December 21, 2018 / 3:17 AM / 7 months ago

MOVES-UBS names new co-heads for Asia Pacific wealth management business

HONG KONG, Dec 21 (Reuters) - UBS Group has named veterans Amy Lo and August Hatecke as new co-heads for its Asia Pacific wealth management business, according to an internal memo issued by the leading Swiss private banking firm.

Lo and Hatecke will replace Kathy Shih and Edmund Koh in the new regional roles that will come into effect from Jan. 1, said the memo issued to the bank staff on Thursday. A spokesman for UBS in Hong Kong confirmed the content of the memo.

Lo, who first joined the firm in 1995, has worked as wealth management head in Greater China and Hong Kong business head. In her new role as Asia Pacific co-head, she will mainly focus on UBS’ North Asia business, the memo said.

Hatecke, who will focus on the private bank’s Southeast Asia business, was appointed head of wealth management in Southeast Asia in 2016 after having held various management positions over the course of his 19-year career at the bank.

With $382 billion worth of clients assets under management in Asia Pacific and more than 2,500 staff in the wealth management unit, UBS is a leading private bank in the region that has seen individual wealth growing at a rapid pace in recent years. (Reporting by Sumeet Chatterjee; Editing by Amrutha Gayathri)

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