Wealth Blog

Big girls for Barclays

PUBLISHED : Monday, 29 October, 2012, 3:33pm
UPDATED : Monday, 29 October, 2012, 3:35pm

Barclays Bolsters Hong Kong private banking team with Senior Banker Hire blasts the press release. Wow. Does Hong Kong usually only rate the recruiting of junior hires? But have no fear, because “Barclays Bolsters Hong Kong private banking team” with the appointment of Adeline Chien as Managing Director, Hong Kong team, covering ultra-high net worth individuals in Hong Kong. Chien reports to Rickie Chan, Market Head of Hong Kong, who must be very senior indeed.

So what does superstar Chien bring to the private banking party? Over 20 years of experience, coming from EFG Bank in Hong Kong, where she was team head responsible for serving high net worth clients in Hong Kong, China and Taiwan. Yes, dear reader, banks really do send out press releases filled with this stuff, as if journalists have time to read it. And it goes on...before that, she worked in various financial institutions including UBS and Goldman Sachs, serving ultra high net worth clients. Her appointment, we learn, further strengthens Barclays’ coverage of the Hong Kong market, and follows from the appointment of Chan who was appointed Market Head of Hong Kong in August 2012. That’s a lot of appointing. And it goes on: “Under the leadership of Pakorn Boonya-kurkul who joined as Head of Wealth Management, North Asia, in May 2011, Barclays has grown its North Asia banker teams considerably, with more than 50% of its bankers now at a senior level.” OK, we get the message, Barclays is now hairing grown-ups to look after your cash. What were they doing before? 


Most Expensive Parking Space

Ming Pao Daly reports that Hong Kong’s highest priced parking space, being offered for HK$3.5million. This is not on some rooftop in Central, but at the Belcher’s, in relatively unposh Pok Fu Lam, though I have even seen this unfortunately named development described rather more honestly as being in Kennedy Town, in some property advertisements. The rare ones that haven’t bought into the gentrification-by-geographical-upgrade trick.  

Anyway, if sold for HK$3.5 million–an amount that is enough to buy the cheapest flat in The Reach, a new Yuen Long project, it raises an interesting question. If not a local or permanent resident, will John Tsang oblige the buyer of this very small piece of real estate, with no building on top, but which is probably inside a building, to fork out an extra 15 per cent under his new property tax?