Q1: Private banks in Asia have faced a number of challenges in 2024, from uncertainty around interest rate cuts in the US to volatile markets and geopolitical tensions. Considering this background, how did you safeguard AUM and revenue streams in 2024, while also attracting net new assets? What will your strategy be in 2025?

2024 has undeniably been a year of significant market volatility. Throughout the year, we have navigated a turbulent economic landscape characterised by heightened global interest rate volatility and the onset of rate reductions.

To safeguard our clients’ assets and revenue streams against this backdrop, WRISE continues to adopt a proactive approach. For instance, our investment teams continue to rigorously monitor market trends and implement timely adjustments to our clients’ portfolios. By focusing on diversified, risk-managed strategies, we strive to mitigate downside risks while capturing upside potential.

At WRISE, we are dedicated to delivering exceptional results for our clients. Hence, we constantly prioritise open and transparent communication with our clients, providing regular updates on market conditions and portfolio performance, while recommending strategic investment deployments that align with our clients’ financial goals and aspirations. Our personalised wealth management services are also tailored to meet the unique needs of each client.

To continue driving business growth, WRISE launched WRISE Prestige in Hong Kong and Dubai this year, which enables a lower entry threshold to our professional and personalised wealth management services. Targeted at high net worth individuals, WRISE Prestige’s clients receive investment opportunities and personalised wealth management services that are typically reserved for ultra high net worth individuals.

As we look ahead to 2025, we believe that active management will be crucial to navigating the complexities of the market. We anticipate a volatile year, with potential challenges arising from overvalued equity markets and economic uncertainties. However, we remain confident in our ability to deliver value to our clients by leveraging our deep market expertise and disciplined investment process.

Q2: In 2024, the private banking industry witnessed organisational restructurings, leadership reshuffles, as well as heavyweight departures. Looking forward, what are the priorities for your private bank in terms of attracting and retaining talent across the front, middle, and back office? What measures do you have in place for managing personnel transitions?

The private banking industry has undoubtedly seen significant changes in 2024, including organisational restructurings and leadership transitions.

At WRISE, we are committed to attracting and retaining top talent across all functions within our three main offices (Singapore, Hong Kong and Dubai) – particularly given our fast pace of growth in these markets.

To attract and retain top talent across all functions, we prioritise a strong employer brand, comprehensive employee development and engagement, and intra-group mobility. WRISE is committed to employee well-being and professional growth. We offer flexible work arrangements, generous leave policies, and various wellness programmes. We also invest in comprehensive training and development programs to help our employees reach their full potential. Additionally, we have a robust compensation and recognition framework, including equity bonuses and non-monetary rewards, to acknowledge and reward outstanding performance.

To ensure a smooth transition during personnel changes, we have implemented several measures, including a robust succession planning process to identify and develop high-potential talent to fill critical roles, alongside a knowledge transfer process to ensure continuity and minimise disruption for our clients during transitions. This includes formal handover processes, mentorship programmes, and knowledge repositories.

As a result of the above, WRISE’s strong headcount growth – with a 400-headcount global team as of 2024 – remains a testament to our company’s talent policies and strategies.

Q3: The Middle East, in particular the United Arab Emirates, has come onto the radar of many private banks as clients increasingly seek global diversification. What potential opportunities do you see in the region for private wealth clients, as well as in the Middle East-to-Asia wealth corridor in general? How else are you adapting to clients’ increasing requirements for global services and offerings?

The Middle East, particularly the UAE, has indeed emerged as a significant hub for private wealth management – boasting lower taxes and fewer restrictions for the UHNWIs clientele. In particular, Dubai’s strategic location and business-friendly environment make it an ideal gateway to the Middle East, Africa, and South Asia (MEASA) region.

At WRISE, we recognised the immense potential of the Middle East-to-Asia wealth corridor back in 2022, when we laid the groundwork for our expansion into the region. Since then, we have established a strong presence in the UAE, opening an office in Dubai and most recently offering our WRISE Prestige suite of services in the country – which extends the group’s reach to clients at a minimum investment threshold of US$1 million. By the end of 2025, we intend to grow our Prestige team in Dubai to over 100 employees.

As for how we are adapting to clients’ requirements, we often see that while Asia and European/American investors show strong investment interest in the UAE, local investors in the UAE are also keen on investing in the new economies and high-tech developments in Asia. Through our company, clients from both sides can find suitable channels and tools for engaging in collaborative benchmarking activities. We believe our presence in UAE, Singapore and Hong Kong can create synergies and benefits for all our clients.

Q4: Much hype has been made about the transformative potential of artificial intelligence. What opportunities does AI present to your financial institution, and how does it fit into a broader strategy of technological upgrade and digitisation?

Artificial intelligence (AI) is transforming the financial services industry, and at WRISE, we are constantly deploying cutting-edge technologies to alleviate different aspects of our work and improve efficiency and performance. Currently, we are employing AI in different aspects of our organisation – from data analysis to cybersecurity and security monitoring.

With regard to the vast amounts of data that we look out for in our investment operations, we have found that AI can analyse large volumes of data within reports quickly, providing insights that can drive better decision-making and strategic planning.

For instance, we leverage AI algorithms to analyse the content and context of emails to identify anomalies and indicators of malicious intent. This includes detecting unusual patterns, suspicious links, and attachments and working towards significantly reducing the risk of successful attacks. Furthermore, we utilise AI-powered solutions to monitor endpoint activities to detect and respond to threats in real time. Machine learning models can identify unusual behaviour that might indicate a malware infection or unauthorised access. This proactive approach helps prevent data breaches and ensure that endpoints remain secure.

Overall, AI enhances efficiency and productivity, allowing us to optimise our operations and focus our human efforts on higher-value activities such as front-office relations and investment strategies.