Temasek hires UBS CFO as European president

John Cryan, the former chief financial officer of Swiss investment bank UBS, has become the latest banking figure to join Singaporean sovereign wealth fund Temasek.

Singaporean sovereign wealth fund Temasek has appointed UBS’ former chief financial officer as president of its European operations.

In a statement, Temasek said: “We continue to evolve and grow to support our strategy and anticipate the opportunities and challenges ahead of us. John Cryan adds depth to our bench strength, bringing with him considerable experience and capabilities to our senior leadership focus on markets.”

Cryan moves to Temasek after a long career at UBS. He joined SG Warburg in London in 1987, before its acquisition by UBS. He rose to become global head of the bank’s financial institutions group, before being appointed group chief financial officer in 2008. He has also served as chairman and chief executive of the bank’s Europe, Middle East and Africa division. He began work at Temasek at the beginning of January.

The appointment of British national John Cryan is the latest in a slew of hires by Temasek. In October last year, it hired Tan Chong Lee as chief investment officer from Bank of America Merrill Lynch, where he was head of corporate and investment banking for South-East Asia.

Chia Song Hwee also joined the group last year as head of strategy and co-head of portfolio management, after moving from semiconductor business GlobalFoundries. Earlier in the year, Ding Wei, chief of investment banking at China Capital Corporation, joined to lead Temasek’s efforts in China.

There were moves in the other direction last year too however, including the departure of Indian head Manish Kejriwal, who left to launch his own fund.

Temasek’s portfolio is heavily weighted towards Singapore and Asia. According to its website, its exposure to North America and Europe has remained stable over the past two years at 8 percent of its overall $193 billion portfolio (valued at 31 March last year). By contrast, Singapore holdings represent 32 percent of the portfolio, and Asia (excluding Singapore) represents 45 percent. Its European holdings include an 18 percent stake in Asia-focused bank Standard Chartered, according to its website.