Standard Chartered has appointed Enoch Tan as managing director and regional head of the division responsible for ultra high net worth individuals in the Asean region, a new role for the bank.
Tan’s appointment adds to firm’s hiring within the ultra high net worth segment, a business line catering to clients with $30 million in assets – excluding leverage – with the bank.
The ultra high net segment is growing faster in the Asia-Pacific region than anywhere else in the world.
According to a RBC Wealth Management and Capgemini report this year, the Asia Pacific region experienced a 16.5% expansion in ultra high net worth wealth individuals in 2014.
In January, Standard Chartered appointed Alison May Chan as managing director, ultra high net worth solutions (UHNW), private banking clients for Greater China.
Rahul Raswant, who joined the bank during the third quarter of 2014 as executive director for UHNW private banking is now head of UHNW for South Asian, Indian and African clients.
Tan’s appointment took effect on July 1. He is based in Singapore and will report to Stephen Richard-Evans, head of global ultra high net worth clients and also to Peter Kok, regional head Asean private banking clients.
Tan was most recently a managing director and head of client solutions Asia at Royal Bank of Canada and prior to that was an investment banker at NM Rothschild & Sons and UBS Investment Bank.
Much of the wealth in Asia is in the hands of first-and second-generation entrepreneurs who have corporate and investment banking needs. Private banks in the regioon are increasingly looking to meld other parts of their businesses to more closely align with the private bank. Standard Chartered is no exception.
"With Asia Pacific leading the growth of UHNW wealth globally, we are excited to have Enoch join our specialist team of experts dedicated to meet both the corporate and private wealth needs of our UHNW clients," said Richard-Evans in a release.
Standard Chartered Private Bank has grown since inception in 2007 thanks in part to acquistions. The bank acquired Morgan Stanley's onshore private wealth business in India in 2013 and has over 350 relationship managers globally. It has offices in 12 cities across Asia, Africa, the Middle East and Europe.
