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June 15, 2021

Bank of Singapore hires new global head of wealth planning

By Verdict Staff

Bank of Singapore has named ex-UBS executive Paul Chua as its global head of Wealth Planning, succeeding Tariq Salem.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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Chua will assume the new responsibility on 28 June 2021 and operate out of Singapore. He will report to Bank of Singapore global head of Products Lim Guan.

As the global head of Wealth Planning, Chua will be responsible for supporting the expansion and innovation of the bank’s wealth planning, family office, trust, and succession offerings.

He will oversee a team that offers holistic solutions and advisory services to UHNW and HNW families across the bank’s core markets in Greater China, Southeast Asia, Europe, and the Middle East.

At UBS Wealth Management, Chua was the head of Wealth Planning Singapore.

Having worked at UBS for 19 years, Chua held key roles in building wealth planning, trust, and advisory offerings across Southeast Asia and North Asia.

Commenting on the appointment, Guan said: “We are pleased to welcome Paul to the Bank of Singapore family. He has a wealth of experience in dealing with complex family situations by implementing tailored strategies to meet varying needs and objectives.

“We are confident that he will be a key addition to our wealth planning team to help develop deeper and more meaningful relationships with our clients.”

Salem will focus exclusively on his role as the head of the Structured Solutions Group following Chua’s appointment.

During his tenure as the global head of Wealth Planning, Salem played a key role in fortifying the bank’s competence in supporting the establishment of family offices in Singapore and expanding the team of wealth planners in Singapore, Dubai and Hong Kong.

Recent hires

Bank of Singapore has been looking to strengthen its wealth planning and family office capabilities globally with a series of strategic hires.

The bank appointed Carrie Ng to the newly created role of head of Single Family Office Advisory in March this year.

Ng’s key responsibilities include working with UHNW families to create, review and implement family office solutions in line with their long-term succession plans.

Last February, the bank poached Joanna Ho from HSBC Private Banking to serve as the head of wealth planning for its Greater China and North Asia operations.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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