BNP Partners the Shanghai, China-based boutique brokerage and wealth manager says it has created a new, more influential regulatory compliance role within its senior management structure that will grant the incumbent far-reaching powers to scrutinize trades and conduct spot checks on execution procedures in the firm’s day-to-day operations.
The creation of the new position comes after suspicions of widespread insider dealing, corruption and bribery led authorities to issue dozens of arrest warrants for individuals within the Chinese securities industry and the media following the so-called “Black Monday” Shangai Composite market collapse. Executives and media personnel form several securities companies and news agencies were arrested and made to apologize on public TV networks for their “roles” in the turmoil.
“The CSRC (China Securities Regulatory Commission) conducted a detailed investigation of our records and systems like it did with all firms with a seat on the exchange. Naturally, their administrations revealed no wrongdoing or irregularities but we felt that, in the interests of transparency, we should boost our own internal security and compliance systems,” explained Gerald E. Powers, Chief Investment Officer at BNP Partners.
The firm says it has appointed James Denholm to the position of Chief of Internal Compliance Investigations with immediate effect. A highly-experienced compliance professional, Mr Denholm joins BNP Partners from Citic Securities where he implemented several new compliance regimes over a 7 year tour of duty.
“We believe that James’s reputation for attention to detail and his comprehensive knowledge of compliance legislation will ensure that not only is compliance is being observed at BNP Partners but that it is seen to be being observed,” said Powers.
About BNP Partners:
At BNP Partners, they define effective wealth management as an overall strategy that seamlessly integrates their clients’ personal ROI (return-on-investment) aspirations with their investment management prowess.
Whilst today’s markets can often demonstrate the type of characteristics that have served to hamper the efforts of many traditional investment methodologies to secure the returns they once did, BNP Partners continue to secure exceptional returns for their esteemed clients utilizing a meticulously applied combination of those same traditional methods whilst diligently complementing them with new, pioneering techniques.