Some timely data released yesterday by Hong Kong’s PWMA, chaired by Amy Lo.
By the association’s reckoning, the private wealth market in HK reached “above US$800 billion”, up from around US$700 billion in 2016.
Driving this growth: Chinese clients, despite staunch capital controls. Interestingly, only two-thirds of firms polled by the PWMA believe that they are “well-positioned” and sufficiently “connected” to meet these clients’ needs.
Thus, as Chinese clients step up their demand for international diversification, it is perhaps unsurprising that major domestic Chinese private banking institutions are targeting the offshore space, as evidenced by the recent spate of PB branch/centre openings (e.g. CMB, CCB, Minsheng).
On the topic of domestic Chinese private banks, stay tuned for our major data release next week. Details forthcoming.
Finally, a gentle reminder that Asian Private Banker’s Awards For Distinction are now open for submission. If you haven’t already, download the submission guidelines here.
Your Top Eight for the week follows.
APB MANDATE | ADVISORY | FUNDS | EXCLUSIVE 18 September 2017
Julius Baer raises US$288m for investment grade floating rate solution
Investors seeking to capture enhanced yield from a rising rate environment may be hard-pressed to find a means without compromising credit quality, but Julius Baer has done just that, raising US$288 million from clients in Asia and the Middle East, according to sources.
REGULATIONS | EXCLUSIVE 20 September 2017
Number of SFC investigations declines as regulator “shifts focus” to corporate governance
Hong Kong’s Securities and Futures Commission (SFC) is undertaking fewer investigations each quarter – a trend that could signify that the regulator is increasing its focus on large cases involving breaches of corporate governance, a lawyer says.
INDUSTRY | EXCLUSIVE 19 September 2017
“Business as usual” for UBP Asia post Coutts integration
For UBP, this year has been largely about sustaining growth momentum – or “business as usual”, according to the bank’s South Asia private banking head – following a year that was dedicated to the integration of Coutts International.
TECHNOLOGY 21 September 2017
Tencent’s US$372m investment in CICC to boost the bank’s wealth management drive
Tencent has paid US$372 million for a roughly 5% stake in China International Capital Corporation (CICC), in a deal that will help the bank to “provide more personalised and diversified wealth management products and services for customers”, according to reports.
INDUSTRY 21 September 2017
Wealth firms in Hong Kong see AUM rise to over US$800bn as Chinese clients buoy growth
Hong Kong’s Private Wealth Management Association (PWMA) says assets under management (AUM) in the domestic private wealth market have risen to above US$800 billion, with a unanimous consensus amongst member firms that Chinese clients are fuelling growth.
FINTECH | EXCLUSIVE 18 September 2017
Fintech firm WEALTH working with BoS, UBS and DBS PB; launches digital portfolio platform
Singapore-based fintech firm WEALTH, which is backed by independent asset management (IAM) tech specialist Prive Holdings, now works with at least three private banks, while it has also rolled out a new digital portfolio advisory solution for wealth managers.
APB MANDATE | ASSET MANAGERS | FUNDS | EXCLUSIVE 19 September 2017
Bond ETFs in focus in Asia as spreads tighten
Demand for fixed income ETFs amongst Asia’s private banking clients is on the rise, partly thanks to efficient pricing in the market and tighter spreads, according to Vanguard.
PEOPLE | EXCLUSIVE 21 September 2017
Deutsche Bank’s global WM operating model head steps down
Deutsche Bank’s Singapore-based global head of the wealth management operating model has resigned, Asian Private Banker has learnt.