Singapore’s largest bank DBS announced the appointment of a new chief investment officer for its burgeoning consumer and private banking unit. The new hire was hired from local wealth rival Bank of Singapore.
Hou Wey Fook will take on the new role in early September and will be responsible for investment strategies including global strategic and tactical asset allocations for DBS' clients, the bank said in a press release.
He will lead a team of investment strategists and communications specialists within the chief investment office, to establish and maintain DBS’ recommended investment strategies, make and publish asset allocation calls as well as thematic trading ideas across asset classes of equities, bonds and currencies.
GIC Beginnings
Wey Fook has 30 years of fund management experience, and was most recently at Bank of Singapore where he held various senior management roles including chief investment officer, head of discretionary portfolio management and funds.
During his tenure, assets under management grew to SG$9 billion.
He began his career at Government of Singapore Investment Corp (GIC), followed by OCBC Asset Management before joining ING Asia Private Bank, later renamed Bank of Singapore.
Leaving DBS
Wey Fook will report to Tan Su Shan, group head of consumer banking and wealth management. Lim Say Boon, the current chief investment officer, will leave DBS after seven years to return to Australia for family reasons.
«We are delighted to welcome Wey Fook to the DBS family, we are taking our business to the next level with a strong focus on enhancing the delivery of quality investment advice and asset management solutions to our clients,» said Tan.
As of March, DBS’ assets under management for all wealth customers stood at SG$171 billion.
