The pace of moves in the global wealth industry remained brisk in December. Perhaps the biggest move was Barclays' decision to hire the former CEO of the UK financial regualator, Sir Hector Sants, as its newly created global compliance boss.
HSBC named Peter Boyles as its new chief executive of global private banking. He had been chief executive for Continental Europe and head of commercial banking for Europe. The European countries which previously reported to Boyles now report to Brian Robertson, chief executive of HSBC Bank. A new commercial banking head for Europe will be announced in due course. Boyles replaced Krishna Patel, who resigned after just over a year in the role. Patel was to leave the group at the end of January after a handover period; he had been at HSBC for 28 years.
The Society of Trust and Estate Practitioners unveiled the oversight board for the STEP Trustee Managed Portfolio Indices, and suggested that additional members may be named for Switzerland. The following members were appointed:
Paul Stibbard TEP - Rothschild Trust Group; David Kilshaw TEP – KPMG; Julian Hayden TEP - Hawksford Group; Paul Bailey - Azure Wealth; James Hoare - Hoare & Co; Phil Le Cornu TEP - Ogier Group; Louise Stoten TEP - New Quadrant; Roderick Earl of Balfour TEP - Virtus Trust; Shelia Dean - Equiom Trust Company; Kathy Whatmough - Rice Whatmough Crozier; Jen Geddes - R&H Trust Co (Jersey); Ivan Hooper TEP - Winterbotham Trust Company; Russell Bussey - IPS Capital; and James Painter - Enhance Group.
Vistra, the international trust and fund administrator, appointed Rob Lucas as director of fund services. Based in Jersey, he covers business development and operations in London and the main European markets. Before joining Vistra Lucas was a director of Northern Trust International Fund Administrators and was previously head of real estate and infrastructure funds in Jersey at the same company. Vistra recently appointed Richard Hughes to the newly-created role of business development officer, based in the firm’s London office.
Bill O’Neill left Merrill Lynch Wealth Management as chief investment officer for Europe, Middle East and Africa to pursue a career elsewhere after being appointed to the CIO role in early 2010. As part of the change, Johannes Jooste, chief market strategist, EMEA Chief Investment Office, took responsibility for the chief investment office in London, reporting to Chris Wolfe, effective immediately. The CIO team reports to Jooste.
Man Group hired an executive chairman for North America to grow its business among institutions, foundations, family offices and intermediaries. John Rohal works with Eric Burl and Lance Donenberg, respectively chief operating officer and head of sales for North America, and reports to Manny Roman, president and COO of Man. Rohal is a former institutional client of Man’s and is a member of the investment committee at California-based Makena Capital Management, a multi-asset class investment manager.
JP Morgan's private bank added to its team of India-focused bankers, appointing managing director Ravi Bulchandani and executive director Jafar Hamid. They are based in London and report to Rahul Malhotra, head of the South Asia team.
Bulchandani joined JP Morgan from Barclays Wealth (as that bank’s wealth and investment arm used to be known), where he was a senior private banker in the ultra high net worth team and also a member of its private client asset allocation committee. Hamid previously worked at Credit Suisse Private Bank, where he was a senior private banker and investment partner for ultra high net worth Indian clients.