People Moves

Ex-Goldman Sachs Private Banker Becomes Julius Baer North Asia Business CEO

Tara Loader Wilkinson Asia Editor 24 October 2011

Ex-Goldman Sachs Private Banker Becomes Julius Baer North Asia Business CEO

Julius Baer has hired a 25-year private banking veteran from Goldman Sachs as its North Asia CEO and deputy chief of Asia.

Julius Baer, the Swiss private bank, has lured a 25-year private banking veteran from Goldman Sachs as chief executive of its North Asia business and deputy chief of Asia.

Kaven Leung co-heads the Asian private banking business at the US bank, a role in which he is still incumbent. He will start the new job at Julius Baer on 19 April 2012, and will be based in Hong Kong, the headquarters for the bank's North Asia business.

The previous North Asia CEO, Andrea Benenati, left in May after five years at Julius Baer to set up an independent asset manager. Asia CEO Dr Thomas Meier took on the role on an interim basis, and will now hand over to Leung.

Leung will also be responsible for the Hong Kong branch of Julius Baer, subject to regulatory approval. As his deputy, Leung will report directly to Meier and be member of the bank’s Asia executive committee.

For the last three years Leung was a partner at Goldman Sachs. Before Goldman he worked at US rival Citigroup for over 20 years, most recently as CEO of global wealth management Asia and member of Citigroup’s management committee and the Asia management board.

“Kaven is the ideal person to further expand our local business,” Meier said in a statement released by the firm.

It is the latest in a string of expansionary moves for Julius Baer in Asia, which it considers its “second home market” after Switzerland.

Earlier this month Julius Baer sealed into a strategic partnership with the Macquarie Group regarding the mutual referral of private and investment banking opportunities in North and Southeast Asia.

The bank was also was given the green light to open a representative office in Shanghai, by the China Banking Regulatory Commission earlier this year.

 

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