Hungate is currently the bank's global head of personal financial services and marketing. He assumes his new role on 1 September 2010, taking over from Guy Harvey-Samuel, who has been named head of international Asia Pacific in Hong Kong, the bank said in a statement.

Singapore has been posting record economic growth since the start of the year, with the affluent group posting an average of $183,145 in liquid assets, the latest HSBC Affluent Asian Tracker survey reveals.