Richard Borysiewicz
In a move to establish its presence in the domestic financial services market, Credit Agricole Asset Management (CAAM) has appointed former Skandia sales and marketing director Richard Borysiewicz as chief executive and country head for Australia and New Zealand.
“CAAM don’t have anything in Australia, so this is new. I’m opening the doors and starting the business off,” Borysiewicz said.
The initiative has been driven by CAAM’s ambitions for further growth and its identification of the Asia Pacific region as the largest market for the organisation outside of continental Europe.
“There’s about $1 billion sourced from Australian clients already, with nothing here on the ground. They have a significant office in Hong Kong and Singapore, as well as a joint venture in China and a business in Korea, so they are in Asia Pacific. But Australia was a market they started to get some traction in, and [CAAM] felt the need to give it some closer attention,” Borysiewicz explained.
He said CAAM’s research showed it could grow the business more rapidly through having some representation in Australia.
In what he described as a start-up operation, Borysiewicz will initially be the only representative of CAAM in the local market, but will be joined by a second member of the firm, who is set to relocate from Paris shortly afterwards.
The key product CAAM will initially offer to the market will cover global fixed interest, but the local operation is planning to develop a larger range of products leveraged from the asset classes currently serviced by its overseas parent.
“The organisation has nearly $900 billion under management and has got capabilities in global fixed income, currency, total return, fund of hedge funds, Asian equities, and emerging market debt,” Borysiewicz said.
“We’ll pick from that menu and from other capabilities that suit the local market. I’ll be working with consultants and key clients to bring here what’s in demand,” he added.
Borysiewicz ended his two-year role as sales and marketing director with Skandia in August last year.
