(Bloomberg) -- Wealth manager Azura hired former Julius Baer Group Ltd. banker Vincent Ming to lead its operation in Singapore, further expanding its footprint in Asia.

Ming has become chief executive officer of Azura Singapore, according to a statement released Friday. Before joining the firm, which was founded in 2019 by former Julius Baer banker Ali Jamal, Ming served as Julius Baer’s managing director for Greater China, according to his LinkedIn profile. He previously worked at UOB Private Bank and Credit Suisse. 

Asia Pacific has become a key market for global wealth managers like Azura, which has about $4 billion in assets under management and serves more than 50 ultra-high net-worth clients and family offices. The region had the most billionaires in the world, with the number climbing to 1,019 and their combined net worth reaching $3.7 trillion last year, UBS Group AG said in a November report.

Azura opened its Singapore branch in 2020 to cater to a continued influx of wealth — family offices in the city-state mushroomed to about 1,100 by the end of 2022 from 400 in 2020, according to Monetary Authority of Singapore estimates. Lawrence Lua, formerly global head of DBS Group Holdings Ltd.’s private bank, was chairman of Azura’s office in the city-state from 2022 till August. 

Azura has been adding to its locations in London, Monaco and Geneva to expand its international reach. It opened an office in New York last year run by former Credit Suisse executive Anthony Kontoleon and hired former JPMorgan Chase & Co. executive Jerry Garcia in Miami to lead its Latin America business. The firm started a Dubai location in 2022 headed by Societe Generale SA veteran Mohamed Virani. 

(Updates to reflect Lawrence Lua has left Azura in fourth paragraph)

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