Deutsche Bank Expands Wealth Unit with HSBC Trio

Deutsche Bank has hired three former HSBC executives to join its wealth management arm in Southeast Asia. Terence Leong joins Deutsche Bank as group head for Southeast Asia, according to a statement, reporting to head of Southeast Asia wealth management Shang-Wei Chow.

Leong joins from HSBC where he was most recently its ultra-high net worth market lead and Singapore-based desk head.

He has 15 years of wealth management experience and previously also worked with UOB Private bank and DBS Treasures Private Client.

Deutsche Bank has also hired 20-year veteran and ex-HSBC senior director Lynn Aw as team head alongside banker Derek Teo.

Both Aw and Teo have been team members with Leong since UOB Private Bank, the statement added.

Southeast Asia is a growing region and the fundamentals underpinning wealth creation remain positive, said Chow. We will continue to hire the best people in the industry to serve clients across the region, and to provide world-class services to which the bank has committed.

The trio of hires follows several senior departures at Deutsche Bank’s wealth management unit this year.

Last month, the German private bank lost ex-managing director and global co-head of advisory and investment solutions Wei Mei Tan who joined Singapore-based digital wealth platform Endowus as its chief advisory officer.

And last week, we reported the reemergence of former Southeast Asia group head and 18-year Deutsche banker Malcolm Tay at Credit Suisse where he was named deputy market group head and market leader for Indonesia.