Indosuez Wealth Management has appointed Grizelda Lee as its new head of discretionary portfolio management for Asia.

Lee takes over the role from today, confirmed a spokeswoman. She is replacing Pascal Meilland, who has left the company. The spokeswoman declined to offer further details on Meilland's departure.  

Previously Lee had been the head of Indosuez's advisory service for Asia, based in Singapore, where she had worked since 2007. However, she has relocated to Hong Kong for the new role.

In her new position Lee regionally reports to Arjan De Boer, head of the market solutions and investments team for Asia, while functionally she reports to Laurent Fradin, global head of discretionary portfolio management.

Indosuez has been on a hiring drive since the beginning of the year, leading to several senior management appointments. This includes de Boer, Lee’s boss, who also recently joined the firm (in February).

In addition, Pierre Masclet was appointed to be Indosuez Wealth Management's chief executive officer for wealth management in Asia and the branch manager of the Singapore unit on January 1, while Sen Sui was appointed commercial head of the business in Asia.

Indosuez took over the Asian private bank of Credit Industriel et Commercial (CIC) in July, but it remains one of Asia's smaller international private banks. That has led to a belief that it could be a potential target in further industry consolidation

In an effort to gain business in the region, Indosuez has sought to emphasise its focus on private market opportunities and improve its information technology capabilities.