UBS's asset management has poached a fund transaction house's top executive in Asia for its wholesale fund platform. The move is a bid to exploit growing wealth in the region.
UBS's funds arm has hired Sebastien Chaker from Calastone to head its Fondcenter expansion efforts in Asia, the Swiss bank said in a statement on Monday.
UBS wants to expand Fondcenter, an asset management push to sell funds to other institutions, in Singapore and Hong Kong. Chaker was most recently responsible for setting up and expanding Calastone, an automated fund transactions provider, in Asia. He has been in Hong Kong for the past five years, and in the funds business since beginning his career with Citibank in 1996.
Alongside the appointment, the bank said it will relocate Nicolas Huras to Singapore from Switzerland as head of sales for Fondcenter.
