Australia and New Zealand Bank has hired a new managing director of wealth for Asia, from UK rival Barclays.

Bret Packard will start in mid-October reporting to Joyce Phillips, ANZ’s global chief executive of wealth and private banking.

He will be based in the ANZ Singapore branch.

Most recently, Packard spent over five years with Barclays where he was managing director for Southern Africa Region. He also held senior positions managing the premier banking and liability products business across 14 emerging markets, as well as in the UK. Prior to this, Packard spent more than 19 years working in wealth and retail banking at Citibank.

Phillips said: "With Asia forecast to be one of the fastest growing wealth management and private banking markets globally, Bret’s appointment represents our commitment to strengthening our client services and position in this market."

The move follows dramatic cutbacks by Australia's fourth largest bank. In February it announced cuts of around 1,000 to reduce operating costs and get rid of "superfluous layers of management."

Certain sectors have suffered more than others as a result. It saw profit from its wealth management division slide 9 per cent in the first half of the year, reflecting "market conditions and negative investment sentiment." Last month ANZ Wealth saw the departure of its investment management executive, Simon Botherway, after less than 18 months in the role, as part of the firm's restructuring.

But it has also been gearing up in other areas, for example in China where it recently made two senior appointments for its research team. It also made a A$300 million (US$314 million) capital injection into its Chinese subsidiary in anticipation of growing its business there.