Standard Chartered’s already top-notch talent pool in its private banking franchise got some additional firepower last year. The bank hired Raymond Ang in August to be its global head of priority and private banking, based in Singapore.
The 25-year veteran banker has worked at UBS, Citi, DBS Bank, Carlyle Group and others in Hong Kong, Taiwan, Thailand and Singapore. In his last position at UBS, where he spent just over nine years, Ang oversaw operations in the Greater China region, Indonesia and Japan: before that, he was head of Southeast Asia UHNW. His appointment shows how serious the bank is about its wealth management ambitions.
Globally, the London-headquartered bank with an emerging markets focus had a solid year. Wealth management income rose 12% to $2.2 billion as increases in both client numbers and assets under management dovetailed with a strong sales performance in its funds.
Over the last 12 months, Standard Chartered’s private banking group checked all the boxes.
That includes favourability ratings above 90% in the latest annual client survey results as compared to peers. Also, 93% of its clients say they consider Standard Chartered to be better than or comparable to other private banks, and 96% say they plan to increase their business with the firm.
In