As discretionary inflows surge following the 2025 rate cuts, Asia’s private banks are fracturing into distinct camps to capture the next wave of assets.

While Pictet Wealth Management (Pictet WM) is pushing the democratisation of multi-asset private assets (MAPA) mandates, Deutsche Bank Private Bank (Deutsche Bank PB) is focusing on accessibility. BNP Paribas Wealth Management (BNP Paribas WM), for its part, is capturing a surge in demand for China- and Asia-focused mandates.

Pictet WM: MAPA

Pictet WM is prioritising the democratisation of MAPA mandates, according to Karen Tan, the firm’s head of managed solutions, Asia. Tan anticipates continued demand for its thematic equity strategies across the US, Europe, and global M&A, which serve as specialised building blocks for client portfolios.

“One key area of development in 2026 would be the multi-asset private asset mandates, which come with higher investment sums due to the underlying investments. We have been running such portfolios with success for UHNW clients for over 30 years and want to open that expertise for other clients,” she said.

This comes after the firm tracked robust demand for both standard mandates and bespoke solutions in 2025, particularly for the firm’s technology strategy and newly launched thematic equity certificates. Tan noted that falling interest rates fuelled a shift towards non-US diversification, with Swiss franc and Singapore dollar income mandates capturing inflows.

“Our DPM mandates penetration rate has been rising year-on-year for Asia […] Penetration rate is at one-fifth of the book for Asia and one-third of the book globally,” Tan said. She added that bespoke solutions remain popular as UHNW clients and family offices increasingly look for tailored solutions that meet their unique circumstances.

Deutsche Bank PB: Scalability vs customisation

For 2026, Jacky Tang, head of DPM and CIO for emerging markets at Deutsche Bank PB, is positioning DPM as the essential core of client portfolio allocation.

This follows a robust 2025 where clients rotated cash into fixed income to lock in yields. Tang now plans to prioritise resilience by introducing new DPM mandates that have low correlation with traditional asset classes to enhance portfolio diversification.

The bank is also evolving how these strategies are packaged to ensure greater efficiency. Tang noted that the bank offers certain DPM strategies via fund structures to enhance accessibility for non-UHNW clients seeking efficient long-term diversification. However, he cautioned that these unitised formats are not intended for those requiring bespoke solutions or highly specific investment objectives.

While some would argue that scalability in the Asian DPM business — which has led to standardisation and lower minimums — is at odds with the high-touch, exclusive nature of bespoke mandates, Tang believes that scalability and customisation are not “mutually exclusive”.

“They are equally important in our DPM offerings. It all depends on the client’s suitability. For clients who adopt a core and satellite approach in their investment process, a standardised model portfolio (based on a different risk profile) to build their long-term portfolio beta exposure is essential,” Tang explained. 

“On the other hand, for clients who have a specific investment objective or goal to fulfil, a customised approach can allow them to precisely design their portfolio to achieve those targets,” he added. 

BNP Paribas WM: China mandates, NPOs

BNP Paribas WM looks to deepen its presence across key markets for 2026 to meet rising demand for bespoke wealth solutions and further strengthen client relationships, according to Shafali Sachdev, head of investment services, Asia.

This follows a year of strong DPM inflows across all mandates, with bespoke solutions growing as family offices and sophisticated clients sought customised multi-asset solutions, while existing clients continued to provide significant additional investments.

Sachdev noted a distinct shift in client preferences towards thematic and outcome-oriented mandates as 2026 approaches. She highlighted that investors are increasingly seeking bespoke fixed income solutions to manage duration risk and a “barbell” equity approach that balances high-growth AI sectors with stable, income-generating assets.

Furthermore, Sachdev observed a significant surge in demand for China and Asia-focused mandates, spurred by the “Deepseek moment,” which underscored the region’s critical role in future supply chains.

BNP Paribas WM has seen increased uptake among Singapore-based non-profit organisations (NPOs) by offering bespoke, mission-aligned DPM solutions that prioritise downside resilience and capital stability. 

These strategies adhere to strict ethical governance and institutional investment guidelines, utilising a conservative allocation model to manage downside risk for risk-averse portfolios. The bank’s financial appeal to this segment rests on transparent fee structures and ESG-integrated reporting, delivered by a local team tasked with meeting the specific fiduciary requirements of NPO investment committees, per Sachdev.

Beyond that, the firm continues to move towards more accessible structures to capture a broader client base. BNP Paribas WM’s Crystal Fund and CIO Strategy Fund tracked strong adoption. “The uptake has wildly exceeded our initial expectations,” said Sachdev.

“Of particular interest have been the ability to access private assets, commodity exposure and hedge funds in a portfolio that has daily liquidity. It has also been of interest to clients who would normally have stayed on the sidelines in cash as they awaited a pullback in the market,” she added.