UBS veteran lands big promotion to lead DBS unit
UBS director Catherine Cheung has joined DBS as head of its wealth planning competency centre in Singapore.
Cheung had been with UBS for almost 10 years and was latterly a senior regional AML director, financial crime prevention, according to her LinkedIn profile. She spend the first eight years of her UBS tenure as head of trust and wealth planning.
At DBS, Cheung is based in the private bank and is primarily focused on helping wealthy people with their trust planning, according to a job description posted to advertise her ED-level role. Her tasks include new business acceptance, establishing frameworks for non-standard trust guidance, and supporting trust administration. The job also requires being a “knowledge centre” within private banking to monitor and analyse legal, regulatory and tax changes that impact trust structures.
Private banking as an industry and compliance/legal as a job sector have both enjoyed comparatively strong levels of hiring in Singapore, in the context of a job market that’s been blighted by Covid-19. Recruiters say there is still demand in private banks for senior governance specialists like Cheung.
Cheung has an LLM from King’s College London and started her career as a lawyer in 1997, before moving in-house (and into the finance sector) when she joined Fortis Bank in 2003 as deputy head of trust, based in Singapore. She was then with Merrill Lynch from 2006 to 2008 as a wealth planning specialist, “advising high net worth individuals on structuring their wealth with the use of offshore structures including offshore companies and trusts”, according to her LinkedIn profile.
Cheung is not the only senior hire DBS has made into its private bank of late. Earlier this month Morgan Stanley veteran Peter Tung joined as head of DBS’s private banking business for Greater China.
The APAC wealth management arm of Cheung’s former firm, UBS, experienced a good second quarter as profits increased by 71% year-on-year to $233m. But she was far from the only senior person to depart – 66 private bankers also left UBS in Q2, according to the Swiss firm’s financial results.
Image: kirill-petropavlov, Unsplash