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DBS lures wealth exec from Bank of Singapore

Lee Woon Shiu joins DBS Private Bank as the regional head of wealth planning, family office and insurance solutions.

Lee was most recently head of wealth planning, trust and insurance at Bank of Singapore, where he had worked since 2004. He helped establish the trust marketing division in Asia and led the penetration of new trust markets in Greater China, Brunei, India, Sri Lanka, Middle East and Africa.

He starts at DBS on 18 March. His responsibilities include driving the expansion of the bank’s wealth planning, family office and insurance offerings, and advising high net worth families.

He will report to Sim S Lim, group head of consumer banking and wealth management, DBS Bank.

“With his wealth of experience and in-depth understanding of Asian families’ needs and priorities, [Lee] 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,” said Lim in a press statement.

Lee has been in the wealth management industry for two decades, advising ultra-high net worth families in Asia-Pacific on their estates and succession planning, as well as helping them with governance and philanthropy strategies.

In May last year, DBS Private Bank’s regional head of Southeast Asia, Joseph Poon, told media that the bank intended to increase its headcount of 200 relationship managers by 20% by the end of 2018 to address increasing client demand for its services.

Poon insisted only about half of the new relationship managers would come from other banks, with the rest being developed internally.

Part of the Mark Allen Group.