DBS has hired Bank of Singapore (BoS) banker Lee Woon Shiu to be the new regional head of wealth planning, family office and insurance solutions at its private bank.
He takes over from Rob Ioannou, who remains at DBS Private Bank. A DBS spokesperson said further details regarding Mr Ioannou’s role will be shared at a later date.
Starting March 18, Mr Lee will be responsible for driving the expansion of the bank’s wealth planning, family office and insurance offerings, and advising high-net-worth families.
Mr Lee joins DBS from BoS, where he most recently headed its wealth planning, trust and insurance business. He is an industry veteran with over 20 years of experience advising ultra-high net worth families in Asia-Pacific on estate structuring and succession. He has also worked with multi-generational families to establish and implement family governance and philanthropy strategies.
He will report to Sim S. Lim, the group head of consumer banking and wealth management.
Mr Lim said: “With Asia at the cusp of a significant intergenerational wealth transfer, we are committed to being our clients’ partner of choice as we help to grow, manage and protect their family’s assets and legacy over time. With his wealth of experience and in-depth understanding of Asian families’ needs and priorities, Woon Shiu will be a great addition to our team as we look to strengthen our suite of services and capabilities, and cement our position as a leading wealth manager in the region.”
Competition in Asia’s wealth industry is intensifying alongside the growing ranks of millionaires in the region. That has sparked a labour shortage at private banks which is enabling experienced money managers to command pay rises of 30 per cent or more when they move to rival firms, Bloomberg reported last September.
However, DBS told Bloomberg in an interview last September that it is avoiding the “crazy rush” to hire private bankers. Instead, it would promote people internally and hire from other areas of the financial industry to boost its private-banking operations.
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