Bank of Singapore has announced the appointment of Mr Paul Chua (蔡源按) as its Global Head of Wealth Planning (财富策划主管), with effect from 28 June 2021. He will be based in Singapore and will report to Mr Lim Leong Guan, Global Head of Products (林良源, 环球产品部主管).
Mr Chua, 51, will drive the expansion of – and innovation in – the bank’s wealth planning, family office, trust and succession offerings. He will lead a team that provides holistic solutions and advisory services to ultra-high and high net worth families across Bank of Singapore’s core markets in Southeast Asia, Greater China, Middle East, and Europe.
Upon Mr Chua’s appointment, Mr Tariq Salem will relinquish his position as Global Head of Wealth Planning and focus exclusively on his role as Head of the Structured Solutions Group.
During Mr Tariq’s tenure as Global Head of Wealth Planning, he was instrumental in strengthening the bank’s competence in supporting the setting up of family offices in Singapore and growing the team of wealth planners in Singapore, Dubai and Hong Kong.
Mr Chua brings to Bank of Singapore more than 30 years of tax and wealth planning experience in advising ultra-high net worth and multi-generational families on the structuring of their estate, succession, and wealth transfer strategies. He joins the bank after spending 19 years with UBS Wealth Management, where he was the Head of Wealth Planning Singapore and played pivotal roles in developing wealth planning, trust and advisory offerings across Southeast Asia and North Asia.
Mr Chua’s appointment is the latest in a series of strategic hires that have strengthened the bank’s wealth planning and family office capabilities globally, to better serve its Global Investors and Family Office segment – a key area of expansion for Bank of Singapore. Clients in this segment have a net worth of at least US$250 million. The number of family office clients onboarded to Bank of Singapore more than tripled in 2020, compared with the year before.
Bank of Singapore appointed Ms Carrie Ng (黄惠萍) as Head of Single Family Office Advisory （家族办公咨询主管）on 23 March 2021. In this newly-created role, her key responsibilities include working with ultra-high net worth families to formulate, review and implement family office solutions in line with their long-term succession plans.
Another addition to the wealth planning team was Ms Joanna Ho (何玉仪), who joined the Bank on 10 February 2020 as the Head of Wealth Planning, Greater China and North Asia (财富规划主管,大中华及北亚).
Global Head of Products Mr Lim Leong Guan, said: “As Asian families are on the cusp of a significant intergenerational transition of wealth, we are committed to helping our clients to not only grow, manage and protect their wealth, but also consciously build their legacy for future generations.”
“We are pleased to welcome Paul to the Bank of Singapore family. He has a wealth of experience in dealing with complex family situations by implementing tailored strategies to meet varying needs and objectives. Aside from exemplary leadership qualities, Paul is known as an industry veteran who extends a personal touch when dealing with clients. We are confident that he will be a key addition to our wealth planning team to help develop deeper and more meaningful relationships with our clients.”
Mr Chua holds a Bachelor of Commerce degree from the University of Melbourne, where he majored in Accountancy and Business Law.
