HSBC Private Bank has hired Chester Wong as head of investment counselling and David Ng as head of ultra-high-net-worth investment counselling, each with Southeast Asia coverage.
Wong joined from Citi Private Bank and Ng from Hong Leong Bank, and both take up newly created roles based in Singapore. Prior to the two appointments, investment counselling and wealth advisory were provided centrally by one team, a spokeswoman told AsianInvestor.
Wong reports to Kenneth Yeo, Southeast Asia head of investment services and product solutions.
There is an Asia head of investment counselling based in Hong Kong, Peggy Kwok. The spokeswoman did not clarify why Wong had no reporting line to Kwok.
As head of investment counselling for Southeast Asia, Wong will lead a team of investment counsellors. They will work closely with relationship managers to provide advice on portfolio construction and diversification.
Sandeep Sharma, head of global private banking for Southeast Asia at HSBC Private Bank, said: “Given our adoption of the portfolio based approach in managing clients’ investments, it is important to strengthen our investment advisory capabilities.”
Prior to joining HSBC, Wong was Singapore-based head of investment counselling for the Philippines and Taiwan at Citi Private Bank, which declined to comment on whether he had been or would be replaced. Wong has also worked for Julius Baer, Merrill Lynch and UBS.
Prior to joining HSBC, Ng was head of private banking for Singapore in Hong Leong Bank. He has been replaced by Clement Tee, who joined the Malaysian bank in Singapore recently.
Ng has also held senior markets and investments roles at firms including UBS Wealth Management, Citi Private Bank and Banque Indosuez Singapore.