RBC Wealth Management: Soo to lead Singapore private banking, 7 hires

Leadership Transition in Singapore

RBC Wealth Management Asia has promoted Daniel Soo to managing director and head of private banking for Singapore. Mr Soo succeeds Kamran Azim, who transitions to head of Wealth Management Asia. This move follows Rod Ireland's retirement from the latter role. Mr Soo joined RBC in 2024 as a market head and has since expanded the Singapore private banking team.

In his new capacity, he will oversee the execution of the bank's private banking strategy in Singapore, focusing on client acquisition across key Asian markets. Prior to RBC, Mr Soo held senior positions at UBS, Credit Suisse, and Standard Chartered Private Bank, according to a statement from RBC.

New Hires Strengthen Regional Teams

RBC Wealth Management Asia has also hired seven new bankers to bolster its teams in Singapore and Hong Kong. Five new executive directors and directors join the Singapore office. These include Patrick Foo, an executive director focusing on Greater China clients, and Jason Yuan, also an executive director, with prior experience at CTBC Bank Singapore and Bank Julius Baer.

Sam Polson, an executive director from Barclays Private Bank, will serve ultra-high net worth (UHNW) individuals and family offices across Asia-Pacific. Audrey Neo joins as a director from CTBC Bank Singapore, and Louisa Wen is an associate director from Citibank Singapore.

In Hong Kong, Jackson Huang joins as a director from Bank J Safra Sarasin, specialising in Greater China UHNW and family office clients. Malcolm Chai is an associate director from UBS Hong Kong.

Tapping into Asia's Wealth Expansion

This expansion reflects RBC's broader strategy to capitalise on significant wealth creation and transfer across Asia. The region continues to generate new millionaires, particularly in rapidly developing Southeast Asian economies such as Thailand, Vietnam, Malaysia, and Indonesia.

Hong Kong's active initial public offering (IPO) market also serves as a notable source of new wealth. Boston Consulting Group projected in November last year that private wealth in Asia would reach $99 trillion by 2029, underscoring the substantial growth potential for wealth managers in the region.

The Competitive Talent Race

RBC's hiring drive occurs amid a competitive talent landscape in Asian wealth management. Several international and domestic peers are also expanding their relationship management teams. DBS aims to appoint at least 600 relationship managers and platform engineers by the end of 2028.

OCBC targets hiring 600 relationship managers in its consumer banking wealth business over the next three years. HSBC plans to recruit 100 relationship managers across its premier and private banking segments over the next two years.

Citigroup intends to hire approximately 100 private bankers globally, with a significant portion allocated to Asia, while Julius Baer also identifies Asia as a key hiring area.