Continuing to carry out ambitious hiring plans in the region, HSBC Private Bank has made four external hires to fill roles in wealth management, according to a statement from the bank.
Three positions are newly-created: Christine Wong will head private wealth solutions in Greater China and Aik-Ping Ng and Edith Ang will serve as co-heads of family office advisory and senior family governance advisory in Asia-Pacific.
The fourth hire, Dorothy Chan, will head philanthropy advisory and charitable services in the region.
“Ng and Ang will have responsibility for working with client families to develop long-term succession plans. This will include providing advisory on establishing and professionalising family offices, trusts and estate planning, family governance and preparing for the transition of responsibility to the next generation,” the statement noted.
Ng and Ang report to Connie Ho, regional head of family governance and family enterprise succession, according to an HSBC spokesman.
Chan and Wong report to Cynthia Lee, regional head of private wealth solutions in Asia Pacific.
Based in Hong Kong, the four have all joined HSBC the last couple of months.
Christine Wong joins from Credit Suisse, where she was director of trust and estate advisory team for the Greater China market. She has 25 years of experience in cross-border trusts in senior wealth planner roles at various firms.
Ng was most recently a senior advisor at UBS Wealth Management, “working with UHNW clients in the formulation, review and implementation of family office solutions”, the statement said.
Ang was also at UBS WM for 13 years, where she spent 13 years working with UHNW families in Asia on family legacy solutions. She has experience in advising on the set-up of family offices, writing of family constitutions and planning for next generations, the statement said.
Chan succeeds Cynthia D’Anjou-Brown, who will retire from HSBC in December 2019 after 15 years of service, according to the statement.
Ambitious expansion plans
The external hires come after the bank’s two other appointments to the UHNW business last month.
“We have added considerably to the team in 2019 and will continue to do so in 2020,” the spokesman said.
HSBC’s ambitious plans for its Asia private banking business includes hiring 700 over five years to the end of 2022 and investing $100m in digital and technology, the banks said previously.
Last year, the bank announced five senior appointments, four of them external hires, FSA previously reported.
However, realising the plan will be difficult. Regional private wealth is growing faster than the rest of the world, and as banks and firms seek to address the demand for wealth management, Asia’s shortage of talent worsens.
The tight supply of wealth management professionals creates a talent war, with banks and firms offering generous bonuses and compensation in the struggle to hire and retain key people.
