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HSBC PB names new North Asia wealth solutions head

The private bank division is on a hiring spree, with the ambitious goal of adding 700 more people in Asia over the next five years.

HSBC Private Bank has named Cynthia Lee as the new head of private wealth solutions (PWS) for North Asia, effective 14 January.

Lee replaces Brent York, who has been appointed to the newly-created role of global chief operating officer for PWS.

Cynthia Lee, HSBC Private Bank

Based in Hong Kong, Lee will be taking on a key leadership role in supporting clients with their trust, estate planning, family governance, charitable and succession needs, the bank said.

Lee, who has at least 20 years of wealth advisory and trustee experience, was most recently head of wealth advisory for Asia at JP Morgan Private Bank.

FSA sought more information about Lee’s replacement from JP Morgan PB, but the bank was not able to reply in time for publication.

In September last year, HSBC PB made five senior appointments, four of which were external hires, to bolster its investment and sales capabilities.

Big expansion plans

Separately, the bank said that Hong Kong-based York is expected to deliver a “new global operational strategy” in his new role to support the bank’s growth aspirations.

“Our intention is to grow our trustee business and related services in Asia, the UK, Europe, the Middle East and the United States,” Alan Beattie, global head of private wealth solutions, said in a statement from the bank.

HSBC Group is aiming to significantly expand its Asia private banking business. With a key focus on Greater China and the Asean region, HSBC PB plans to hire for 700 roles in the next five years. The bank also expects to spend around $100m on digital and technology over the next two years, according to the statement.

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