Former HSBC CEO Quinn to join Julius Baer as chairman in May
Former HSBC CEO
Noel Quinn will join Swiss wealth manager Julius Baer Group as its next chairman in May, pending shareholder approval, according to a company statement on Friday.
Advertisement
The board of directors at Julius Baer will nominate Quinn for election as its new non-executive chairman at the annual general meeting on April 10, replacing Romeo Lacher, who is not seeking re-election.
Quinn, a British banking veteran who turned 63 in January, will assume his new role on May 1 due to prior commitments, according to Julius Baer. The appointment marks his first move since stepping down as HSBC CEO in September, passing the leadership to
Georges Elhedery . Quinn spent 37 years at HSBC, including the last five years as its global CEO.
'It is a real privilege to be nominated to take on the chair role of the largest pure-play wealth manager and one with such a great heritage,' Quinn said in the statement.
'Having spent over 37 years in the international financial services sector, I am looking forward to working with the board and management team to capitalise on the many exciting opportunities ahead of us.'
Swiss bank Julius Baer is based in Zurich. Photo: AFP
Zurich-based Julius Baer, which traces its roots back to 1890, managed 480 billion Swiss francs (US$531 billion) worth of assets as of the end of October, according to its financial report. The firm operates in 60 markets worldwide, including key locations in Asia such as Hong Kong, Singapore, Shanghai and Tokyo.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
How China's overlooked financial system enabled its industrial success
China has powered ahead of other nations in terms of industrial and export development, to the point where it is now seen by rivals (not least the US) as a threat that must be countered by trade protectionism. But most analyses of its success overlook the key role played by China's financial system. The mirror image of that success is the failure by many Western economies to nurture savings collections and investment systems that are well attuned to promoting balanced economic growth. Fund management skills, though often highly honed from the point of view of maximising financial returns, do not always equate to the optimum deployment of savings in the national interest. While China has used state funding (supplemented by private finance) to pursue a conscious industrial policy , Western economies have relied predominantly on markets to direct funds, typically to where financial returns are the highest. The former and more dirigiste approach appears to be gaining support now. An article in the Financial Times on May 28, 'The lessons from China's dominance in manufacturing', marked a relatively rare attempt to offer an explanation of why China's national industrial policy, launched a decade ago , has met with defensive reactions from other nations. What the article did not offer, however, was any attempt to compare and contrast the Chinese experience with that of market-oriented approaches in the US and Europe. And yet such analysis is essential if policymakers are to identify and address the causes of the trade wars.
RTHK
10 hours ago
- RTHK
'Progress made' in Japan-US tariff talks
'Progress made' in Japan-US tariff talks Ryosei Akazawa says some progress has been made in tariff talks ahead of the G7 summit later this month. File photo: Reuters Japan has made some progress in a fifth round of trade talks with US officials aimed at ending tariffs that are hurting Japan's economy, according to Tokyo's chief tariff negotiator. "Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50 percent along with 10 percent general tariff. These are causing daily losses to Japan's economy," Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Akazawa declined to say what progress they had made. The latest round of talks may be the last in-person meeting between senior Japanese and US officials before the Group of Seven (G7) leaders summit that starts on June 15, where US President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba. Japan also faces a 24 percent tariff rate starting in July unless it can negotiate a deal with Washington. "We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made," Akazawa said. "Still we must balance urgency with a need to guard our national interests," he added. Last month Japan's trade negotiator said US defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the US, Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the US auto industry, the Asahi newspaper reported on Friday. Akazawa said Japan's position has not changed and that the tariffs are not acceptable. (Reuters)
RTHK
a day ago
- RTHK
Hang Seng Index ends day on a weak note
Hang Seng Index ends day on a weak note The Hang Seng Index ended trading for the day down 114 points at 23,792. File photo: AFP Hong Kong and mainland Chinese stocks ended slightly lower on Friday, as investors remained cautious after a call between President Xi Jinping and his US counterpart, Donald Trump, failed to provide clear signals of progress in easing trade tensions. Trump and Xi confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday, leaving key issues unresolved for future talks. "If you look at the conversation between the Chinese and US presidents, there's nothing concrete that's positive. So little impact on stocks," said Guo Jianwen, partner at Shanghai-based hedge fund Haiyi Capital. In Hong Kong, the benchmark Hang Seng Index ended trading for the day down 114.43 points, or 0.48 percent, at 23,792.54. The Hang Seng China Enterprises Index fell 0.63 percent to end at 8,629.75 while the Hang Seng Tech Index fell 0.63 percent to end at 5,286.52. Across the border, the blue-chip CSI300 Index fell 0.1 percent. The benchmark Shanghai Composite Index ended up 0.04 percent at 3,385.36, while the Shenzhen Component Index closed 0.19 percent lower at 10,183.70. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.45 percent to close at 2,039.43. For the holiday-shortened week, the CSI 300 Index gained nearly 1 percent, while the Hang Seng Index rose 2.2 percent. (Agencies)
