The Asset

AXA Investment Managers (AXA IM) has appointed Jim Veneau as head of credit Asia and Christy Lee as a portfolio manager within its Asian fixed income team. Both are based in Hong Kong and report to Rob Andrew, head of fixed income Asia.

Veneau joins AXA IM from HSBC GAM where he was most recently an Investment director in their Asian fixed income team responsible for managing both high yield and investment grade credit mandates as well as the team’s risk budgeting and analytics. Jim’s focus will be managing Asian fixed income credit portfolios and developing AXA IM’s Asian Fixed Income credit strategy.

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Matt Scuffham

Royal Bank of Scotland is to shrink its investment banking and international operations as part of a revamp in which the group could shed up to a quarter of its 120,000 workforce, sources familiar with the matter said.

The part-nationalised bank has given in to demands from politicians that it focuses on lending to British households and businesses and maintains only a downsized investment banking business to service corporate clients, one source said.

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Sarah Thompson, Anthony MacDonald and Gretchen Friemann

Macquarie Group is no longer a frontrunner for Investec Australia’s $3 billion loan book and professional finance division, after dropping out before the second round of the auction.

It’s understood Macquarie has joined heavy-hitters Westpac Banking Corp and National Australia Bank on the sideline.

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Sarah Thompson, Anthony MacDonald and Gretchen Friemann

Private equity giant KKR & Co is seeking to bolster its Asian property business by hiring a dealmaker to work under regional real estate head Bryan Southergill.

KKR has approached local property advisers about joining the firm, which is making a worldwide push into real estate and credit.

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Tim Stewart

BT Financial Group chief executive Brad Cooper has laid out his intention to increase the group’s advice revenue, strengthen its asset management capability and roll out a new wealth administration platform in 2014.

In a market update presentation delivered yesterday, Mr Cooper stressed that wealth management remains a “key priority” for Westpac – with BT generating 10 per cent of the banking group’s cash earnings.

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