The wealth management arm of a Europe-headquartered banking group has hired from a rival for the executive role in Asia.

BNP Paribas Wealth Management has appointed JP Morgan's Prashant Bhayani as managing director and chief investment officer for Asia.

Bhayani, who has almost 25 years' experience in multi-asset class management, was previously senior global investment specialist at JP Morgan Private Bank in Singapore. Prior to that, he was co-CIO and co-founder, managing partner of Cork Street Capital Advisors. In his new role, Bhayani replaced Stefan Hofer who left the firm last year.

Based in Singapore, Bhayani will report to Arnaud Tellier, head of investment services, Asia at BNP Paribas Wealth Management. He will be responsible for developing global asset allocations and investment strategies for the bank’s private clients in Asia. He will also support a range of investment research for relationship managers and high-net-worth clients.

“This is a strategic hire that confirms our commitment to delivering cutting edge investment services to our clients. We are confident that Prashant’s well tested expertise will add value to the overall investment management of our clients across Asia,” said Mignonne Cheng, chairman and chief executive, Asia of BNP Paribas Wealth Management. 

The firm has been busy bulking up its Asian team, most recently with the appointment of Sharon Loh, who joined BNP Paribas Wealth Management in January as head of advisory for Southeast Asia. Other recent appointments include senior banker Inge Kua who became senior advisor to Stephanie Lair, head of Singapore, Indonesia and Malaysia Markets in December.