Pictet Wealth Management Asia has appointed Tee Fong-Seng as its new CEO, replacing Claude Haberer who held the role since 2011.

The leadership change will take place in October 2019.

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Fong-Seng joins from EFG Bank, where he chaired the Asia advisory board. 

He also had a stint at Credit Suisse, where he was the Asia vice-chairman and Hong Kong branch CEO.

Meanwhile, Haberer will serve as the chairman of PWM Asia.

PWM North Asia and Pictet Hong Kong Branch CEO Sharon Chou will now become deputy CEO of PWM Asia.

Chou will be succeeded by Alex Ng, who formerly served as the market head for China at Credit Suisse. Ng also worked at Citi and UBS.

The change will be effective from November 2019. Both Chou and Ng will report to Fong-Seng.

Additionally, PWM South Asia and Bank Pictet & Cie (Asia) CEO Dominique Jooris will report to Fong-Seng.

Pictet also hired a team of 18 wealth management professionals having knowledge of the Greater China markets. These professionals will operate out of Hong Kong.

All the leadership changes are pending regulatory nod.

Pictet managing partner Boris Collardi said: “Reinforcing PWM’s leadership in Asia with the appointments of Tee Fong-Seng and Alex Ng along with this major recruitment initiative for Greater China reflect PWM’s continued commitment and ambitions in Asia and set the stage for the next phase of growth in the region.”

Pictet Wealth Management has employee headcount of over 250 in Hong Kong and Singapore.

The firm has been operating in Hong Kong and Singapore since 1986 and 1995, respectively.