UOB has launched a new private wealth arm to increase focus on the high net worth individual segment, hiring a Julius Baer banker as part of the growth plans.
Chew Mun Yew will join UOB in December, according to a statement, reporting to head of group retail Eddie Khoo.
Chew has more than 20 years of experience and joins most recently from Julius Baer where is was a Greater China private banker. Previously, he held senior roles across strategy, risk management, wealth management. He was also a senior banking and insurance regulator for over five years.
Private Wealth
Chew’s hire is part of broader plans to further focus on high net worth individuals which currently make up half of UOB’s wealth management fee income.
To tap into this market, the bank launched a private wealth dedicated to the segment.
«With a significant portion of Asian HNW clients accumulating their wealth through their family business interests, UOB is seeing an increased opportunity with its one-bank approach to serve holistically the personal and corporate banking needs of its clients,» the statement said.
Growth Target
UOB aims to double its wealth management fee income within five years.
In the first half of 2021, client assets from wealth management climbed 7 percent to $137 billion while fees rose 32 percent to S$440 million ($325.6 million).
«At UOB, as we focus on serving our clients better, we have been strengthening our people, product and platform capabilities across the entire wealth spectrum,» Khoo said. «With the depth of experience that [Chew] brings to the table, we are well-positioned to accelerate our HNW business strategy and to enhance our offering to HNW clients across the region.»
