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October 29, 2020

Crossinvest (Asia) gets former EFG Bank executive as new owner

Ex-EFG Bank executive Cem Azak has become the new majority shareholder of privately-owned wealth manager Crossinvest (Asia).

Azak’s background

Azak, who joined as the executive chairman at Crossinvest, has worked in the investment banking and wealth management space in the UK, Germany, Switzerland as well as Singapore.

He spent over five years as the senior managing director and market head international at EFG Bank. He was also part of the bank’s private banking council.

Previously, he worked as the executive director and head of Europe, Middle East & Africa (B) at DBS Private Bank in Singapore.

He also had a decade-long stint at Barclays.

Priorities ahead

Crossinvest believes that the change in ownership will offer it more resources to improve its private equity and venture capital units and also support the development of its family office services.

The firm further stated that the change will offer it better access to investment products with Azak’s network of UHNW individuals and families in London, Frankfurt, New York, Zurich, Dubai, Hong Kong and Singapore, among others.

Additionally, Crossinvest reiterated its commitment to digitised wealth management services and sustainable investing.

Azak noted: “Whilst we continue to focus on investing across the global financial markets with access to multi-asset class solutions, Crossinvest (Asia) will also be offering more private equity and venture capital opportunities for our clients.

“This could include financing solutions and investment opportunities for clients’ companies as well. I like to call it “private investment banking”. We aim to be a “one-stop-shop” for our clients where they can receive comprehensive advice and integrated solutions for all their needs – from investment needs to business financing needs, from wealth planning to legacy planning.”

Set up in Switzerland in 1985, Crossinvest secured a fund management licence from the Monetary Authority of Singapore in 2005. Besides, the firm is a founding member of the Association of Independent Asset Managers Singapore.

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