Singapore's DBS Poaches Morgan Stanley Private Banker

Vanessa Doctor

9 April 2010

Singapore banking group DBS Group has hired high-profile private banker Su Shan Tan to lead its private banking unit.

Tan is the managing director at Morgan Stanley and focusses on the bank's wealth management operations in Southeast Asia and Australia. Prior to that, she was the head of Singapore, Malaysia and Brunei for Citi Private Bank.

She will be joining DBS starting 1 July and will report to chief executive officer Piyush Gupta.

"Asia is creating wealth faster than anywhere else in the world. With our Singapore lineage, strong balance sheet and solid market insights, DBS is well placed to be a trusted advisor and a leader in wealth management in Asia," said Gupta in a statement.

Market sources told WealthBriefingAsia that although the move was surprise, Ms Tan and Mr Gupta had previously worked together at Citi. Ms Tan is one of the most highly respected private bankers in Singapore and is a regular speaker at industry events.

DBS has been ramping up its wealth management operations in the region after fourth quarter product sales figures showed an encouraging rise from S$509 million in the prior quarter to S$777 million.

In a previous presentation, chief executive officer Piyush Gupta had said that strengthening DBS' wealth management offering for Asia's growing affluent is one of his key goals for the region.