Further affirming its commitment to the region, Bank of Singapore has announced another key addition to its Greater China team based in Hong Kong.
Mr Richard Hu, a veteran banker with more than 20 years of experience in the region, has joined the Bank and will take on the role of Market Head, Greater China. He will lead a team of relationship managers in developing and strengthening client relationships, as well growing as new capabilities.
Mr Hu reports directly to Mr Derrick Tan, Chief Executive of Bank of Singapore Hong Kong Branch and Global Market Head for Greater China and North Asia – a region that is of strategic importance to the bank.
Assets under management (AUM) from the Greater China region recorded the highest growth among Bank of Singapore’s core markets in 2018.
According to Wealth-X, China has the second largest high net worth individual population in the world in 2018 – close to 1.9 million individuals. It recorded a 3.9% increase, almost two times higher than the world average of 1.9%, despite its volatile stock market performance last year.
Mr Hu’s appointment bolsters Bank of Singapore’s already impressive bench strength in Greater China. Just last year, three senior hires with extensive banking experience in the region – Market Heads Ms Phonda Chan and Ms Anne Song, and Head of Risk, Ms Jacqueline Lee – were announced.
Mr Hu joins the bank from Avenue Asset Management which he started in 2016. In his role as Managing Director and Founding Partner, he built up a team from scratch and started a venture capital fund, real estate fund and fixed income fund. Prior to that, he was the Group Head of the Greater China Market at Julius Baer, and the Business Head of North Asia & Market Head for China & Taiwan onshore and Offshore team at HSBC Private Bank. He also honed his expertise at Credit Suisse, UBS Wealth Management and Citi Private Bank where he held key leadership positions in the Greater China region.
He holds a Master of Business Administration and a Bachelor of Science from St. John University in the United States of America.
Said Mr Tan, “Our clients value on-the-ground, local experience, so we bear this in mind as one of our hiring principles. Richard is definitely an asset to the team in this regard. With his solid track record and depth of experience built over decades working in the region, he inspires trust and confidence – two essential elements in private banking. His contributions will certainly be invaluable as we seek to further entrench our position in Greater China.”
Said Mr Hu, “Having worked in this industry for decades, I have witnessed Bank of Singapore’s expansion in the region and am therefore honoured to be a part of its next stage of growth. Though today’s business landscape may be uncertain and fast-moving, I am looking forward to meeting this challenge together with the rest of our team whose collective experience, I believe, is unparalleled in being able to support the aspirations of ultra-high and high net worth individuals in the region.”