After 11 years at the private banking arm of OCBC Bank, the head of the firm's discretionary portfolio management team is striking out on his own.
Bank of Singapore's Anson Sng has left the firm to start independent asset manager Raintree, where he will take on the dual role of chief investment officer and chief executive officer, according to «Citywire Asia.»
According to his LinkedIn profile, Sng led Bank of Singapore's Discretionary Portfolio Management team, comprising equities, fixed income and funds portfolio managers, managing assets in excess of $8 billion.
In his new role, Sng is responsible for strategic and tactical investment decisions in the management of clients' portfolios, as well as corporate governance, strategic planning and growth of the organization, according to his LinkedIn profile.
Growth Potential
Sng noted the demand for the independent model among ultra-high net worth individuals to manage their global multi-asset portfolios under one consolidated portfolio.
«Clients now want to know and manage their total risk exposure across asset classes, region/sector, currency, and single securities on a holistic, rather than silo manner,» he said.
The publication revealed that in October, Sng also took a 20-percent stake in Raintree, which was incorporated in May by a key investor who remains anonymous. Raintree has already put together a team of operations and investment staff, and plans to hire up to three more personnel by the first half of 2020, Sng said.
