UBS Wealth Management has appointed Amy Lo as chief executive of wealth management for Hong Kong, taking over from Allen Lo, is retiring from the post.

UBS Wealth Management has appointed Amy Lo as chief executive of wealth management for Hong Kong, taking over from Allen Lo, who is retiring from the post, the Swiss-listed banking group said today.  She will continue to report to Kathryn Shih, CEO of UBS Wealth Management, Asia Pacific.

Mr Lo's responsibilities as deputy CEO of wealth management, Asia Pacific, will be assumed by Edmund Koh, CEO of wealth management Southeast Asia and Asia Pacific Hub, UBS said in a statement.

A wealth management veteran with more than 25 years of experience in the sector, Ms Lo was appointed head of ultra high net worth, wealth management in Asia Pacific in January 2011 and is also head of the global family office business for the region. “She was instrumental in building the UHNW business in Asia Pacific which today contributes over one third of the global UHNW assets under management,” UBS said.

“Ms Lo was also responsible for establishing the global family office in APAC and for championing the provision of an holistic offering for UHNW clients in the region encompassing the family services unit, philanthropy, family governance and family office advisory services,” the statement said.

Ms Lo joined Swiss Bank Corporation in 1995 and has a number of senior management positions in Hong Kong including regional market manager and deputy CEO for wealth management.

Allen Lo retires after a 37-year career in wealth management, including 17 years at UBS. In the coming months he will continue to support the business as an advisor, the bank said.

Meanwhiole, UBS in Asia has expanded its headcount of client managers by around 8 per cent since the start of this year, the firm has said. (See here.)