Julius Baer has hired another private banker from fallen Swiss rival Credit Suisse, this time for the Southeast Asia market.
Mun Joo Ng joins Julius Baer as team head Southeast Asia, according to a statement, effective January 15. Based in Singapore, he reports to Kevin Tay, group head Southeast Asia, in the newly created role.
Ng has nearly two decades of experience in the financial sector, most recently as a senior team leader managing the Singapore desk at Credit Suisse where he worked for eight years. Prior to that, he spent a decade at Citi Private Bank, last as a relationship manager for the ultra-high net worth segment.
Various rival private banks have been beneficiaries of talent and assets fleeing Credit Suisse, which was taken over by UBS in a government-brokered deal. According to a Citi estimate, Julius Baer is expected to be the biggest winner and is forecasted to capture at least 10 billion Swiss francs ($11.8 billion) in outflows from Credit Suisse.
