The PWMA has appointed Peter Stein as managing director. He replaces Joanne Leung, who will retire at the end of this year, according to a statement from the association.
Stein is responsible for overseeing all PWMA’s activities, facilitating dialogue between the industry, the government and regulatory stakeholders, and promoting the association’s priorities.
Before PWMA, Stein was the head of regulatory advisory and relations at UBS Asia-Pacific, according to the statement.
Established in 2013, the PWMA was set up as a result of a consultancy study sponsored by the Hong Kong Association of Banks, according to information on the association’s website.
WM talent issue
The association said that it focus on talent development and close interaction with the regulators, particularly Hong Kong’s Securities and Futures Commission and the Hong Kong Monetary Authority.
On the talent management front, the association has developed a proposal for an apprenticeship programme aimed at attracting university students.
The association’s executive committee consists of nine members, mostly coming from private banks. Its chairman is Amy Lo, country head at UBS Hong Kong, and CEO for Hong Kong and group managing director at UBS AG; and its vice chairman is Wendy Tsang, managing director and head of private banking at Bank of China (Hong Kong).
The main objectives of the PWMA are to better position Hong Kong as the private wealth management hub in the region, to promote proper conduct and to provide a forum for members to discuss and exchange views on trends and challenges faced by the industry.