View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
August 19, 2019updated 20 Aug 2019 9:52am

Pictet Wealth Management Asia reshuffles management line-up

Pictet Wealth Management Asia has appointed Tee Fong-Seng as its new CEO, replacing Claude Haberer who held the role since 2011.

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.

The leadership change will take place in October 2019.

Fong-Seng joins from EFG Bank, where he chaired the Asia advisory board

He also had a stint at Credit Suisse, where he was the Asia vice-chairman and Hong Kong branch CEO.

Meanwhile, Haberer will serve as the chairman of PWM Asia.

PWM North Asia and Pictet Hong Kong Branch CEO Sharon Chou will now become deputy CEO of PWM Asia.

Chou will be succeeded by Alex Ng, who formerly served as the market head for China at Credit Suisse. Ng also worked at Citi and UBS.

The change will be effective from November 2019. Both Chou and Ng will report to Fong-Seng.

Additionally, PWM South Asia and Bank Pictet & Cie (Asia) CEO Dominique Jooris will report to Fong-Seng.

Pictet also hired a team of 18 wealth management professionals having knowledge of the Greater China markets. These professionals will operate out of Hong Kong.

All the leadership changes are pending regulatory nod.

Pictet managing partner Boris Collardi said: “Reinforcing PWM’s leadership in Asia with the appointments of Tee Fong-Seng and Alex Ng along with this major recruitment initiative for Greater China reflect PWM’s continued commitment and ambitions in Asia and set the stage for the next phase of growth in the region.”

Pictet Wealth Management has employee headcount of over 250 in Hong Kong and Singapore.

The firm has been operating in Hong Kong and Singapore since 1986 and 1995, respectively.

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.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International