Veteran private banker Richard Wee of Lombard Odier retires
Veteran expects private banking sector to move towards having more independent asset managers and family offices
LOMBARD Odier’s Singapore vice-chairman Richard Wee has retired from the Swiss private bank after 17 years of service, effective on Jul 1, 2024.
He joined Lombard Odier in May 2007, and took on the role of chief executive in January 2008 to build up its Singapore operations.
He was later appointed as vice-chairman of the board of directors in Lombard Odier Singapore in 2012.
Wee also worked at Citibank, Bankers Trust Company and Chase Manhattan Bank in his 43 years in the industry.
Speaking about his time as a private banker, Wee recalled how the sector has evolved from being just Asian currency units in larger banks, to becoming full-scale private banks.
Over the years, compliance has become a key focus as private banking became more sophisticated and complicated, especially amid rising money laundering risks.
Independent asset managers (IAMs) are also becoming more popular, as many seasoned private bankers leave their banks for such practices so that they can have more flexibility in their time and products.
Meanwhile, he noted the risk of private banking “not truly being private” if bankers were to change their jobs every few years.
“When clients’ information gets exposed to different compliance teams, how private can it be?” said Wee.
Looking ahead, Wee said the private banking sector is moving towards having more IAMs and family offices, while mainstream banks also consolidate due to rising costs.
Some private bankers may be pressured to sell products manufactured by their banks, instead of selling what is right for the clients.
Meanwhile, IAMs are often not restricted to the types of products they sell. Big families that have enough size and resources may also hire their own managers to deal with private banking departments of mainstream banks.
Fundamentally, Wee expects private bankers to think about the real needs of their clients, and cater solutions that are truly personalised.
“Private banking is like good wine – the longer you stay, the better it tastes,” he said.
