Bespoke services and broader range of targeted solutions: Helping HNWIs secure their wealth and legacy
As part of its brand revitalisation efforts, UOB is forging ahead to grow its private banking business that is committed to supporting the affluent in the region
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UOB Private Bank is going from strength to strength with an experienced management team in place to propel greater growth and expansion in Singapore and the region.
"In the last 12 months, we have strengthened our management team with significant hires for the front as well as across the middle and back office," says Mr Chew Mun Yew, Head of UOB Private Wealth.
He joined the bank in late 2021 as part of its plan to build a modernised and stronger wealth management business to service the high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients. He has more than 20 years of experience in the financial services industry in Asia and was also a senior banking and insurance regulator.
“"We understand Asia and Asean - its history, the opportunities and risks simply because our roots are here."”
The changemakers
Led by Mr Chew, UOB's brand new team of private banking veterans is part of the bank's move to revitalise the brand and better serve clients. Mr Ian Heng, Mr Khoo Lin Wein and Ms Jolene Ho are latest additions to the team.
- Mr Chew Mun Yew, Head of UOB Private Wealth. He has held leadership positions in local and international banks, and was part of the team at the Monetary Authority of Singapore that developed policies liberalising the country's banking and insurance industries.
- Ms Chung Shaw Bee, Head of Privilege Reserve. She has over 25 years of experience in both local and foreign banking and investment institutions.
- Dr Neo Teng Hwee, Chief Investment Officer and Head of Investment Products and Solutions. He has over 25 years of experience in investments and money management, with a focus on the management of institutional and sovereign wealth funds.
- Mr Alex Sim, Chief Operating Officer. He has been with UOB Private Bank for almost a decade, working in areas such as digital strategy implementation, and risk and regulatory management.
- Mr Ian Heng, Market Head of UHNW and Global Family Office. He has over 30 years of experience in client acquisition, portfolio management and wealth planning for UHNW clients in Asia and Europe.
- Mr Khoo Lin Wein, Regional Market Head of South-east Asia. He has 30 years of experience in the private banking industry and has previously helped to establish the private banking business for two regional banks.
- Ms Jolene Ho, Regional Market Head of Singapore and North Asia. She joined UOB Private Bank in June 2022 and has over 25 years of experience working in the private banking sector of various regional banks.
"This is a cohesive team, with different experiences and track records, but all united by one common passion to build a stronger business in UOB," adds Mr Chew.
Over the last few years, the homegrown bank has sharpened its focus on the HNW space to help clients grow and manage their wealth as they move through different life stages.
Supporting your wealth preservation journey
- With a strong Asean footprint and headquarters in Singapore, the bank can bring the best of the regional network securely to clients, within a stable environment.
- Having over 80 years of heritage in the region as a family-owned bank with entrepreneurial roots, UOB has the expertise to assist families and individuals with intergenerational wealth transfer and growth.
- A well- and market-established range of retail and wholesale solutions enable clients to address their entrepreneurial, wealth, legacy planning, business and retail banking needs holistically.
Enhancing capabilities in the HNW space
As part of the revitalisation, UOB combined the existing Private Bank with Privilege Reserve, its HNW-focused priority banking segment, to form a new and enlarged business group known as Private Wealth. It aims to complete integration of the Privilege Reserve business into the Private Bank by end 2023, Mr Chew says.
Supporting the transformation are close to 250 relationship managers (RMs) at UOB Private Wealth. A fifth of them joined in 2022, and the bank plans to hire another 150 RMs in the coming years.
He adds that the bank plans to roll out a wider range of solutions and services, now offered by Private Bank, to clients of its Private Wealth arm. At the same time, it is also revamping the way it delivers advice so that it will be more personalised and targeted.
"We aim to improve the Private Bank product and services proposition and brand awareness through targeted marketing, brand refresh and active client engagements focusing on business owners and professionals," he says.
He shares that the bank is in the process of refreshing the UOB Private Bank brand. The revamp will come on the back of the overall UOB brand refresh announced last September which reflects the local bank's long-term strategy and commitment to Singapore and the wider Asean region.
"Our focus and strength continue to be Singapore and Asean," Mr Chew adds. "We will also expand our Greater China capabilities as we build connectivity within Asean."
"No spoiler alert, but look out for us," he quips.
Riding the wave of Asian wealth
The expansion of UOB Private Bank comes as Asia's next-generation entrepreneurs, rising personal wealth and investment flows continue to drive demand for wealth services in the region.
Singapore is Asia's second-biggest millionaire oasis after Tokyo, with 249,800 millionaires, including 336 centi-millionaires, defined as those who have at least US$100 million (S$134 million) in investable assets, and 26 billionaires, according to a report by Henley & Partners.
To top it off, more ultra-rich families are consolidating their wealth in Singapore through formal structures, such as family offices. According to official estimates, the number of family offices here nearly doubled to 700 as at the end of 2021 from about 400 a year earlier.
Business owners and entrepreneurs by far form the largest group of clients at UOB Private Wealth, followed by professionals. The bank offers these key target segments the services of its commercial bank and the full range of its retail banking solutions.
A top concern that these clients have is the preservation of wealth amid a major intergenerational wealth transfer in Asia.
Despite the Chinese saying "wealth does not go beyond three generations", proper management and succession planning can prove otherwise.
"UOB itself is led by a third-generation CEO. So this topic is very close to our heart. We remain committed to supporting our Next Gen clients to fulfil their aspirations like how we have supported their parents throughout the years," Mr Chew says.
Disclaimer:
The material contained in this publication is intended for information only and does not constitute investment recommendation or advice as it does not take into account personal investment objectives, specific investment goals or financial situation. UOB does not accept any responsibility for any loss or damage caused by any use of or reliance on the opinions or views expressed in this publication which may be subject to change due to dynamic market conditions.
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