SINGAPORE - DBS has announced the appointment of Mr Hou Wey Fook as chief investment officer (CIO) of its consumer banking and wealth management division, responsible for investment strategies including global strategic and tactical asset allocations for its clients.

He will take over from current CIO Lim Say Boon who will be leaving DBS to return to Australia for family reasons after seven years in the job.

Mr Hou will lead a team of investment of experts within the CIO office to recommend investment strategies, make and publish asset allocation calls and trading ideas across equity, bond and currency marktes, the company said in a release on Friday (July 28).

Mr Hou has 30 years of fund management experience, and was most recently at Bank of Singapore where he held various senior management roles including CIO, Head of Discretionary Portfolio Management (DPM) and Funds.

He will be reporting to Tan Su Shan, group head of consumer banking and wealth management, and will start his new role in early September.

"Wey Fook brings with him a wealth of investment and advisory experience," Ms Tan said. "With him joining the bank, we are taking our business to the next level with a strong focus on enhancing the delivery of quality investment advice and asset management solutions to our clients."

She also thanked Mr Lim for his contribution and leadership during his time with DBS.