SINGAPORE - HSBC Global Asset Management has appointed Mr Puneet Chaddha as the new chief executive of its Singapore operations.

Mr Chaddha will step into his new position at HSBC Global Asset Management (Singapore) with effect from November 1, announced the bank in a statement on Wednesday.

He will take over the reins from Ms Kalen Lim, who is moving to another role within HSBC.

Mr Chaddha, who was previously chief executive of HSBC Asset Management (India) Private Limited, will also take up the position of Head of South East Asia of HSBC Global Asset Management.

In his new role, he will drive the growth of HSBC's asset management business in the Asean region, supporting the wealth management and investment needs of HSBC's key clients across retail, commercial, corporate, institutional and private banking primarily in Indonesia, Singapore, Malaysia, Thailand and the Philippines, said the bank.

His successor in India will be announced in due course.

"The emerging middle class in ASEAN is expected to double by 2025 and wealth creation will continue to accelerate," noted Mr Chaddha.

"The increasingly affluent domestic population will have greater need for investment products presenting significant growth opportunities to our business. As Asia faces the challenge of ageing segments, pension management and the shift to long-term, diversified investment strategies are needs that HSBC Global Asset Management is strongly positioned to support."

Mr Chaddha, who will be based in Singapore, will report to Mr Pedro Bastos, Asia-Pacific chief executive of HSBC Global Asset Management, as well as Mr Matthew Colebrook, HSBC's head of retail banking and wealth management in Singapore.

"Puneet has been with the HSBC Group for over two decades and has worked in several of our global businesses. He has successfully transformed the business in India in line with HSBC's commercial and governance strategy," said Mr Bastos.

Added Mr Colebrook: "HSBC's retail strategy is to use our international network to capture the wealth flows and people-to-people links between the faster-growing markets.

"Singapore's sophisticated and world class wealth and asset management sector makes it the nexus for wealth flows within Southeast Asia. (Its) status as the regional centre for asset management also reinforces why it is a top seven priority market for HSBC globally.

"I am pleased to welcome Puneet to lead our asset management team as we continue to support our clients achieve their wealth goals."