HSBC Private Bank has given Cynthia Lee additional duty as regional head of private wealth solutions (PWS) of Asia-Pacific and has lured over Steven Weekes to serve as head of PWS of Southeast Asia, according to a statement from the firm.
Weekes started his new role this month after 23 years at Citi Private Bank. He is based in Singapore and reports to Lee. He takes over from Michelle Lau, who has been appointed to a new role within HSBC PB as managing director for ultra high net worth and family office strategic services in Southeast Asia.
Most recently, he was based in Zurich and served as head of international fiduciary services. Back then, he headed a team with responsibility for international trust companies in the Bahamas, the Cayman Islands, Jersey, Singapore and Switzerland, the statement said.
Prior to this, Weekes was the regional trust head for Asia, responsible for the delivery of wealth planning to private banking clients in Asia. He has also held other trust, private banking and business advisory roles at Citi and KPMG in Switzerland and Australia, the statement noted.
Lee, who joined HSBC as head of PWS for North Asia in January 2019, takes on an expanded role to cover Asia-Pacific. The change means PWS’ structure will mirror that of private banking. Lee will start on 1 October and she will continue to report to Alan Beattie, global head of PWS.
She was formerly at JP Morgan where she was most recently head of wealth advisory for Asia. Lee has 20 years of wealth advisory experience, focusing on private clients and families, the statement noted.
Earlier this month, the bank poached another professional from JP Morgan. Lina Lim was hired as regional head of discretionary for Asia at HSBC PB after a decade at JP Morgan Wealth Management.
HSBC PB has said it plans to hire 700 people in Asia over the next five years. However, a regional talent shortage exists and many rival banks and wealth managers are also hunting for employees with similar skills.