Morgan Stanley is expanding its efforts to engage the next generation of wealthy families in Asia, hosting a week-long programme in Hong Kong as private banks seek to strengthen relationships with future wealth owners ahead of the region’s expected intergenerational wealth transfer. The initiative, in partnership with the University of Hong Kong, comes as banks across the region increasingly compete […]

The post Morgan Stanley courts Asia’s heirs ahead of US$5.8tn wealth transfer appeared first on Asian Private Banker.

BNP Paribas Wealth Management (BNP Paribas WM) APAC held its flagship next-generation event in Hong Kong last week, gathering hundreds of next-generation leaders at Hong Kong’s brand new landmark building, The Henderson. This year marked the 17th year that BNP Paribas WM hosted its flagship “Asia NextGen Experience” for next-generation and emerging leader clients in Asia to explore the future […]

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With an estimated US$83.5 trillion in assets to be passed down to the next generation over the next 20 to 25 years, private banks recognise the urgency of capturing the next-gen opportunity, private banking CEOs said at Asian Private Banker’s Hong Kong Summit. However, understanding the wants and needs of next-gen clients, as well as how to cater to them, […]

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With next-generation clients becoming more tech-savvy and time-conscious, the evolution of discretionary portfolio management (DPM) has become increasingly important, say Indosuez Wealth Management’s Omar Shokur and Delphine Di Pizio-Tiger. Private banks are keen to increase their DPM penetration and are developing an asset allocation model to raise the bar. With the great wealth transfer happening progressively, the key question for […]

The post “Playing with Legos”: Indosuez WM on innovative DPM for the next-gen appeared first on Asian Private Banker.

Hong Kong’s newly established wealth legacy academy aims to support family offices and wealth owners with private, intimate conversations that encourage them to think beyond investments. “For families making decisions about investing in a place, it is not just about whether you have enough policies,” Angel Chia, the Hong Kong Academy for Wealth Legacy’s (HKAWL) executive director, told Asian Private Banker. […]

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Engaging with next-generation family members can be challenging, time-consuming and not very profitable. However, engaging the next-gen is still essential, as banks which fail to do so could see their assets under management shrink, BNP Paribas Wealth Management’s (BNP Paribas WM) Taiwan market head, told Asian Private Banker. “There is a lot of noise out there about what banks should […]

The post “Cruel and brutal reality”: Banks that don’t engage the next-gen will see assets shrink – BNP Paribas WM appeared first on Asian Private Banker.

Citi has launched a new wealth platform tailored to the children of wealthy Hong Kong clients, introducing the concept of wealth management to children as young as 11. The Citi NextGen Account is a new wealth management account dedicated to the children of Citigold and Citigold Private Client account holders. The new account will allow the next generation of Hong […]

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This is a sponsored article from Morgan Stanley. The pandemic has added a sense of urgency to the need for succession planning of Asian HNW families, with more families anxious to start earlier with their preparations for passing on wealth to the next generation. Morgan Stanley Private Wealth Management Asia shared with Asian Private Banker what makes a good succession […]

The post This is how family legacy can be succeeded by Next Generations: Morgan Stanley PWM Asia appeared first on Asian Private Banker.

This is a sponsored article from Credit Suisse. The largest intergenerational transfer of wealth is taking place today among the wealthiest families globally. Between now and 2029, US$8.6 trillion of global high net-worth wealth will be transferred from one generation to another. But that headline figure does not illustrate the challenges and complexities involved in handing down wealth from one […]

The post Planting the seeds of trust now that will bear fruit over a lifetime appeared first on Asian Private Banker.

The gradual but significant transfer of Asian wealth to the next generation is changing how philanthropy is practised in the region. Three banks share their observations with Asian Private Banker. More than merely “cheque writing” Garth Bregman, head of investment services, Asia Pacific, BNP Paribas Wealth Management, told Asian Private Banker that he has observed that many next-gen clients have […]

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As more next-gen members are becoming the decision-makers in the family business, succession planning is moving beyond preserving the family wealth for future generations. “Wealth planning is not always about the transition of wealth; that’s not necessarily what everyone wants to achieve,” Steven Weekes told Asian Private Banker. Leaving a legacy The head of trust and fiduciary services, Southeast Asia […]

The post Succession planning is moving beyond wealth preservation: Steven Weekes of HSBC GPB appeared first on Asian Private Banker.

Benjamin Cavalli, Managing Director, CEO, Singapore, Head of Private Banking South Asia and APAC Sustainability Leader at Credit Suisse sits down with us to discuss opportunities in Asia as well as topics relating to ESG and Next Gen.

The post APB Thought Leaders:<br/>Credit Suisse in Asia appeared first on Asian Private Banker.

“The private banking industry is quite capable of creating customised solutions, but the process remains slow and largely product-driven,” Laurent Bertrand told Asian Private Banker. The CEO and co-founder at BTO (BetterTradeOff) believes that the slow process contributes to the regulatory burden on PBs, including in KYC processes. “Over the last 12 months, we have created a concrete solution and […]

The post BTO financial planning platform speeds up PB product customisation appeared first on Asian Private Banker.

The next generation of ultra-high net worth families in Asia will further professionalise the handling of family wealth and are reshaping the investment preferences and banking relationships of wealthy families in the region, according to a new report by BNP Paribas Wealth Management and Campden Wealth. Titled “Banking, Entrepreneurialism, and the Next Generation of Wealth Holders 2020”, the 90-page document draws its […]

The post Asia’s NextGens will professionalise management of UHNW family wealth appeared first on Asian Private Banker.

Succession planning is often the “elephant in the room” in Asian HNW families: everyone agrees there should be a conversation, but because of the sensitivity of the issue, the conversation is always delayed. “More generally speaking, wealthy families’ attitude towards succession planning is one of procrastination,” observed Gary Tiernan, managing partner of the Singapore-based multi-family office Golden Equator Wealth. He […]

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Asia’s next-generation investors are not only cognisant of the social impact and sustainability revolution that is slowly reshaping private investment considerations but are emerging as primary change agents, so suggests survey data gathered by Asian Private Banker from attendees of BNP Paribas Wealth Management’s recent Nextgen Experience in Hong Kong. Held last month, the symposium is the private bank’s flagship […]

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HSBC Private Banking has taken a group of 10 NextGen UHNW clients – including six from Asia – to Borneo’s rainforest for a five-day hands-on learning experience on sustainability. The aim? To go beyond the ‘traditional advisor’ role, said Matthew Robinson, sustainability engagement head, global corporate sustainability at HSBC. Robinson said that the private bank invited only those “future business […]

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A growing number of high net worth individuals (HNWIs) in Asia are turning to family office structures for succession planning purposes, according to a study by the Tanoto Center for Asian Family Business and Entrepreneurship Studies. “The idea of a family office is increasingly common among Asian wealthy families, in order to preserve family wealth and pass on values,” Roger […]

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The UBS Global Family Office has noticed that wealthy families in Asia are using philanthropic projects to teach investment skills to the next generation, according to Edith Ang, executive director, family advisory group, Asia Pacific, at UBS Wealth Management. “In Asia, philanthropy is used as a way to train the next gen as families perceive it to be a good entry […]

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While private banks are already trying to securing future assets from next generation clients in Asia – through succession planning value propositions such as seminars and events for scions of current clients, for instance – BNP Paribas Wealth Management believes an oft-overlooked source lie in up-and-coming entrepreneurs, or “millenipreneurs.” “If you look at many of these entrepreneurs building startups and raising funds in early rounds many are not UHNWIs themselves,” says Anton Wong, head of key clients group, Asia Pacific at the French private bank. “They may in fact be years away but they’re all prospective clients of our wealth management or investment banking business. From that view, learning about our clients from a deep and unique perspective, such as their entrepreneurial ambitions, is supremely important. Many of these millenipreneurs are in fact ‘nextgen’ clients for us.” Optimistic headlines of entrepreneurs and their potentially-amazing budding ventures – often tied with, says Wong, “big topics” – are already ubiquitous throughout Asia ,be it through e-commerce, social media or other big impact businesses. […]

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