Saxo Markets taps a new head of wealth management for Greater China as part of a move into digital offerings.
The online trading company, Saxo Capital Markets HK, named Ken Shih to lead all of the wealth management strategies and services in the Greater China region and grow the digital wealth management business in the region.
Shih will be based in Hong Kong and will report to Manish Prasad, head of asset management for Asia Pacific, as well as Richard Douglas, CEO of Hong Kong, Saxo Markets, said in a press release Tuesday.
Shih previously held senior sales and strategy positions at HSBC, UBS, J.P. Morgan Chase, and other financial institutions in both the U.S. and Hong Kong, the release said. For the previous three years, he was the head of sales and marketing at Hong Kong startup AQUMON.
Expanding into Wealth Management
In October 2021, Saxo Markets obtained a Hong Kong Type 4 license (advising on securities) and a Type 9 license (asset management) from the Securities and Futures Commission (SFC). With those licenses, and its Type 1 (dealing in securities), 2 (dealing in futures contracts), and 3 (leveraged foreign exchange trading) licenses, Saxo Markets was in a position to expand into the asset and wealth management businesses. In 2020, Saxo Bank’s CEO Kim Fournais reportedly indicated it was committed to expanding in Hong Kong despite the political uncertainty then.
Douglas said that with the new licenses and Shih’s expertise, Saxo Markets is now well-positioned.
«We aim to provide more comprehensive services to support clients achieving their financial aspirations through our multi-asset trading and investment offerings,» Douglas said.
Both Douglas and Prasad joined Saxo Markets last year.
