Ex-Credit Suisse star banker Young Jin Yee joins UBS to take over from August Hatecke
Wong Pei Ting
SINGAPORE star banker Young Jin Yee will join UBS, which on Monday (Jun 12) completed its legal takeover of her former employer of nearly 20 years, Credit Suisse, where she was once its Singapore wealth management head.
According to an internal memo seen by The Business Times, the Singapore-based executive joins UBS on Jun 29, moving over from Deutsche Bank, where she spent less than six months.
Her post at Deutsche Bank, which she assumed on Jan 3, was head of international private bank for Asia-Pacific.
At UBS, Young will be co-head of global wealth management for Asia-Pacific, the internal memo stated. Subject to regulatory approvals, the role comes with primary responsibility for Singapore and South-east Asia, including onshore entities, it added.
She takes over from August Hatecke, who is returning to Zurich, Switzerland, to lead the UBS global wealth management‘s Switzerland business. In his seven-and-a-half years in the Asia-Pacific, he co-chaired the Monetary Authority of Singapore’s private banking industry group, which worked at strengthening the competency of the private banking industry in the country.
Young joins UBS just as it has expanded responsibilities for its global wealth management team, with individuals from both UBS and Credit Suisse assuming key roles. The team includes Benjamin Cavalli, who has been named the new head of global wealth management strategic clients team effective Jul 3.
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When Young left Credit Suisse, she was deputy head of wealth management Asia-Pacific, head of wealth management Singapore, deputy CEO of its Singapore branch, and CEO for the SymAsia Foundation. The foundation was established by Credit Suisse to support clients in their philanthropy.
Before joining Credit Suisse, she was with DBS Private Bank and Citibank Singapore.
The memo announced that Cavalli, in his new role, will focus on enabling and delivering on the bank’s promise to its strategic clients globally, working in partnership with its regional business leaders and supported by senior client coverage teams, including regional vice-chairs and strategic client partners.
He will stay in Singapore to drive the bank’s broader client engagement and business development, including its ultra-high net worth solutions offering, global partnerships, chief marketing office, communities and strategic client segments.
UBS said that it has been attracting talent with senior hires, understood to be up 20 to 30 per cent this year since the announcement of its acquisition of Credit Suisse.
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