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Business Times - 27 Sep 2011
Edmund Koh joins UBS, puts 'shock' behind him
Veteran banker was taken aback by trading scandal but appears unfazed
By SIOW LI SEN
(SINGAPORE) UBS has managed to snare top banker Edmund Koh to run its Singapore private bank business. It's a morale booster for the Swiss bank as it continues to deal with the fallout of its trading scandal.
Mr Koh, meanwhile, was 'shocked' but unfazed by the turn of events that saw UBS suffer a US$2.3 billion trading loss some 10 days ago.
The bank also saw its chief executive resign in the aftermath of this discovery.
'The recent events in the past few weeks have not changed my decision to join UBS. The fundamental strengths of the bank that attracted me to this job remain unchanged,' said Mr Koh.
'I started talking to them last year and only decided last month,' he told BT. 'I was shocked but unfortunately it happens ... you have to grow stronger,' he added.
Mr Koh will assume the role of Singapore country head and chief executive for wealth management Singapore early next year, a UBS statement said yesterday.
He will take over from UBS veteran Christine Ong and also become a member of the UBS global wealth management executive committee.
Ms Ong, who is currently on an extended leave of absence for personal reasons, will return early next year to take on a new senior role in the firm, said the statement.
Mr Koh, with 20 years in the industry, has a reputation for leading and building successful businesses.
Reflecting on the recent events at UBS, he said it was important to look after clients and even more critical to provide clear leadership to staff during times of crisis.
At UBS, Mr Koh will have over 1,000 people reporting to him including some 450 private bankers.
UBS Singapore has more than 2,000 employees, of which about half are from wealth management.
Mr Koh, who headed DBS' consumer bank before he left in 2008, was headhunted by private equity firm Carlyle to turn around Taiwan's Ta Chong Bank, which he did within a year.
He was named best retail banker in Asia for 2007, an award chosen by industry peers.
The bank's strong character and brand, and the fact that it remains one of the best capitalised banks in the world, are what made Mr Koh join UBS.
'I am very comfortable with managing risks, capital and liquidity ... and see this as an opportunity to grow an even stronger team,' he said.
UBS is said to be in disarray, following the departure of its chief executive Oswald Gruebel, 10 days after it announced the US$2.3 billion trading loss. The bank is now being run by interim chief executive Sergio Ermotti, who joined less than six months ago as chief executive for Europe, the Middle East and Africa.
Mr Koh said his priority when he comes on board in February is to look at UBS' private banking strategy in Asia-Pacific.
'Private banking in Asia-Pacific over the last two years has become even more competitive ... I'd like to integrate the whole bank into one to serve clients,' explained Mr Koh.
As at 2Q 2011, UBS had assets under management of 163 billion Swiss francs (S$233.6 billion) in Asia-Pacific and net new money stood at 3.1 billion Swiss francs for the same period.
Across Asia-Pacific, it has over 2,500 staff for its wealth management business.
Singapore is a key centre for UBS wealth management in Asia-Pacific. It is one of two major international booking centres (the other being Hong Kong) for UBS' wealth management business in the region as well as the headquarters for the firm's investment banking business in South Asia.
Last month, it announced that it had hired 300 people in the region since the beginning of this year across the wealth management business.
Business Times - 27 Sep 2011
Edmund Koh joins UBS, puts 'shock' behind him
Veteran banker was taken aback by trading scandal but appears unfazed
By SIOW LI SEN
(SINGAPORE) UBS has managed to snare top banker Edmund Koh to run its Singapore private bank business. It's a morale booster for the Swiss bank as it continues to deal with the fallout of its trading scandal.
Mr Koh, meanwhile, was 'shocked' but unfazed by the turn of events that saw UBS suffer a US$2.3 billion trading loss some 10 days ago.
The bank also saw its chief executive resign in the aftermath of this discovery.
'The recent events in the past few weeks have not changed my decision to join UBS. The fundamental strengths of the bank that attracted me to this job remain unchanged,' said Mr Koh.
'I started talking to them last year and only decided last month,' he told BT. 'I was shocked but unfortunately it happens ... you have to grow stronger,' he added.
Mr Koh will assume the role of Singapore country head and chief executive for wealth management Singapore early next year, a UBS statement said yesterday.
He will take over from UBS veteran Christine Ong and also become a member of the UBS global wealth management executive committee.
Ms Ong, who is currently on an extended leave of absence for personal reasons, will return early next year to take on a new senior role in the firm, said the statement.
Mr Koh, with 20 years in the industry, has a reputation for leading and building successful businesses.
Reflecting on the recent events at UBS, he said it was important to look after clients and even more critical to provide clear leadership to staff during times of crisis.
At UBS, Mr Koh will have over 1,000 people reporting to him including some 450 private bankers.
UBS Singapore has more than 2,000 employees, of which about half are from wealth management.
Mr Koh, who headed DBS' consumer bank before he left in 2008, was headhunted by private equity firm Carlyle to turn around Taiwan's Ta Chong Bank, which he did within a year.
He was named best retail banker in Asia for 2007, an award chosen by industry peers.
The bank's strong character and brand, and the fact that it remains one of the best capitalised banks in the world, are what made Mr Koh join UBS.
'I am very comfortable with managing risks, capital and liquidity ... and see this as an opportunity to grow an even stronger team,' he said.
UBS is said to be in disarray, following the departure of its chief executive Oswald Gruebel, 10 days after it announced the US$2.3 billion trading loss. The bank is now being run by interim chief executive Sergio Ermotti, who joined less than six months ago as chief executive for Europe, the Middle East and Africa.
Mr Koh said his priority when he comes on board in February is to look at UBS' private banking strategy in Asia-Pacific.
'Private banking in Asia-Pacific over the last two years has become even more competitive ... I'd like to integrate the whole bank into one to serve clients,' explained Mr Koh.
As at 2Q 2011, UBS had assets under management of 163 billion Swiss francs (S$233.6 billion) in Asia-Pacific and net new money stood at 3.1 billion Swiss francs for the same period.
Across Asia-Pacific, it has over 2,500 staff for its wealth management business.
Singapore is a key centre for UBS wealth management in Asia-Pacific. It is one of two major international booking centres (the other being Hong Kong) for UBS' wealth management business in the region as well as the headquarters for the firm's investment banking business in South Asia.
Last month, it announced that it had hired 300 people in the region since the beginning of this year across the wealth management business.
