Duane Morris & Selvam has appointed ex-Allen & Gledhill senior associate David Teo as head of its new tax practice. The firm intends to beef up its tax capabilities after former senior associate Shahwar Nizam left to join DFDL Mekong in June this year.
Teo, who joins Duane Morris & Selvam as a director in its corporate practice group, will focus on tax advisory, structuring and international tax planning. He will also advise clients on the tax aspects of M&A, Islamic finance, and fund management transactions. The tax practice aims to complement the firm’s growing aircraft and ship financing practices and will advise on cross border tax issues.
Teo expects further expansion of the tax team with plans to extend its capabilities to the wealth management sector. “We will definitely explore and develop this space. Duane Morris has one of the strongest wealth management practices in the U.S. and we would like to contribute and complement from an Asian, in particular, Southeast Asian, perspective,” he said.
According to Teo, the stability of the Singapore dollar and the growing population of high net worth individuals in the region have created ample opportunities for a new entrant into the sector. “Whilst some may argue that this is a fairly saturated market, we think there is potential room for growth,” Teo said.ALB
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