Hong Kong-based Private Wealth Management Association names a former Credit Suisse private banking head as its new managing director.

The Private Wealth Management Association, the Hong Kong-based voluntary association of private wealth management firms, has announced a new head.

In 3 March 2014, James Hong takes the helm as managing director to succeed Nancy Cheung.

Hong has held a number of senior management positions, most recently as head of private banking Hong Kong at Credit Suisse. From 2004 to 2009, he served as chairman of Greater China and Asia head of alternative investment and quantitative investments at UBS Global Asset Management. Before that, he was head of alternative investment strategies at UBS Global AM, assuming roles as chief executive and chief investment officer from 1998 to 2004.

The PWMA has 26 members, with the Bank of China (Hong Kong), Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, ICBC (Asia), Standard Chartered Bank (Hong Kong) and UBS to make up the executive committee. The group's main objectives include promoting and encouraging the growth of the PWM industry in the territory and to help maintain Hong Kong's status as a major financial centre.