Zedra has appointed a new managing director to its Singapore headquarters as it looks to grow its Asian business.
The global trust, corporate and fund services specialist has added Wendy Sim to lead the development of its Singaporean office, which will additionally support markets in North and South Asia.
Sim has over 20 years experience working with ultra high net worth clients across Asian markets, specialising in wealth management and estate planning for Asian corporate and high net worth individuals and their families, Zedra said in a statement announcing the appointment.
She joins Zedra from HSBC Trustee (Singapore), where she was responsible for developing and delivering pan-Asian family governance solutions.
“Asian clients have very specific needs and increasingly prefer a global wealth management solution,” said Sim. “Our typical clients are likely to be multi-banked and seek an open architecture platform which will enable them to select specific advisers, according to their exact requirements.”
Niels Nielsen, group chief executive, said: “We recognise the fact that Asian clients in particular will have needs that are very different from European families, where perhaps wealth has already passed through multiple generations. This is a key cultural difference and one which Wendy is well placed to understand, given her extensive experience and background.”
Sim is also former lawyer, who has specialised in trust litigation and structuring. In addition she has led family governance workshops for clients, is involved in advising on and establishing philanthropy related structures and was a member of the Charities Committee of HSBC Trustees in Singapore.
Earlier this year, as reported, Zedra was founded after Barclays completed the sale of a majority share of its trust business to a group of investors headed up by individuals from the Nielsen and Sarikhani families, who have experience in building and operating financial services businesses in the trust, financial planning, tax and advisory sectors.
The purchase price of the deal wasn’t disclosed but Barclays retained a 19.9% stake in the business, renamed Zedra, for a minimum of three years, according to a company statement at the time.