Singapore’s DBS has promoted Royce Teo to Hong Kong head of consumer banking and wealth management from regional head of Treasures Private Client and Treasures, services for high-net-worth and mass-affluent investors, respectively.
He succeeds Pearlyn Phau, who was promoted to deputy group head of consumer banking group and wealth management in January. Phau replaced Domenic Fuda, who left DBS to take up the role of Malaysia chief executive of Kuala Lumpur-based Hong Leong Bank on February 5.
Teo relocates to Hong Kong from Singapore for the new post, and now reports to Phau and Sebastian Paredes, CEO at DBS Bank (Hong Kong).
As head of DBS Treasures Private Client and DBS Treasures, Teo had been responsible for wealth management customers across six markets: Singapore, Hong Kong, China, Taiwan, Indonesia and India.
Replacing Teo will be Derrick Goh, head of POSB (post office savings bank) at DBS in Singapore. POSB is part of the group that offers low-cost savings. Teo has been with the bank since 2005 and Goh since 2008.
Separately, DBS is reviewing its product lists in Hong Kong and Singapore with a view to adding more hedge funds. The bank takes the view that wealthy investors will be more receptive to such strategies for obtaining alpha this year.
The move reflects a trend for private banks in Asia to put more alternatives products on their shelves in the past couple of years with a view to boosting client portfolio returns and diversification.