Singaporean independent wealth manager WRISE has expanded its presence with the opening of a new office in an inland Chinese city. WRISE Academy, an initiative under the firm’s affluent segment, WRISE Prestige, has been launched in Changsha, the capital of Hunan Province, according to a statement on Thursday. This is WRISE Academy’s second location following the launch of its Shenzhen […]

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It is not uncommon for private banks and wealth managers to have fine art hanging on the walls of their offices to stun clients. AlTi Tiedemann Global, however, takes a rather different approach to interior design. Instead of art – or perhaps its own twist on modern art a la Marcel Duchamp – the US$65 billion independent asset manager (IAM) […]

The post How a “Wall of Shame” inspires US$65bn IAM to hit new heights appeared first on Asian Private Banker.

Bank of Singapore hopes to increase its AUM to US$145 billion and its number of RMs to 500 within two-and-a-half years by focusing on growth in family offices and Greater China, according to the private bank’s recently-appointed CEO. Speaking at an event in Hong Kong on Monday, Jason Moo laid out the private bank’s ambitious growth targets, which on the […]

The post Bank of Singapore to hire 100 RMs in ambitious AUM push appeared first on Asian Private Banker.

AlTi Tiedemann Global, an independent global wealth and asset manager with around US$65 billion in AUM and administration, has announced its expansion into Singapore through the acquisition of AL Wealth Partners (ALWP). With the deal for the independent Singapore-based wealth manager, announced on Tuesday, AlTi will boost its capabilities in a crucial growth region for UHNWI. The US-based IAM is already […]

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Allspring Global Investments, a US-based independent asset manager (IAM) with more than US$476bn in AUM, has appointed Tan Song Chao (Gary Tan) as executive director and CEO of its recently-established entity in Singapore. Tan, who will also become a portfolio manager on the Intrinsic Emerging Markets Equity Team, will oversee day-to-day operations of Allspring Global Investments (Singapore) and build the […]

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Blackhorn Wealth Management, a Hong Kong-based independent asset manager, has set out to triple its RM headcount by the end of 2023. The firm was founded in August 2021 — when the Chinese property and technology sectors went through their worst performing periods — but it managed to book AUM of US$1 billion in less than 11 months, Yugi Lee, […]

The post US$1B Hong Kong IAM eyes recruiting 20 RMs from top tier PBs by late 2023 appeared first on Asian Private Banker.

Bank of Singapore has hired a new head of independent asset management (IAM) for Hong Kong, Asian Private Banker has learnt. Steven Lee joined Bank of Singapore on 21 February. In his new role to expand the bank’s IAM business in the region, Lee reports to Lim Li Li, head of Global Investors and Family Offices at BoS. Lee has […]

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UCAP Asset management has expanded to the Middle East with the opening of a Dubai operation, Asian Private Banker has learnt. The firm, which has offices in Singapore and Hong Kong, has received a Type 3C licence from the Dubai Financial Services Authority. The licence allows it to provide investment advisory and fund management services to HNWIs and institutions in […]

The post US$30B independent asset manager opens shop in Dubai appeared first on Asian Private Banker.

As a local Hong Kong financial institution with investment and corporate banking capabilities, Crosby has entered the private wealth management industry as a challenger with its boutique-sized, local-flavoured “one-bank” business model. Founded in 1984 and primarily running as a stockbroker, Crosby was one of the first investment banks established in the region with a presence in China, Malaysia and Thailand. […]

The post Crosby playing up local IB capabilities as a new contender in the Greater China WM industry appeared first on Asian Private Banker.

UOB Private Bank’s head of financial intermediaries in Singapore is set to depart, Asian Private Banker can reveal. Kelvin Ling recently stepped down from his role after 11 years with the Singaporean bank, where he managed relationships with family office and independent asset manager (IAM) clients. In the absence of an IAM desk head at the bank, Jennifer Jern, who […]

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Independent asset manager Sino Suisse has hired a Credit Suisse veteran of Thailand and Vietnam coverage, Asian Private Banker can reveal. Alex Nicholas Lee recently came to the Singapore-based IAM after eight years at the Swiss private bank. The Monetary Authority of Singapore registry shows his licence at Credit Suisse expired in September 2021. Sino Suisse has confirmed Lee’s hire […]

The post IAM nabs veteran Southeast Asia banker from Credit Suisse appeared first on Asian Private Banker.

U/HNW clients should “evolve” to take on a more institutional and process-driven mindset towards investing, according to Shilpi Chowdhary, CEO of Lighthouse Canton. The Singapore-based investment group, which oversees $2 billion of assets under management and advisory, specialises in providing asset management for institutional clients. As a result, the firm runs its wealth management business with an institutional business model. […]

The post U/HNW clients need an “institutional investor mindset”: Lighthouse Canton appeared first on Asian Private Banker.

China’s independent wealth managers (IWMs) are charging ahead with ambitious overseas expansion plans, in a move that could put them on a collision course with the industry’s international giants. Following Hywin Holdings’ NASDAQ IPO in March, China’s three largest independent wealth managers (IWMs) by market share — which also include Noah Holdings and CreditEase (listed via its lending platform Yiren […]

The post Chinese IWM Davids venture overseas, taking on foreign Goliaths appeared first on Asian Private Banker.

The line between multi-family offices (MFOs) and independent asset managers (IAMs) can be blurred. The two terms are often used interchangeably by Asia’s private banking industry, and regulation-wise, little differentiation has been made. But a family office scholar warns that the two distinct models, if ill defined, could leave room for misaligned interests. “There is a motley of players in […]

The post The potential conflict of interest that sets IAMs and MFOs apart appeared first on Asian Private Banker.

Facing increased competition in servicing independent asset managers (IAMs) as custodian banks, EFG believes it has an edge with a faster response time. It has achieved this by setting up a dedicated IAM desk with experienced staff to lower the reliance on key persons in the team. EFG’s aproach has been “highly appreciated” by IAMs, as evidenced by a doubling […]

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On the occasion of its 10th anniversary, the Association of Independent Asset Managers Singapore has announced a rebranding to reflect its “holistic focus on Singapore’s independent WM industry” and its “commitment to promote the growth of Singapore’s independent WM industry.” The industry body of EAMs and MFOs is now called the “Association of Independent Wealth Managers (Singapore)” (AIWM Singapore), and […]

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Earlier this month, Standard Chartered Private Bank launched its external asset manager (EAM) strategy globally, in response to the growing demand by U/HNW clients for independent financial advice and taking advantage of the open architecture offered by EAMs — otherwise known as independent asset managers (IAMs). The initiative is now live in Singapore, Hong Kong, Dubai and London and Standard […]

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The Family Office Association Hong Kong (FOAHK) has integrated the Association of Independent Asset Managers Hong Kong (AIAM HK) as its subcommittee, it was announced on Thursday. FOAHK is an independent family office trade association established in November 2020 to “lead and drive dialogue between the family office industry, the government and regulatory bodies in Hong Kong”. According to a […]

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HSBC Private Banking has launched a dedicated independent asset management (IAM) desk in Singapore, becoming the latest major bank to ramp up its services to intermediaries and their growing roster of UHNW clients in Asia. In a media release, HSBC Private Banking said the creation of the desk was “central” to its ambition to become the number one wealth manager […]

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Fierce business competition and the ever-increasing cost for necessary technology and compliance updates have led to the question of whether there is space for mid-sized private banks to profit and grow in the region. Bruno Morel, CEO at VP Bank Ltd Singapore Branch, told Asian Private Banker that the firm’s tactics to stay competitive in Asia are to focus on […]

The post Be focused and adaptable in an era of change – VP Bank’s Morel appeared first on Asian Private Banker.

Crossinvest (Asia), a Singapore based independent asset manager (IAM), on Tuesday announced a change in business ownership, with a senior managing director at EFG Bank acquiring 95% shares of the firm. Cem A. Azak joined Crossinvest (Asia) as the executive chairman and the majority shareholder of the firm. Azak was most recently a senior managing director, market head international and […]

The post Banker made entrepreneur – EFG senior MD joins Crossinvest (Asia) as major shareholder appeared first on Asian Private Banker.

The IAM scene in Singapore has entered a new growth stage of late, boosted by supportive regulatory developments and the rising need of HNWIs — especially those from Asia — for diversification across geographies. But IAMs are constantly battling with two opposing forces: on the one hand, they have to achieve the “economy of scale” with sufficient AUM and fewer […]

The post Singapore IAMs under pressure to consolidate and retain lean structure for profitability appeared first on Asian Private Banker.

The COVID-19 pandemic has fuelled demand by external asset managers (EAMs) for setting up collective investment schemes, as these solutions enable EAMs to promote their brand and lower administrative efforts by being custodian-agnostic. Industry participants have shared with Asian Private Banker that smaller EAMs are likely to be more affected in the pandemic lockdown than larger financial institutions, as they […]

The post Collective investment schemes gain traction among EAMs during pandemic thanks to cost cutting effect appeared first on Asian Private Banker.

EFG has unveiled a new IAM-dedicated team in Hong Kong helmed by two ex-UBS specialists, in what is the private bank’s clearest signal yet that it intends to compete toe-to-toe for the business of a growing Greater China intermediaries segment. The team is led by Kitty Chou as head of independent asset managers, North Asia, and Kenneth Chan as deputy […]

The post EFG zeroes in on Hong Kong IAM segment with new team and “expert-to-expert” support model appeared first on Asian Private Banker.

Singapore is seeing a “fast-growing business” in the independent asset management industry, as more multi-banked UHNW clients are looking for investment managers who can make decisions for them in view of their overall asset portfolios, according to Raintree Asset Management’s CEO and CIO Anson Sng. “It is a fast-growing business for independent asset managers here in Singapore. There is a long […]

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EFG International has unveiled plans for a multi-custody platform for independent asset managers developed alongside Swiss fintech AM-One, a subsidiary of Expersoft Systems. The bank said today that the platform, which will be deployed globally — including in Hong Kong and Singapore — on 1 September, will incorporate functionalities that span from CRM, portfolio management and reporting, to compliance and […]

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Independent asset managers (IAMs) and family offices in the region are forecasted to consolidate their oft-limited resources in response to Asian HNWIs’ demand for a “one-stop shop” that offers a wide range of expert services, according to UBP. “IAMs in Switzerland and in Asia are quite different in the parameter of services they offer,” Benoit Barbereau, head of EAM at UBP, […]

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Download your complimentary copy of the 2018 Singapore Offshore Strategy executive summary today. Asian Private Banker, under the sponsorship of PwC, explored the role of Singapore as an offshore wealth hub. Between April and June 2018, we distributed 81 surveys and conducted 11 semi-structured interviews across Singapore and Hong Kong. Singapore is the most preferred offshore wealth hub among contributing […]

The post The Role of Singapore as an Offshore Wealth Hub appeared first on Asian Private Banker.