Pictet's wealth management division has made a raft of hires covering the North Asia market out of both Hong Kong and Singapore, according to an internal memo seen by finews.asia.

In Singapore, Pictet Wealth Management (PWM) has formed a new team covering North Asia with three former UOB private bankers, according to an internal memo seen by finews.asia.

UOB’s ex-North Asia market head Eric Phua has been appointed market group head, reporting to head of South Asia Sharon Chou. Phua has over 20 years of private banking experience and, in addition to UOB, previously also worked for Citi Private Bank a Citi International Personal Bank in Singapore covering the China and Taiwan markets. 

UOB Trio

Joining Phua from UOB Private Bank are Jaime Ang as market leader and Bernard Bay as a senior private banker.

Ang was most recently a senior client advisor at UOB covering private banking clients from North Asia for 10 years. Previously, she was also a senior relationship manager at Citi International Personal Bank and DBS.

Bay was also most recently a senior client advisor at UOB covering private banking clients from North Asia for six years. Prior to that, he worked for Citi International Personal Bank and HSBC.

Hong Kong Hires

In Hong Kong, the Geneva-headquartered private bank hired Peter Chiu and Andrew Au as senior private bankers alongside Kevin Tang as a private banker, covering the Greater China, China and Hong Kong markets, respectively. 

Chiu joins from Credit Suisse where he was an executive director in the Greater China team for 15 years overseeing a portfolio of China and Taiwan ultra-high net worth (UHNW) and high net worth clients. Chiu has over 20 years of experience and previously worked at Citi and Standard Chartered.

Au joins from Nomura where he was an executive director in the Hong Kong team with responsibilities for UHNW clients, family offices, private foundations and charities. Previously, he was a client director with Schroders in Hong Kong.

Tang joins from CMB Wing Lung Bank where he was a relationship manager focusing on the China market. Previously, he also worked at HSBC. 

Philippines Market

Also in Hong Kong, Pictet hired Ramon Au Yeung as a senior private banker, effective November 16.

Au Yeung has 20 years of experience covering the Philippines market, most recently at UBS Wealth Management where he was an executive director for the segment for 16 years. Previously, he also covered the market at HSBC Private Bank. 

Record-High Net New Money

According to the internal memo, Pictet grew its assets under management in Asia by around 40 percent year-on-year and doubled its net new money to a record high during the first half of 2021.

«Asia is a strategic growth priority for Pictet, and we continue to make strong and steady progress despite the extraordinary conditions due to the pandemic,» said PWM Asia chief executive,» said Tee Fong Seng in the memo.