In an industry valued at US$15.5 billion and pegged to double in the next five years, external asset managers (EAMs) are beginning to gain critical mass in Asia. Unsurprisingly, clients are increasingly demanding efficient execution, privacy reassurances and portfolio predictions. The answer – as over 80% of EAMs surveyed by this publication indicate – lies in technology.
Technology strategies at EAMs are beginning to mirror those of private banks, albeit on a smaller scale. Consequently, such expenditure at EAMs have risen, with the majority of those surveyed by Asian Private Banker seeing a 10-20% rise in their tech budgets year on year.
Privé Financial has taken this opportunity well with its solution Privé Managers – an integrated wealth management, product creation, wealth planning and client relationship platform that caters snugly to EAMs.
It provides such managers access to a robo-advisory scheme where auto generated models can be customised based on client preferences. Also, Privé Managers connects EAMs to a wide range of custodian private banks, information providers and third-party investment managers, at a time where the budding EAM ecosystem remains largely dispersed.
Further, with a regulatory framework for EAMs still in the pipeline, Privé Managers provides modular tools which automate daily tasks associated with wealth planning and risk profiling, including compliance. This ability to streamline all businesses from a compliance and regulatory perspective makes both the custodian bank and EAM more transparent and cost-efficient.
There is no doubt that the market for EAM solution providers will grow alongside the industry. For its hindsight in building a comprehensive EAM platform, Asian Private Banker awards Privé Financial the title of Best Provider of External Asset Manager Solutions for 2015.