For Singapore-based Swiss-Asia Financial Services, selecting custodian banking partners is not just about product suites, but operational friction.

CEO Pying-Huan Wang told Asian Private Banker that “painful” account-opening processes at private banks have become the primary factor distinguishing partners, as the firm eyes expansion into Taiwan.

“For banks, differentiating their offerings to EAMs is vital. Although [the] product range is less of a concern for us as we can access a full spectrum of products across our banking partners, the primary factor distinguishing custodian banks today is their KYC execution,” Wang said.

“How quickly and professionally they manage the often-painful account opening process influences both client experience and our selection of preferred custodian partners,” she told APB.

With the proliferation of EAMs in Asia, Wang believes that the EAM industry is flourishing and will continue to grow, and pointed to private banks’ shift to prioritising meeting internal targets, including AUM growth and performance metrics, over genuine client focus as another factor influencing the expanding EAM sector.

“The banking landscape is continually changing with M&A and restructuring. This instability in private banks and the relationship continuity and independence the clients are increasingly seeking has also made it easier to convince the clients to shift to an EAM,” she said.

Wang also said that clients typically have three main concerns when considering an EAM: asset safety, product range, and cost. However, she maintained that, contrary to the belief that an intermediary increases costs, EAMs can often offer comparable or even better terms than going directly to a bank, due to their leverage with multiple banking partners.

Product shelf direction

Founded 21 years ago as an alternative to traditional private banking, Swiss-Asia sits at an interesting juncture of both a fund platform and an independent wealth manager providing family office services. For its fund platform, Swiss-Asia is eyeing private equity and ESG funds, Wang explained.

“This mission is very close to my heart because of my background in private equity and clean energy, but it’s also a response to the clear evolution of the industry where private equity is becoming an even larger part of the investor portfolio,” Wang told Asian Private Banker in a recent interview.

Before joining Swiss-Asia, Wang had extensive experience in the energy industry, serving as head of investment for Asia Pacific at Amarenco, a European independent renewable energy producer, and senior consultant at Canadian Solar, one of the world’s largest solar technology companies.

“These experiences have shaped my strategic vision for Swiss-Asia. We need to try to embrace ESG impact investing. I’m big on that. I would like to see this happening, and I want Swiss-Asia to be at the forefront of this trend,” Wang said.

The firm is also expanding its footprint outside Singapore, with a particular focus on the evolving Taiwanese market. “We are currently evaluating the best way to position ourselves in the Taiwan market,” she said, adding the firm identified several potential local partners to work with during a recent trip.

The Taiwanese government launched a substantial regulatory relaxation last year aimed at transforming Kaohsiung into an asset management hub. While waiting for more details to be fleshed out, Wang sees significant potential for the island.

“We are observing a trend among Taiwanese entrepreneurs who, while keeping assets locally, are increasingly seeking to diversify their holdings internationally to avoid putting all their eggs in one basket,” she told APB.

Business mix

 A characteristic of Swiss-Asia is its balanced business mix. Wang said that approximately 50% of the firm’s business comes from its fund platform, while the other 50% is wealth management. This equal split is unusual in the EAM industry, where firms typically lean heavily toward one segment, though some wealth-focused EAMs are now beginning to explore the funds business, according to Wang.

Wang did not share the firm’s AUM, but said Swiss-Asia currently has over 20 wealth managers and 20 fund managers on its platform. This, in her view, helps to ensure a diverse revenue stream and a robust network of counterparties.

“We have wealth managers dedicated to the Malaysian and Indonesian markets, as well as several who manage European clients. Our AUM is not concentrated in any single region. It is sourced from a broad, international range of markets,” she told APB.

A key difference with competing EAM firms, in her view, is that Swiss-Asia does not run its own proprietary investment funds. Instead, funds under Swiss-Asia’s management enjoy complete flexibility in their investment themes and service provider ecosystems, while receiving back-office support from Swiss-Asia.

“We provide end-to-end support, collaborating with lawyers and accountants to manage the setup, structuring, launch, and daily operations of their funds, so the managers can dedicate their focus entirely to making investment decisions and growing their funds,” Wang explained.

Fund managers could benefit from potential access to capital introduced by the firm’s wealth managers, according to Wang. “Crucially, our platform is intentionally neutral, reflecting our Swiss heritage, meaning we do not influence investment decisions or push specific products,” she said. 

Swiss-Asia also keeps its entire back office in-house, covering operations, compliance, HR, and finance, rather than relying on outsourcing. Wang said this approach ensures accountability and provides valuable support.

She added that the firm is also leveraging its internal synergies to provide family offices with highly customised solutions that bridge wealth and fund management.

“This internal infrastructure is highly efficient as it provides cross-business support. For example, our compliance framework serves both our wealth management and fund platform business,” Wang said.