The global bank is bolstering its investment and product offerings with several key senior hires, including two new strategic roles serving high net worth clients in Southeast Asia.

HSBC Private Banking is adding a chief market strategist and a new head for the global solutions group, both focused on Southeast Asia, and has also made senior appointments for its Greater China region. 

In September last year, the bank unveiled plans to grow both the retail and private banking business by increasing its customer-facing headcount and total wealth over the coming five years. ​The bank wants to hire 700 individuals over the five-year period, spending $100 million on digital and technology areas over the coming two years.

James Cheo re-joins the bank in the newly-created role of chief market strategist, bringing more than 15 years’ portfolio strategy, asset allocation and economic research experience, including five years as a senior economist at Monetary Authority of Singapore.

Cheo will lead HSBC’s investment strategy and asset allocation for clients in the region. He is also a member of the bank’s global investment committee, which meets monthly to assess economic and market trends and determine asset class recommendations, typically done on a six-month horizon.

He is joined in Singapore by Rowan Tan, who will head the bank’s global solutions group for SEA. Tan brings more than 10 years’ investment banking experience, primarily in M&A and equity capital markets, and experience advising high net worth clients on corporate finance. He will lead efforts to deepen collaboration and connectivity between HSBC Singapore’s private and corporate banking businesses, the bank said.

In a third senior appointment, Ishan Sarkar joins in Singapore as head of structured products for Southeast Asia. With 12 years’ international investment experience, Sarkar will be responsible for delivering a host of products to clients, including equity derivatives, commodities, credits, and rates-structured products. He replaces Wendy Ang, who has relocated to Hong Kong with HSBC. All three hires are in post and will report locally to Southeast Asia head, Kenneth Yeo.

Commenting on the new hires, Yeo said the bank has been an attractive calling card in welcoming talent. “Prospective employees understand our commitment to the region and our expansion plans for the next five years.

“It’s a pleasure to welcome back high-calibre HSBC alumni talent like James, who will be instrumental in delivering our investment strategy capabilities to clients, and new talent, like Rowan, with a great blend of investment banking and high net worth client advisory expertise. The establishment of our GSG team lead strengthens our position to support our ultra-high net worth clients who are looking to take their businesses to the next level but need to access more sophisticated investment banking capabilities.”

The private banking arm aims to target individuals with more than $5 million, in particular UHNWs with $100 million or more in investable assets.

Greater China
Separately, the private bank has appointed former senior JP Morgan figure Cynthia Lee as head of private wealth solutions for North Asia and Bent York as global chief operating officer for the PWS business. Lee takes over from York – his latest role is a newly-created one.

At JP Morgan, Lee was head of wealth advisory for Asia. She has over 20 years of wealth advisory and trustee experience. Prior to her time at JP Morgan, she practiced as a counsel in a major US law firm.