Posted inPeople Moves

RBC WM adds private bankers as SEA wealth management head retires

Meanwhile, UBS GWM has hired a head of wealth planning in the region.
Mike Reed, Royal Bank of Canada Wealth Management

Royal Bank of Canada Wealth Management (RBC WM) has this week announced the retirement of Mike Reed, head of wealth management, Southeast Asia.

After 22 years with RBC in roles across the US, UK, Hong Kong and Singapore, Reed will leave the business in mid-June. Nick Chan, currently head of private banking, North Asia will take on a broader remit to lead RBC Wealth Management’s sales and relationship teams across Hong Kong and Singapore, according to media release. Chan joined RBC WM in December 2021.

RBC has also made four new hires to strengthen its private banking team in Hong Kong and Singapore.

Johann Peck and Audwin Tay both join as director, relationship manager in Singapore, reporting to Lim Yew Geok, executive director.

Peck has held senior positions at HSBC Private Bank and Morgan Stanley supporting wealthy clients across banking and investment products and services. Tay has had senior investment and credit roles in an 11-year career at DBS Private Bank and, prior to that, he was private banking relationship manager with Silicon Valley Bank in Palo Alto (California), and at OCBC Private Bank and AIG Private Bank.

Betty Wong joins RBC WM as director, private banker in Hong Kong. She reports to Anita Wong, executive director.

Wong previously worked at Bank J. Safra Sarasin as director, client advisory, and prior to that was vice president at RBS, Coutts Bank, for 10 years, responsible for originating and developing client relationships.

Finally, Jessica Hung is joining the team in Singapore in the newly created role of director, head of sales management office, Asia. She reports to Nick Chan.

Hung joins RBC after 11 years with Morgan Stanley Asia in private wealth sales, marketing and management.

RBC WM provides service for families in Asia that have international ties with Canada, the US or the British Isles as a result of business interests, employment, property or education.

UBS GWM hires wealth planning head

Separately, Michelle Lau will join UBS Global Wealth Management (GWM) as head of wealth planning Southeast Asia in the third quarter of this year, according to an internal note from Dino Rinaldi, co-head advisory & sales and client services at UBS GWM, Apac.

Lau headed the ultra-high net worth individual desk at HSBC Singapore before joining IPG Howden as the CEO for Southeast Asia, overseeing its Southeast Asia and Middle East operations.

She has two decades of experience with HSBC Private Bank, where among other roles, she was the regional head of wealth planning, Apac, and head of trust company, Southeast Asia SEA.

“We are confident that [Lau] will elevate our wealth planning offerings to the next level, accelerate our life insurance positioning and continue to develop and build the team to provide holistic coverage on all ‘legacy-related’ topics to our clients,” said Rinaldi in the note.

Part of the Mark Allen Group.