The exodus of talent from Falcon Private Bank extends to the wealth manager's London office, finews.asia has learned. The boutique has lost the head of its business with China, Hong Kong, and Taiwan.
By Shruti Advani, Guest Contributor finews.asia
Bryan Wang, an erstwhile Clariden Leu banker who became a part of Falcon Private Bank when it bought the former’s U.K. wealth management operations in 2013, has resigned from his role, finews.asia.
A spokesman for the bank confirmed Wang's departure, without elaborating. Wang, a career banker has has since 2010 looking after clients from China, Hong Kong, and Taiwan who bank in London, is known for his extensive network amongst this demographic. Wang is believed to be headed for another Swiss private bank.
New Emirate Overseer
The departure of Wang adds to top-level exits earlier this year. They are fueling uncertainty over the bank's future, after it emerged that owner Abu Dhabi isn't ruling out offloading Falcon. A cocktail of strategic disorientation, uncertain ownership, massive loss of expertise as well as clients is hampering Falcon's attempts to reinvent itself as a crypto wealth manager.
The private bank was found to have been a key rinsing salon for funds pilfered from Malaysian wealth fund 1MDB. This month, the bank's Abu Dhabi owners installed Alastair Fiddes, who has long worked for the emirate, as operating chief of Falcon.
