Bank of Singapore bolsters its wealth planning capabilities with the hire of the former Asia Pacific head of wealth planning at HSBC Private Banking.
Joanna Ho joins Bank of Singapore as its head of wealth planning for Greater China and North Asia. Ho will report locally to Angel Wu, Hong Kong head of product management group and functionally to Singapore-based Tariq Saleim, global head of lending products, credit structuring and wealth planning.
The 20-year seasoned veteran will be responsible for expanding the bank’s wealth planning, family office, trust, succession and insurance offerings in addition to providing advisory services to Greater China and North Asia clients.
Wealth Transferal
Global wealth is undergoing a historic change of hands with a «Wealth-X» report estimating about $15.4 trillion of transferal to the next generation by 2030 amongst individuals with a net worth of at least $5 million. Although relatively younger, the Asia market is also expected to be a significant contributor accounting for $1.9 trillion of transferred wealth in this period.
This is particularly applicable to families and assets based offshore in Hong Kong and Singapore, where banks are readying for the next generation of clients with both relevant content (such as tech and sustainability) and means of engagement (such as digital channels).
Key Concern
«Wealth and succession planning has increasingly become a key concern especially among the wealthy in Asia,» said Derrick Tan, Bank of Singapore’s Hong Kong branch chief executive and global market head for Greater China and North Asia. «We are committed to not only helping our clients grow, manage and protect their wealth, but also consciously build their legacy for further generations.»
