The family behind Swiss wealth and asset manager Crossinvest has sold a majority stake in its Asian subsidiary to an investment banking and wealth management veteran.
Cem A. Azak will become executive chairman of Crossinvest (Asia) after purchasing 95 percent of the company's shares for an undisclosed sum. The move will result in Crossinvest (Asia) benefitting and more than doubling its client base of ultra high net worth (UHNW) individuals and families, according to an announcement on Thursday.
Azak was most recently EFG Bank's Singapore-based senior managing director, market head international, and a member of its Private Banking Council. Azak previously worked at DBS Bank, Barclays, and Credit Suisse in the U.K., Germany, Switzerland and Singapore.
Crossinvest was founded in Switzerland in 1985 and received a full license from the Monetary Authority of Singapore for fund management in 2005. Crossinvest (Asia) is also a founding member and one of the largest members of the Association of Independent Asset Managers Singapore.
Future Plans
Crossinvest (Asia) said it plans to enhance its private equity and venture capital arms and develop its family office services, and aims to be a «one-stop-shop» for clients to get comprehensive advice and integrated solutions.
«We will further develop our family office services for wealth planning through our global network of experts to structure efficient and bespoke solutions for every client's specific estate planning objectives,» Azak said.
With the significant growth in its client base, Azak said the firm is actively recruiting for the right talents to join its team across a variety of roles.
