UBS has appointed a team of bankers to its ultra high net worth division, according to an internal memo seen by this publication.

Jeremy Tan steps in as managing director for the Family Office business for South East Asia markets. Tan was previously with Citi Private Bank and Merrill Lynch.

Also recently hired is Rennie Lim as director, who joins the firm from Citi Private Bank. She is a client advisor with a strong track record in servicing ultra high net worth clients.

The other members of the team will be announced in due course, UBS said.

The Swiss bank has been bulking up its UHNW segment for South East Asia, given the vast wealth creation potential of the region. The unit is focusing on family office, in particular, with Singapore to play a major role as regional hub for both Asian and European transactions.