Kelvin Tay, the Chief Investment Officer for Southeast Asia at UBS Group's wealth management division, has left the firm after two decades of service. A former executive from HSBC Holdings PLC is set to join UBS in a comparable role.

According to informed sources, Tay, who was based in Singapore and oversaw wealth management operations for Southeast Asia, Australia, and India, is currently on gardening leave prior to his departure. Tay's exit precedes the arrival of James Cheo, who is scheduled to assume his new position on March 30.

UBS has confirmed Tay's departure. Tay declined to comment.

One source mentioned that Tay, who also served on the Asia Pacific Investment Committee for UBS's wealth management unit, is leaving to join another company. According to his biography released by UBS, prior to joining the firm, Tay had worked at Deutsche Bank and JPMorgan.