Besides empathy, a successful CEO also has to be a good communicator. That means writing the Christmas or end-of-year message themselves, Brigitte Kaps maintains in an article for finews.first. finews.first is a forum for authors to comment on economic and financial topics. For CEOs, Christmas and the end of the year is a good opportunity to applaud the work of employees while also inspiring them for the upcoming year. Any message, whether delivered in person as a speech or disseminated internally as a memo, can have an outsized impact on how employees perceive their role within the company ..read more

Shortly after news of the credit problems at Swiss-based bank Julius Baer broke thanks to the actions of U.S. entrepreneur and investor René Benko, there was suddenly speculation as to whether CEO Philipp Rickenbacher would resign. But is it right to demand such a course of action? The CEO usually takes responsibility for incidents that could potentially put a company in significant difficulty. In the case of Julius Baer, the extent of the damage from the Signa debacle only became apparent in stages after the bank failed to be transparent about the matter when it unveiled its quarterly repor ..read more

Authorities in Singapore have launched a massive investigation into nearly 400 suspects of scams and money laundering. Singapore authorities identified 373 individuals for suspected involvement as scammers or money mules – a person who allows others to use their bank account to transfer money for a fee – according to a statement. Officers from the Commercial Affairs Department and the seven Police Land Divisions conducted a two-week operation between November 24 and December 7, probing 236 men and 137 women aged between 14 and 80. 1,200 Cases The suspects are believed to be involve ..read more

Malaysia’s Maybank has announced the promotion of a wealth management veteran to become chief executive officer of Singapore. Maybank appoints Alvin Lee as country CEO, CEO Maybank Singapore as well as CEO Malayan Banking Berhad Singapore branch, according to a statement, effective 1 January 2024. In the role, he will serve as a member of the group executive committee and report to president and group CEO Khairussaleh Ramli. He succeeds Dr. John Lee Hin Hock who will retire from Maybank Group, effective 31 December 2023, after 12 years with the Malaysian lender. Lee has 30 years of bank ..read more

Investors face the challenges of higher rates, slower growth and geopolitical tensions next year, according to Geneva-headquartered Lombard Odier. Next year, peaking yields and slowing growth are expected to be positive for high quality fixed income as well as equity risk appetite, according to a Lombard Odier note, though market volatility is expected to continue in the first half. And on the macroeconomic environment, the bank notes that «historical evidence argues against ruling out a recession» though it is still positive. «In 2024, investors must balance the lingerin ..read more

The insolvency of Austrian property firm Signa is expected to result in a drag on the credit quality and profitability at some banks in Europe, including Switzerland.  The insolvency of René Benko’s Signa will impact the credit quality and profitability of some Austrian, German and Swiss banks, according to a Moody’s note without disclosing the name of specific institutions.  Non-performing loans and risk costs are expected to rise in the fourth quarter of this year. While most of Signa’s bank loans were secured, the credit rating agency noted that there will st ..read more

The asset management arm of J.P. Morgan has held on to its spot as the top fund firm in mainland China, driven by improvements in branding, according to a report by financial technology solutions provider Broadridge. According to Broadridge’s latest «China Power Ranking», J.P. Morgan Asset Management is the top fund firm in the mainland, benefiting mainly from improved retail brand perception. In addition, the US asset manager’s wholly-owned onshore fund unit has also made multiple QDII (Qualified Domestic Institutional Investor) launches which allow local investments in ..read more

It’s not just private bank Julius Baer that’s rumored to have financed companies in investor René Benko’s Signa conglomerate. Credit Suisse is also said to have lent tens of millions – now its new parent company UBS could be left lumbered with the loans. The lenders to real estate and retail company network Signa evidently include Credit Suisse. This was reported by newspaper «Tages-Anzeiger» (paid article, in german only), which cited anonymous sources. According to these insiders, the major bank, which is now being integrated into its competitor UBS, lent around 100 million Swiss ..read more

Margins for the asset management business in Asia Pacific are higher and relatively stable compared to other regions, according to a KPMG report. At 58.3 basis points in 2022, asset managers in APAC record higher and relatively stable margins compared to other regions, according to a KPMG report. This is partly due to a preference for active investment strategies, though there are some shifts from mature markets like Australia toward passive strategies.  This is despite higher cost margins – 36.3 basis points – driven by expensive regulatory setups and investment in digit ..read more

Sumitomo Mitsui Banking Corporation expands its private credit business in Asia with the hire of a former Nomura executive. Yew Chuan Sim joins SMBC’s loan capital markets department as head of private credit distribution, Asia Pacific, according to a statement.  Based in Singapore, he will lead the bank’s distribution efforts in the region to provide bespoke debt solutions to corporates, financial sponsors and ultra-high net worth clients. He will also work closely with the structured credit team headed by Junwei Wu, who joined in October 2023. Sim has over 20 years of e ..read more