerging market debt funds.
Prior to that role he held senior roles with JP Morgan, Credit Suisse and DBS, covering the fixed income, foreign exchange, interest rates and equity derivatives markets.
Earlier this year, industry heavyweight Elizabeth Hart joined WMA as senior investment advisor. Hart was previously managing director at LGT Bank (Singapore). Before that she was managing director, head of Southeast Asia, Rothschild Wealth Management, and director, Rothschild Trust for 12 years until 2016.
Other notable recent moves between banks and independent wealth firms have seen senior bankers move over from both domestic and Swiss private banks.
HP Wealth Management, one of the original independent wealth managers established in Singapore, recently made two senior appointments from established private banks.
The firm led by wealth management veteran Urs Brutsch hired former Bank of Singapore executive director Rishi Dhanuka as director and Augustine Tan as senior portfolio manager.
Dhanuka will manage high and ultra-high-net-worth individuals and families, principally focusing on non-resident Indian clients. Tan joined from UBS where he spent eight years as an advisor to ultra-high net worth clients in Southeast Asia.
Purple Asset Management snapped up another former Bank of Singapore banker Johan Jooste as its new managing director. Jooste was previously chief investment officer at the Singapore private bank.