HSBC Private Bank has appointed a new head of Private Wealth Solutions North Asia. The firm plans to hire for 700 roles over the next five years in the region.
Cynthia Lee will join HSBC Private Bank as head of private wealth solutions (PWS), North Asia, effective on 14 January, the bank said in a statement. She takes over from Brent York, who is separately appointed to a newly created role as Global Chief Operating Officer of PWS.
Lee (pictured below) joins HSBC from J.P. Morgan, where she was most recently head of wealth advisory for Asia. She has over 20 years of wealth advisory and trustee experience, with a focus on private clients and families. Before that, she practiced as a counsel in a major U.S. law firm.
Tapping The Large Wealth Transfer
With a large proportion of intergenerational wealth transfer expected to take place over the next five to ten years, Lee will play a key role in supporting HSBC Group-connected clients with their trust, estate planning, family governance, charitable, and succession needs, the bank said in a statement.
«Cynthia Lee’s wealth of experience and deep expertise will be a great addition to our team of trust professionals as we look to support our clients through the most concentrated period of wealth transfer ever seen,» said said Alan Beattie, global head of PWS.
Newly Created Role for York
With his extensive knowledge from more than 20 years of industry experience, Brent will be responsible for a new global operational strategy to support the sustainable growth aspirations of the business, the bank said.
«Our intention is to grow our trustee business and related services in Asia, the U.K., Europe, the Middle East and the U.S. Brent’s new role is central in making this happen. He is perfectly placed to lead the development of a truly global infrastructure, improving systems and simplifying processes,» said Beattie.
HSBC is looking to significantly expand its Asian private banking business over the next five years, including private wealth solutions. With a focus on Greater China and the ASEAN region, HSBC Private Banking Asia plans to hire for 700 roles in the next five years and spend $100m on digital and technology over the next two years.
