The Canada-headquartered bank announced a series of top-level moves at its wealth management business for Asia.

RBC Wealth Management has announced that its head of wealth management for Southeast Asia, Michael Reed (pictured), is retiring after 22 years in various roles across the firm. It also said that a number of other changes were being made to its executive line-up in the region.

Reed, who has worked in the US, the UK, Hong Kong and Singapore, is leaving the Canadian firm in the middle of June, it said in a statement yesterday.

With Reed’s departure, Nick Chan, who he is head of private banking, North Asia will take on a broader remit to lead RBC Wealth Management’s sales and relationship teams across Hong Kong and Singapore. Chan joined RBC Wealth Management in December 2021.

“I would like to wish Mike the very best for the future and thank him for his significant contributions in a long career with RBC across the globe,” Terence Chow, head of RBC Wealth Management in Asia, said. “Mike has been a core member of the Wealth Management leadership team in Asia and has helped to shape and grow our business in the region, with a constant focus on delivering an exceptional client experience. Mike has also played a key role in the wider community, as a staunch supporter of RBC’s charity initiatives, and with the Canadian Chamber of Commerce in Singapore.”

RBC has also made four new hires for its private banking team in Hong Kong and Singapore: Johann Peck, Audwin Tay, Betty Wong and Jessica Hung.

Peck is joining RBC Wealth Management following senior roles at HSBC Private Bank and Morgan Stanley supporting high net worth clients across banking and investment products and services.

Tay previously served in senior investment and credit roles in an 11-year career at DBS Private Bank. Prior to that, he was private banking relationship manager with Silicon Valley Bank in Palo Alto (California), and at OCBC Private Bank and AIG Private Bank.

Both these individuals join as director, relationship manager in Singapore, reporting to Lim Yew Geok, executive director.

Wong, who is joining RBC Wealth Management as director, private banker in Hong Kong, previously worked at Bank J Safra Sarasin as director, client advisory. Prior to that, she was vice president at RBS, Coutts Bank, for 10 years, responsible for originating and developing client relationships. She reports to Anita Wong, executive director.

Jessica Hung rounds up the group of latest senior private banker hires, joining the team in Singapore in the newly-created role of director, head of sales management office, Asia. She will support teams to enhance the client and relationship manager experience in areas such as sales effectiveness and analytics, client onboarding and pipeline management. Hung, who reports to Nick Chan, is joining RBC after 11 years with Morgan Stanley Asia in private wealth sales, marketing and management positions.