Finance People Moves: Credit Suisse, HSBC, and Zurich
It appears that Credit Suisse’s Chairman António Horta-Osório, formerly the CEO of Lloyds Banking Group (2011 to 2021), is bringing in new talent from his old firm with the appointment of Zarina Mahmud as Head of Diversity and Inclusion (UK & EMEA).
Holding a BA in International Management from the University of Hull (2001), Mahmud first joined Lloyds in 2007 as Corporate Personal Banking Manager. She progressed steadily within the bank, first gaining experience with corporate inclusion and diversity in 2015, and held the role of Inclusion Lead before moving to Credit Suisse in June 2021.
China is proving to be a land of opportunity for HSBC: the bank reportedly has 10 cities in its crosshairs as potential expansion points. Taking on a prominent role within this development, Jackie Mau will become Head of Private Banking in mainland China.
“There are incredible opportunities for us to grow our business in mainland China, where HSBC is the leading international bank with a long history, deep heritage, and a broad range of financial services capabilities,” stated Siew Meng Tan, Head of Global Private Banking, to whom Mau will report.
Currently based in Hong Kong as Regional Head of Ultra High Net Worth, Mau’s new role will take him to Shanghai and give him a front seat to the bank’s accelerating growth.
He is a highly experienced banking executive: along with over 15 years with HSBC (in two separate stints), Mau was also a Relationship Manager at Citi and a Managing Director for Standard Chartered Bank.
Following a 27-year career at Zurich, five of which he acted as CEO for the insurer’s Middle East operations, Walter Jopp has announced he will be stepping down.
Jopp’s tenure with the Swiss insurance giant has taken him all over the world, from London to Miami, Zurich, Hong Kong, and Dubai. His decision was apparently motivated by a desire “to spend more time with family and friends.”
Peter Huber, CEO of Zurich International (read our profile on him here), will cover for Jopp as interim CEO for the region.
"Zurich has built a very strong and robust business in the Middle East under Walter's leadership,” he commented.
"Our commitment to all stakeholders - regulators, customers, employees, industry bodies, partners and the insurance community at large remains stronger than ever, and Zurich is well positioned to deliver on our strategy to be the domestic life insurer of choice in the Middle East."
Images sourced from LinkedIn
State Street launch crypto service for private funds clients
State Street Corporation is now expanding its push into the cryptocurrency industry by launching new digital asset services. It will provide digital and cryptocurrency asset fund administration capabilities for the firm’s private funds clients.
In partnership with Lukka, a leading enterprise crypto asset data, and software provider, State Street will support its private fund clients with collection, standardisation, enrichment, reconciliation, processing, and reporting related to crypto and other digital assets.
The partnership is State Street’s latest effort in the digital and crypto-asset space following the launch of State Street Digital, a division focused on addressing the industry’s evolving shift to digital finance, and comes after Lukka’s Series C funding round in December of 2020, which was led by State Street.
A rise in digital assets
“The growth in popularity of digital assets is showing no signs of a slowdown and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital assets servicing models to help meet our clients’ growing demands,” said Nadine Chakar, head of State Street Digital. “Our work with Lukka will leverage their software and data in order to help expand our digital and crypto asset fund administration capabilities to alternative managers is just another advancement in our digital solution set and marks a very exciting development.”
State Street will leverage Lukka’s product suite, which includes a proprietary middle and back-office data management solution, purpose-built for blockchain and crypto-asset data, as well as Lukka Reference Data, and Lukka Prime Pricing Data. This will enable State Street to consume crypto assets that are comingled within a private client’s traditional alternative investments portfolios.
“As our clients continue to adopt digital assets, such as crypto, we’ve seen increasing interest among investors for institutional quality middle and back-office offerings that support diversified portfolios,” said Jen Tribush, alternatives lead for State Street Digital.“ Lukka was the ideal partner to help provide these services given their leading position in crypto asset data as State Street continues to add to our growing offering in the digital asset space.”