UOB today announced that as part of its ambition to increase its high net worth (HNW) client base across Asia, it will establish a Private Wealth arm dedicated to developing progressive products and services to meet the needs of its HNW clients.
UOB’s HNW segment currently accounts for half of the Bank’s wealth management fee income which it aims to double within five years.
With a significant portion of Asian HNW clients accumulating their wealth through their family business interests, UOB is seeing an increased opportunity with its one-bank approach to serve holistically the personal and corporate banking needs of its clients.
As part of its growth plans, UOB has hired Mr Chew Mun Yew who will join the Bank in December. Mr Chew has more than 20 years of experience in the financial services industry in Asia, holding senior roles in fields that included strategy, risk management and wealth management. He was also a senior banking and insurance regulator for more than five years.
Mr Chew will report to Mr Eddie Khoo, Head of UOB’s Group Retail who said, “At UOB, as we focus on serving our clients better, we have been strengthening our people, product and platform capabilities across the entire wealth spectrum. With the depth of experience that Mun Yew brings to the table, we are well-positioned to accelerate our HNW business strategy and to enhance our offering to HNW clients across the region.”
In the first half of 2021, the Bank’s wealth management assets under management increased seven per cent to $137 billion while wealth management fees rose 32 per cent.
