Deutsche poaches ING private bank CIO

Chew Soon-gek replaces Walter Allemano in Singapore.
Deutsche Bank has appointed Chew Soon-gek as CIO for Asia within its private wealth management franchise. The appointment replaces Walter Allemano, who had overseen the role for nearly 10 years in Singapore. Allemano remains with DeutscheÆs private bank but has moved to Geneva to head its sales effort.

ôThereÆs more learning opportunities here,ö Chew says of her new employer. ôDeutsche has a strong research platform and is building for growth. WeÆll get the resources we need.ö

As of end March, the group manages Ç20 billion ($27 billion) of private wealth assets out of Singapore. This pool represents global client money invested in Asia Pacific ex-Japan equities. The team year to date has returned 20.97% versus 16.82% for the MSCI Far East ex-Japan benchmark.

Hou Wey-fook has replaced Chew at ING Private Banking Asia in Singapore as CIO. He reports locally to Renato de Guzman, CEO, and functionally to Gregory Shore, global CIO. Hou was hired from Lion Capital Management, where he was head of global equities and external fund management, as well as director and CEO of subsidiary Lion Fairfield Capital Management, a hedge fund specialist.

Chew will manage client portfolios across Asia and provide them with access to macro investment views. She is also a member of Deutsche BankÆs global investment committee. She oversees a team of 10 strategists, portfolio managers and marketers, and is looking to add two more investment professionals by the end of the year, Chew says.

She reports directly to Klaus Martini, Frankfurt-based managing director and global CIO for private clients, as well as to Ravi Raju, Singapore-based managing director and head of private wealth management in Asia Pacific.

Prior to ING, Chew held senior roles at DBS Asset Management and SingaporeÆs
Government Investment Corporation.
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