DBS, Singapore's largest bank and a leading wealth manager in Asia, announced the appointment of Hou Wey Fook as Chief Investment Officer, Consumer Banking & Wealth Management.
Wey Fook will be responsible for investment strategies including global strategic and tactical asset allocations for our clients. He will lead a team of investment strategists and communications specialists within the CIO office, to establish and curate DBS' recommended investment strategies, make and publish asset allocation calls as well as thematic trading ideas across asset classes of equities, bonds and currencies.
Wey Fook has 30 years of fund management experience, and was most recently at Bank of Singapore where he held various senior management roles including Chief Investment Officer, Head of Discretionary Portfolio Management (DPM) and Funds. During Wey Fook's tenure as DPM head, assets under management grew substantially to SGD 9 billion and was voted as the best in DPM by Asiamoney Private Banking Poll 2016. He started his career at Government of Singapore Investment Corp (GIC) followed by OCBC Asset Management before joining ING Asia Private Bank, later renamed Bank of Singapore.
Wey Fook will be reporting to Tan Su Shan, Group Head of Consumer Banking & Wealth Management, and will start his new role in early September. Lim Say Boon, the current Chief Investment Officer of Consumer Banking & Wealth Management, spent seven years with DBS and will be leaving DBS to return to Australia for family reasons.
Said Tan Su Shan, Group Head of Consumer Banking & Wealth Management, DBS Bank, 'As we further entrench our position as a leading wealth manager in Asia, it is important to identify and build deep bench strength in our bank, and we are delighted to welcome Wey Fook to the DBS family. Wey Fook brings with him a wealth of investment and advisory experience and with him joining the bank, we are taking our business to the next level with a strong focus on enhancing the delivery of quality investment advice and asset management solutions to our clients. We will continue to strengthen our franchise by adding to our talent pool and investing in technology, and are fully committed to enhancing the client experience by combining the best of personal service and digital innovation with bespoke wealth solutions.'
'I would also like to thank Say Boon for his invaluable contribution and leadership during his time with DBS. He has been an integral part of the leadership team in building out our wealth platform and offering, and has been instrumental in putting DBS bank firmly on the global map as a wealth management player to be reckoned with.'
The growth of DBS' wealth management franchise is robust, fuelled by the organic growth of emerging Asian new wealth and also by its successful execution of a wealth continuum. As of March 2017, DBS' assets under management for all wealth customers stood at SGD171 billion. It has also consistently achieved growth of about 20% annually since 2010.
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's 'AA-' and 'Aa1' credit ratings, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named 'World's Best Digital Bank ' by Euromoney. The bank has also been recognised for its leadership in the region, having been named 'Asia's Best Bank' by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named 'Safest Bank in Asia' by Global Finance for eight consecutive years from 2009 to 2016.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
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