Bank of Singapore has appointed Kelvin Teo as head of bespoke investments for Greater China and North Asia.
As part of the bank’s ultra-high net worth (UNHW) bespoke investments team, Teo will help UHNW clients in Greater China and North Asia pursue exclusive investment opportunities.
These opportunities, which have been gaining in traction among this segment of clients, include direct investment opportunities in regional unicorns and decacorns, and bespoke solutions in the areas of buyout funds and real estate-related financial instruments.
Each Bank of Singapore UNHW client has investable assets of at least US$30 million with the firm.
Based in Hong Kong, Teo reports locally to Derrick Tan, chief executive of Bank of Singapore’s Hong Kong branch and global market head for Greater China and North Asia, and functionally to Carolyn Tham, global head of UHNW Bespoke Investments, who is based in Singapore.
Since 2017, Bank of Singapore’s number of UHNW clients has doubled and assets under management from this segment have grown almost 40%.
“We have seen an increase in demand for sophisticated product offerings and financial solutions among ultra-high net worth clients. To serve this demand, we are dedicated to growing a strong team to provide tailor-made wealth management solutions to match our clients’ sophisticated level of investment needs,” says Tan.
Teo’s appointment strengthens Bank of Singapore’s bench strength in Greater China. This year has already seen the hiring of Richard Hu, market head for Greater China. Last year, there were three senior hires - market heads Phonda Chan and Anne Song, and head of risk, Jacqueline Lee – all of whom have extensive banking experience in the region.
Teo joins from Credit Suisse where he was director, equity capital markets in Hong Kong. He was responsible for the origination of capital market transactions for corporate and institutional clients in the Greater China region.
He brings along 16 years of experience in investment banking, across various products including initial public offerings (IPOs), pre-IPO financing, private investment into public equity, listing by introduction, follow-on offerings, and acquisition financing.
He holds a Bachelor of Accountancy (Honours) from Nanyang Technological University in Singapore.
As of June 30, Bank of Singapore’s assets under management (AUM) was US$111 billion, 9% higher than a year ago.