Björn Schütte, a senior director in UOB’s group strategy and transformation unit, has left the bank to join GIC. His move is the latest in a string of senior technology strategy hires within the Singapore finance sector.
Schütte joined GIC last month as a business manager for equities and the investment services public market unit, according to his online profile. ISPM describes itself as GIC’s “investment engineering powerhouse”, which uses data and emerging technologies to provide services such as global trade operations, asset servicing, market data management, network management and custody controls.
This is Schütte’s first buy-side job. He worked for UOB for just over two years and previously spent 12 months at Credit Suisse in Singapore in a director-level APAC corporate strategy role. Schütte has worked in strategy since the start of his career. He joined Deutsche Bank’s Frankfurt office as an in-house consultant in 2007 and then worked his way rapidly up the ranks, holding VP-level roles in Hong Kong, Singapore and New York, before leaving the German bank in 2015.
Strategist have been in high demand in Singapore financial services of late, especially in tech-focused teams like Schütte’s. As we reported earlier this week, DBS has appointed Accenture technology consultant Wan Mohd Fairuz as its programme director for core banking and API (application programming interface).
In April, Standard Chartered in Singapore hired Christopher Williams from UBS as global head of strategy, governance and change for technology services. Stan Chart is well represented in the recent merry-go-round for tech strategists. Earlier this year it hired IBM consultant Sushil Anand as head of computational and digital advisory for wealth management.
Schütte is one of about 1,500 employees at his new firm, GIC, which is thought to have the second-highest headcount of all sovereign wealth managers, behind the Abu Dhabi Investment Authority. GIC doesn’t just like to hire strategists like Schütte into in-house roles; it also typically prefers using its own portfolio managers. “To be sure, we use a lot of external managers – hundreds of them in all asset classes – but in-house has a cost advantage. I won’t tell our guys they are cheap, but it does,” GIC chief executive Lim Chow Kiat told Euromoney last month.
GIC did not respond to a request to comment on Schütte’s move.
Image credit: Getty
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