An executive from BNP Paribas' Asia Wealth Management division is set to join Switzerland's Sarasin in a senior role.

A twenty-year veteran private banker on the Singapore-based wealth management team at BNP Paribas, has resigned and is set to join Switzerland's Sarasin in a senior role, said sources close to the situation. 

Eric Morin has resigned from the French bank in order to take up the role as head of Southeast Asia at Sarasin, sources said. He is set to join in January 2013.

His previous job title was head of wealth management international and other Asian markets, namely Korea, the Philippines and Thailand. He was with the bank for around two decades.

He will fill the space left by Grace Barki, who resigned in June for the equivalent job at Royal Bank of Canada Wealth Management.

Singapore-based Barki's duties were taken up by chief executive officer of Asia, Enid Yip, confirmed a Sarasin spokesperson at the time.

It is not yet clear whether Morin will be replaced at BNP Paribas. BNP confirmed the departure without adding further details. Sarasin declined to comment.

BNP Paribas has been both hiring aggressively and losing staff in recent months, underlining the infamous hiring 'merry-go-round' afflicting the Asian wealth management industry. It has made at least twelve senior hires to its wealth division since April, but in May a team of nine from BNP Paribas' China wealth management division quit en masse for Credit Suisse, weeks after the French bank lured a team of four from its Swiss rival. It also lost its head of wealth planning services, Julie Teo, in July.