Action in Asia as DBS and Manulife Real Estate Makes Real Estate Moves
These days, Asia saw a collection of moves as DBS and Manulife Real Estate is strengthening their respective organizations. According to Deal Street Asia, Manulife Real Estate tapped Kenneth Tsang to become managing director and head of real estate asset management for Asia, while DBS appointed Lee Won Shiu, the former banker from Bank of Singapore (BoS), as its new regional head of wealth planning.
Kenneth Chang has been appointed in his new position at Manulife Real Estate, reporting directly to Ted Willcocks, the global head of asset management for real estate. Tsang brings more than 20 years of his expertise in the office, industrial, mixed-use and residential real estate in the region. He will also oversee Manulife's various real estate investments in Asia, with properties in Hong Kong, Melbourne, Singapore, Shanghai, and Sydney under his care.
He will also be taking care of asset management as well as the overall performance of the firm's real estate portfolio, something he may have experience in. He previously held the title of GM for Property at KHI Holdings Group. He was also a member of that company's management team.
Meanwhile, DBS Private Bank has appointed Lee Woon Shiu to the position of regional head of wealth planning, family office, and insurance solutions. According to the report, Lee replaces Rob Ioannou, who will be reassigned but still staying with DBS Private Bank. Lee will report to his new position starting March 18.
The new head will oversee the expansion of the bank's wealth planning as well as the family office and insurance offerings branches. He will also take over advising high-net-worth families about their various investments and properties. Lee will also be reporting to Sim S Lim, who is the group head of consumer banking and wealth management.
According to John Hancock Real Estate, Lee was previously connected with the Bank of Singapore (BOS), OCBC Bank's private banking arm. He was with the bank since 2004 as the Head of Wealth Planning, Trust, and Insurance. He brings about 20 years of experience with him in dealing with ultra-high net worth families in the Asia-Pacific region.
Tsang and Lee's appointment highlights a series of moves to strengthen property firms and banks in the Asia-Pacific region, which has been experiencing a time of growth in real estate. From BTC bids to property purchases, the Asia-Pacific region has never been as vibrant and as highly important in the real estate market as it is now.