ABN Amro Private Banking has appointed Angela Wu as managing director and market head for China as part of a strengthening of the division.
Wu joins the Dutch financial services group along with senior private bankers Mike Sum and Angela Yuen, as well as Shirley Ho, who is an assistant private banker. Wu was most recently with China International Capital Corp (CICC), while she has also worked for UBS and Credit Suisse.
They will all be based in Hong Kong and their appointments are effective immediately. Wu will also join the North Asia management team.
“We have strong growth ambitions in Asia and the Middle East, and this addition to our North Asia management team is reinforcement of the bank’s strategy to further strengthen our wealth management proposition in the region,” says Hugues Delcourt, chief executive of ABN Amro Private Banking for Asia and the Middle East.
The appointments come at a time when Chinese investors are increasingly opting for wealth management products, which promise higher returns than deposit accounts.
However, such products have fallen under intense scrutiny following cases of investors losing relatively large sums of money on products’ maturity. This has led to calls for such products to be more tightly regulated.