Private Inspiration: Q&A with Annie Chu of Union Bancaire Privée (UBP)

Our Private Inspiration series recognizes and celebrates the triumphs of women in the world of private banking.

In this edition, we speak to Annie Chu, Head of Business Management, Investment Services Asia at Union Bancaire Privée (UBP).

“Whenever I encounter a new role or new domain, I adopt a growth mindset by recognizing that my cross-functional skills can be further developed and improved over time, as opposed to being stuck in a fixed mindset where our abilities are stuck in fixed roles or domains. Meeting challenges head on with an open mindset has helped propel my career forward by driving long-term growth and influence.”

Career

Current role

As Head of Business and Product Management for Investment Services Asia at UBP, I leverage a combination of product management, process improvement initiatives, and stakeholder enablement strategies to drive the success of the Investment Services division in Asia. My responsibilities span across:

• Product governance and control: Overseeing a robust governance framework to ensure thorough due diligence and management supervision throughout the product lifecycle – from introduction to phase-out. This enables rigorous downstream processes to validate product suitability and ongoing monitoring.
• Process optimization: Continually seeking to streamline investment-related processes, with the goal of effectively and intuitively integrating the product offering with the private banking operations. This allows for greater efficiency and an enhanced client experience.
• Enabling investment services leadership: Supporting Investment Services by providing essential management information, facilitating internal communications and implementing changes. This empowers management to make informed, data-driven decisions that drive the business forward.

 

Career highlights

My professional journey in finance began as a graduate trainee with a prominent Swiss bank, where I forged lasting friendships with fellow trainees. Even as we advanced in our careers, such strong ties have proved most valuable as we continue to share knowledge and learn from one another.

I started off from a technology role within the Chief Operating Office that allowed me to gain crucial insights into product roadmaps, user experience and banking systems. The foundation built up by working within such critical elements of the business was crucial to expanding my skillset to take on project management roles within the investment department.

Currently, at UBP, my responsibilities go beyond systems and processes to greatly involve the human element. I enjoy collaborating with stakeholders across the organization and also mentoring the next generation of interns and graduates. Having benefitted from excellent mentorship throughout my career, my goal is to pay it forward by fostering an environment at UBP that nurtures young talent.

Reflecting on my career journey, I’m deeply grateful for the continual opportunities to learn, collaborate with peers, and now mentor the next generation.

 

Career lowlight

The hallmark of passionate professionals is reframing obstacles as opportunities for growth, and successful leaders distinguish themselves by embracing new responsibilities.

Speaking from personal experience, leaving my first department and employer after nearly a decade was a difficult decision, but opened up new doors and growth opportunities for me. Forcing myself to step out of my comfort zone has ultimately paid off immensely in the long run.

Similarly, I was having doubts about my skills transferability when transitioning from wealth management technology to the investment domain. However, being a technology manager equipped me with expertise in budget planning, user experience analysis, and in bridging technical and business functions. Such valuable skills have honed me into a well-rounded finance professional.

Whenever I encounter a new role or new domain, I now adopt a growth mindset by recognizing that my cross-functional skills can be further developed and improved over time, as opposed to being stuck in a fixed mindset where our abilities are stuck in fixed roles or domains. Meeting challenges head on with an open mindset has helped propel my career forward by driving long-term growth and influence.

Personal

Out of office

Stress management and self-care are key to one’s wellbeing. Outside of work, my favorite activity is dragon boating. I also enjoy practicing yoga, cooking, and indulging in weekly dim sum treats with my family. Additionally, I value switching off my mind through entertainment, such as catching my favorite shows on streaming apps.

Balancing mindfulness and leisure is essential for my overall wellbeing and resilience. I also adopt an introspective form of mindfulness, making a conscious effort to reflect deeply on my thoughts and emotions, rather than simply run on autopilot.

Furthermore, there is also a huge sense of fulfilment from doing good and being helpful to others like engaging in Corporate Social Responsibility initiatives with UBP. It is genuinely motivating and uplifting for me to be committed to embodying my best self – one that is considerate, compassionate, and committed to making a positive difference.

 

Book recommendations

I generally enjoy books that help boost productivity. Early in my career, whenever I felt overwhelmed with complex decisions, I sought efficient ways to make effective decisions. Books such as The Art of Thinking Clearly by Rolf Dobelli help shed light on cognitive biases which unconsciously influence our choices. Understanding these biases and getting a deeper understanding of the inner workings of the human mind have helped me to avoid common pitfalls when at crossroads. I can then cultivate mental acuity to navigate both my personal and professional life with greater clarity, confidence, and effectiveness.

The earlier in life one can understand these biases, the sooner one can avoid them, and approach matters with an objective lens, a highly valued viewpoint in the professional world.

 

Personal philosophy

My approach combines a strong drive for personal excellence with a genuine focus on empathy and support for others. I’m deeply committed to always doing my best, while understanding and addressing the needs of those around me.

I believe this balance of rigorous self-improvement and interpersonal care creates a more holistic and constructive way of engaging with the world. By combining our individual pursuit of growth with a sincere concern for others, we become better equipped to tackle real-world challenges.

 

Career advice

Education has always been about learning how to think and equipping one with core skills that can be applied across different fields. When I was studying to be a chemical engineer, I was honing skills in logic and problem-solving that ended up being useful later, even when I switched over to finance.

The move into wealth management was not something I deliberately planned for. After finishing university, I did a summer internship with a Swiss bank that was looking for technologists to join their wealth management team. Once I got my foot in the door, it opened up a whole new world for me. The key is to stay open-minded and explore new opportunities when they come up so that you can build a dynamic career.

Other than having the right mindset, it is important to possess strong professional values. At UBP, our four core values—dedication, conviction, agility, and responsibility—provide an excellent framework for navigating the complexities and delivering exceptional results for high-net-worth clients. By upholding these values, wealth management professionals can build technical proficiency, client relationship skills, and principled decision-making required to thrive in this rewarding yet demanding field.

Outlook

The role of technology

At UBP, we are continually leveraging technology to enhance the client experience so as to create a seamless, tech-enabled experience that still preserves the human touch and a customized approach that our clients value most. This allows us to better understand their unique needs and preferences, and construct portfolios and services that are optimized for their individual goals and risk profiles.

Technology helps us to:

• Improve client experience by revamping our client-facing solutions to deliver a more seamless, omni-channel experience which may in turn enable stronger relationships to be built between clients and their advisors.
• Develop integrated, customized proposals on integrated platforms to support enhanced client experience as well as streamline the sales process while maintaining compliance.
• Provide the essence of private banking—customization, differentiation, and flexibility— through a personalized, high-touch experience that defines private wealth management with initiatives which give clients more control and agility over their financial solutions.

 

A post-COVID world

In a post-COVID world, the significance of wealth management has become increasingly pronounced. The heightened market volatility and economic uncertainty stemming from the pandemic have underscored the crucial role that professional wealth management advisors play in navigating these turbulent times and protecting client assets through strategic diversification and risk management.

The pandemic shifted the priorities and perspectives of many high-net-worth individuals. This has also led to a heightened need for comprehensive financial planning to help clients reassess and optimize various aspects of their financial lives, including retirement readiness, estate planning and legacy planning, with a particular focus on healthcare, philanthropy, and overall financial well-being.

Beyond the direct impact of the pandemic, new trends continue to emerge in the wealth management landscape. These include the increased scrutiny and demand for investment solutions aligned with environmental, social, and governance (ESG) principles. Skilled wealth managers must remain attuned to these evolving dynamics to be ready to answer questions that might involve cutting-edge solutions for their clients.

The information and opinions expressed herein reflect the opinion and views of the interviewee at the time of writing; they are not necessarily representative of the views of Union Bancaire Privée (UBP).

Interested in how Bloomberg can help with your private banking needs? Find out more.