Credit Suisse has poached Tee Fong Seng from UBS to become vice-chairman and head of ultra-high-net-worth (UHNW) for its private banking arm in the Asia-Pacific region.
Tee will continue to be based in Singapore and will report to Marcel Kreis, head of private banking in Asia-Pacific. Kreis said the senior-level hire demonstrated the commitment of Credit Suisse to its private banking franchise in Asia.
Kreis himself is also originally from UBS, where he was most recently head of global wealth management in Southeast Asia and Pacific. He took on his current Singapore-based role at Credit Suisse in February 2007.
Tee will provide important support to the strategic direction and oversight of Credit Suisse's private banking business and its market and segment initiatives in the region, the bank said in a written statement. Tee will also be responsible for driving growth of the UHNW segment in the region, it added.
Credit Suisse defines UHNW in the region as individuals with SFr50 million ($46.4 million) of assets under management with the bank.
At UBS Tee was head of wealth management for Southeast Asia and deputy branch manager for UBS Singapore. He has more than 30 years of experience in the banking industry, the last 14 at UBS.
At the end of the first quarter 2009 Credit Suisse had 390 relationship managers in the Asia-Pacific region and SFr53.4 billion of assets under management in the private bank.