People Moves
Allfunds Names Head Of Hong Kong Operation
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The business has been on an expansion drive in the Asia-Pacific region.
Allfunds, the funds platform organisation, has appointed
Sebastien Chaker as head of its Hong Kong business, having
opened an office in the Asian jurisdiction a year ago as part
of expansion moves across the region.
Chaker, who has more than 20 years’ industry experience, most
recently served as an executive board member for Clearstream Fund
Centre AG (Zurich). He has also served in senior roles at UBS and
Calastone, where he set up and ran Asian operations after
relocating to Hong Kong with the firm in 2013.
In his new role, Chaker will focus on managing the Hong Kong
relationships with more than 50 Allfunds distributors across the
region. He will also lead efforts to identify new opportunities
to increase Allfunds' business in North Asia and complement the
efforts of the commercial team in Singapore which works with
clients in other countries in the region.
Chaker will report directly to David Perez de Albéniz, head of
Asia at Allfunds, who is based in Singapore.
Since 2018, Allfunds’ Asia-based assets have grown from nearly
zero to more than $50 billion. (See a story from 2018
about a series of hires.) Recently Allfunds received approval
to operate a WOFE (Wholly Owned Foreign Enterprise) in Shanghai,
which will allow the sale of its digital capabilities in Mainland
China, boosting exposure outside Hong Kong.
In December last year the private bank, China Merchants
Bank, chose Allfunds as its business-to-business fund platform
provider.
Credit Suisse also completed its transfer of the Credit Suisse
InvestLab to Allfunds Group, as originally planned in late June
2019. Credit Suisse InvestLab, as the platform is called, is now
combined with Allfunds, building a global fund distribution
platform with a total of SFr570 billion ($585.9 billion) of
assets under administration. It gives the Swiss bank the kind of
market penetration that might otherwise have taken years and high
resources to build. With Allfunds recently moving into the Asian
market, the deal also opens up an important new channel to that
region for Credit Suisse.