HSBC Global Private Banking (HSBC GPB) has seen a significant increase in demand for wealth and succession planning services, the bank’s Henry Lam told Asian Private Banker. “In the past, many discussions [about wealth and succession planning] were often at the fact-finding level, but now clients are genuinely focused on getting it done by investing time in understanding the process […]

The post Wealth planning “cannot take backseat” as next-gen take reins – HSBC GPB appeared first on Asian Private Banker.

Hong Kong’s Raffles Family Office aims to double its manpower in the next two to three years as it sees more ultra high net worth (UHNW) families seeking professional support for their wealth and legacy planning needs amid Asia’s family office boom. “There is a clear lack of professionalised multi-family office (MFO) services in Asia where families in different countries […]

The post “We are competing with PBs, AMs for talent”: Raffles FO aims to double headcount in 2-3 years appeared first on Asian Private Banker.

A growing league of ‘young’ UHNW entrepreneurs with roots in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is giving impetus to the Hong Kong government’s bid to raise the city’s profile as a family office hub. Susanna Fung, head of wealth planning at Morgan Stanley Private Wealth Management Asia in Hong Kong, told Asian Private Banker that the bank has […]

The post ‘Young’ GBA entrepreneurs drive family office interest in Hong Kong: Susanna Fung of Morgan Stanley appeared first on Asian Private Banker.

UHNW families in Asia have been restructuring their family offices (FOs) on multiple levels to establish a more professional structure for managing their wealth. And FOs have demonstrated a greater resilience than institutional investors (IIs) and corporates to the impact of the COVID-19 pandemic. Until two years ago, a large number of families were managing their wealth without a professional […]

The post Succession planning, biz concerns drive restructuring at Asia’s FOs; Pandemic resilience tops IIs 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 […]

The post FOs play key role in professionalising succession planning: Golden Equator Wealth appeared first on Asian Private Banker.

As family businesses increasingly embrace emerging technologies, the way they approach succession planning is also changing, a white paper by J.P. Morgan Private Bank has found. Over a period of two years, J.P. Morgan Private Bank surveyed 133 of their clients across North and Southeast Asia on how technological developments have impacted their family businesses. The study found that a vast […]

The post Tech advancement makes room for two-way succession dialogue: JPM PB appeared first on Asian Private Banker.

As Asia engages in its largest intergenerational wealth transfer in history, private banks across the region are beefing up their wealth planning and trust offerings in anticipation of rising demand. However, the concerns surrounding succession planning “cannot be resolved by just a product”, according to Marc Van de Walle, global head of products at Bank of Singapore. “Most of the […]

The post Succession planning cannot be resolved by “just a product”: BoS’s Van de Walle appeared first on Asian Private Banker.

Almost 30% of high net worth clients’ offspring sever the relationship with their parents’ wealth manager after they inherit, according to ‘2019: Trends to Watch in Global Wealth Management’, a report by GlobalData. “Reaching out to the next generation early on is critical, but wealth managers are not doing a good job,” said Heike van den Hoevel, senior wealth analyst […]

The post Nearly 30% of HNWIs’ children switch wealth managers upon inheriting: GlobalData appeared first on Asian Private Banker.

Research suggests that, by 2020, Asia – which today has the world’s largest HNW population – could be home to more than US$14.5 trillion in HNW wealth. Asian Private Banker’s ‘Succession Planning 2018: Perceptions and Opportunities for HNWIs’ report, sponsored by Transamerica Life Bermuda, explores the industry’s perception of succession planning, clients’ needs for effective wealth transfer and wealth preservation, […]

The post Succession Planning: Life Insurance and Succession Planning (Executive Summary Part 3) appeared first on Asian Private Banker.

Research suggests that, by 2020, Asia – which today has the world’s largest HNW population – could be home to more than US$14.5 trillion in HNW wealth. Asian Private Banker’s ‘Succession Planning 2018: Perceptions and Opportunities for HNWIs’ report, sponsored by Transamerica Life Bermuda, explores the industry’s perception of succession planning, clients’ needs for effective wealth transfer and wealth preservation, […]

The post Succession Planning: The Concept of Succession Planning (Executive Summary Part 2) appeared first on Asian Private Banker.

Research suggests that, by 2020, Asia – which today has the world’s largest HNW population – could be home to more than US$14.5 trillion in HNW wealth. Asian Private Banker’s ‘Succession Planning 2018: Perceptions and Opportunities for HNWIs’ report, sponsored by Transamerica Life Bermuda, explores the industry’s perception of succession planning, clients’ needs for effective wealth transfer and wealth preservation, […]

The post Succession Planning: Life Insurance Market Landscape (Executive Summary Part 1) appeared first on Asian Private Banker.

Family offices (FOs) in Asia Pacific recorded the strongest investment performance across the globe, according to the ‘Global Family Office Report 2018’ released by UBS Global Wealth Management (GWM) and Campden Wealth Research. The report revealed that in 2017, the average investment performance of APAC’s FOs was 16.4% — 9.7% higher than the previous year’s figure, and almost a full […]

The post APAC FOs record highest global investment performance: UBS GWM appeared first on Asian Private Banker.

UHNW clients in Asia are increasingly using art collections as a means to build their legacies, upping the level of art consultation services they require from banks, according to UBS. “We are increasingly seeing interest from our UHNW clients in creating alternative legacies through their cultural pursuits,” Patricia Amberg, head of The Art Competence Center, UBS’s art advisory service for […]

The post Asian UHNWIs are driving expansion of PB art services appeared first on Asian Private Banker.

The family succession conversation must move beyond the transfer of wealth to focus on ‘intangible’ assets, such as family values and culture, experts tell Asian Private Banker. “What most parents want to pass on is not so much their wealth but rather their traditions, rules and wisdom,” says Jameson Leung, CEO of Grandtag Financial Group, a financial advisory firm that […]

The post Values, culture and wisdom key to family succession planning appeared first on Asian Private Banker.

Mention insurance to a private banker and the response is often less-than-enthusiastic. Whether because of the stigma associated with insurance products, or strict regulatory barriers that prevent a relationship manager (RM) from directly recommending an insurance solution to a client, the percentage of RMs in Asia that have indeed referred their clients for insurance solutions (and that client has gone […]

The post Clients want it and there’s money to be made… so don’t discount insurance appeared first on Asian Private Banker.

Facing growing demand from Middle Eastern high net worth individuals for legal services, Withers has hired an ex-Ernst & Young (EY) tax specialist, Stijn Janssen, to head its newly opened tax office in Dubai. Janssen, who will be based in the Dubai International Financial Centre (DIFC), was most recently the MENA head of private client services at EY, and has […]

The post Withers opens Dubai practice targeting Middle Eastern HNWIs appeared first on Asian Private Banker.

In spite of efforts by regulators such as the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) to drive financial technology in Asia, the region is “still playing catch up” due to cultural and regulatory hurdles, say speakers on today’s panel discussion at the 17th annual Investment Management Association of Singapore (IMAS) conference. “A lot of banks […]

The post Banking in Asia still unsure on tech front, say experts appeared first on Asian Private Banker.

More than any other region, millennial entrepreneurs in Asia are growing bigger businesses than previous generations, a HSBC Private Bank survey has found. A “significant” portion of over 50% of surveyed respondents added that making a positive community impact was a key factor in their wanting to do business. These findings are part of an international online survey conducted by […]

The post Young Asian entrepreneurs building bigger businesses, social impact appeared first on Asian Private Banker.

Falcon Private Wealth Dubai has received final licence approval to offer customised financial solutions in Dubai and operate from the Dubai International Financial Centre (DIFC), the latest in a series of banks boosting their Middle East businesses. The United Arab Emirates unit of Swiss private bank Falcon has been granted a 3c licence from the Dubai Financial Services Authority (DFSA), it […]

The post Falcon gets licence in Dubai appeared first on Asian Private Banker.

Hong Kong financial secretary John Tsang failed to expand on policies to develop the reputation of Hong Kong’s trust industry, a tax advisory firm for high net worth individuals has noted, even as he outlined measures to maintain the city’s competitiveness as a financial hub. “While we can expect assets under management to continue growing, unfortunately Mr Tsang did not include policies which […]

The post Hong Kong’s Budget leaves out trust reforms appeared first on Asian Private Banker.

In a bid to tap a growing base of high net worth individuals domiciled in the United Arab Emirates (UAE), Abu Dhabi Commercial Bank (ADCB) is launching a new private banking division. Under the branding “ADCB Private”, the bank will introduce a tailored offering to clients with assets over US$1 million, to meet their complex and increasingly sophisticated requirements. In […]

The post New private bank launched in UAE appeared first on Asian Private Banker.

In a bid to expand its footprint in Hong Kong, Edmond de Rothschild has hired a trust specialist to bulk up its family and trust advisory offering. Christine Wong is the private bank’s new managing director of Edmond de Rothschild Family Advisory, based in Hong Kong. She joins with over 16 years of experience in the wealth succession planning sector, […]

The post Edmond de Rothschild expands Hong Kong team appeared first on Asian Private Banker.

In a bid to differentiate itself from the growing pack of private banks vying for HNW wealth in Asia, Rothschild’s newly appointed non-executive chairman for the Southeast Asia (SEA) region says it will strengthen its trust offerings for wealthy Asian families. “We are seeing an increase in demand for these structuring services in Asia, as more first generation wealth creators pass […]

The post Rothschild targeting Asia Pacific through trust services appeared first on Asian Private Banker.

The second of a two-parter, in which top private banking heads talk to Asian Private Banker about key issues in 2015 and 2016. (This article first appeared in Issue 94 of Asian Private Banker’s monthly print magazine, published in the first week of December 2015.) Standard Chartered Private Bank – Michael Benz, global head (MB, SC) (who has since stepped down from […]

The post The Final Word (2): On Hiring and Client Trends appeared first on Asian Private Banker.

The first of a two-parter, in which top private banking heads talk to Asian Private Banker about key issues in 2015 and 2016. (This article first appeared in Issue 94 of Asian Private Banker’s monthly print magazine, published in the first week of December 2015.) Standard Chartered Private Bank – Michael Benz, global head (MB, SC) (who has since stepped down […]

The post The Final Word (1): On 2016 and Compliance appeared first on Asian Private Banker.

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. […]

The post BNP Paribas ponders underserved “nextgen millenipreneurs” client segment appeared first on Asian Private Banker.

For each remaining day of publication in 2015, Asian Private Banker will feature a conversation with private banking experts from the industry. Today, we talk to Mignonne Cheng, chairman and CEO of BNP Paribas Wealth Management, Asia Pacific.  (An excerpt of this conversation first appeared in the article The Final Word, published in Issue 94 of our monthly print magazine, […]

The post Top Talk: Mignonne Cheng, BNP Paribas appeared first on Asian Private Banker.

The population of female billionaires is expanding faster than the number of their male counterparts in Asia, says a report by UBS Wealth Management and PwC. The number of female billionaires grew by a factor of 6.6 from 1995 to 2014 compared to the number of men which grew by smaller factor of 5.2, stated The changing faces of billionaires study. Particularly […]

The post Asia has highest growth of female billionaires appeared first on Asian Private Banker.

Fraught with cultural complexities that house the propensity for dispute, HNW families undergoing transgenerational succession planning are facing challenges, says the head of wealth planning, trust and insurance at Bank of Singapore (BOS). “There are concerns about the resources available to Chinese families,” says Woon Shiu Lee, adding that there is a distinct difference in the family business and succession structures […]

The post Limited resources hamper HNW families in China appeared first on Asian Private Banker.

For each remaining day of publication in 2015, Asian Private Banker will feature a conversation with a private banking expert. Today, we feature Bernard Rennell, regional head of Global Private Banking, Asia-Pacific, and global head of Family Governance and Family Enterprise Succession, HSBC Private Bank. An excerpt of this conversation first appeared in the article The Final Word, published in […]

The post Top Talk: Bernard Rennell, HSBC appeared first on Asian Private Banker.

For each remaining day of publication in 2015, Asian Private Banker will feature a conversation with a private banking expert. Today, we feature Bassam Salem, CEO Asia, Citi Private Bank. An excerpt of this conversation first appeared in the article The Final Word, published in Issue 94 of our monthly print magazine, in the first week of December 2015. Although […]

The post Top Talk: Bassam Salem, CEO, Asia, Citi Private Bank appeared first on Asian Private Banker.

A new generation of business owners in Hong Kong is challenging the Western ideals of entrepreneurism, according to a new research report by HSBC Private Bank. The HSBC Private Bank Essence of Enterprise report, which was based on a survey of 2,800 business owners with over US$1 million in investable assets, showed that there were distinct characteristics that differed from its […]

The post HK entrepreneurs differ from global counterparts: HSBC appeared first on Asian Private Banker.

For each remaining day of publication in 2015, Asian Private Banker will feature a conversation with a private banking expert. Today, we feature Ravi Raju, head of Deutsche Asset & Wealth Management, APAC. In yet another stellar year for the private banking industry in Asia as a whole, both in terms of asset acquisition and revenue generation, Deutsche Asset & […]

The post Top Talk: Ravi Raju, Deustche Asset & Wealth Management appeared first on Asian Private Banker.

For each remaining day of publication in 2015, Asian Private Banker will feature a conversation with a private banking head. We start today with Michael Benz, the Hong Kong-based global head of Private Banking, Standard Chartered Bank. An excerpt of this conversation first appeared in the article The Final Word, published in Issue 94 of our monthly print magazine, in the first […]

The post Top Talk: Michael Benz, Standard Chartered Bank appeared first on Asian Private Banker.

While the onset of FATCA continues to take up a vast majority of independent tax advisory work, there are growing concerns in Asia surrounding UK tax compliance, say experts. Many high net worth British and foreign nationals residing in Hong Kong and Southeast Asia are facing tax advisory needs, says Carlo Gray, partner at Buzzacott: “From a UK tax perspective, […]

The post UK tax residential laws plague HK HNWIs appeared first on Asian Private Banker.

With the onset of stringent compliance issues, private banks are referring their clients to independent advisers, particularly when it comes to dealing with FATCA and CRS. “Private banks are facing stringent compliance issues that are leading them to refer their clients to independent advisers for their clients’ tax issues such as FATCA,” says Debby Davidson, Hong Kong-based managing director for […]

The post FATCA, CRS forcing private banks to outsource tax advisory services appeared first on Asian Private Banker.

Despite market volatility and uncertain, foreign investors are nonetheless optimistic about Asia as family offices from both the US and Europe accelerate investment efforts into the region, particularly in Hong Kong, experts observe. “We’ve worked with a number of European and American families that are setting up a family office operation in Asia to gain additional exposure to the region,” […]

The post European, US family offices up efforts to tap into Asian opportunities appeared first on Asian Private Banker.

As many Asian HNWIs and UHNWIs transition their businesses to the next generation, succession planning is becoming an increasingly pressing issue among families with a particular trust structure gaining popularity, says Harry Ng, Nomura’s newly appointed head of wealth planning strategy and solutions, Asia ex-Japan. “A revocable discretionary trust structure with reserve power has resonated with our clients in Asia […]

The post Trust structures with reserve power gain popularity: Nomura WM appeared first on Asian Private Banker.

With the introduction of inheritance tax in Thailand next year, Kasikornbank (KBank) is looking to capitalise on the new wave of families who will need wealth planning tools. By leveraging Lombard Odier’s platform – a partnership they entered with the Swiss pure play in December 2014 to give its clients access to global investment funds – KBank will offer integrated […]

The post Kasikornbank to offer succession planning consulting appeared first on Asian Private Banker.

This article first appeared in Issue 93 of Asian Private Banker’s monthly print magazine, published in the first week of November 2015. Clients are returning to dividend and conservative plays following recent market volatility, Sun notes. She also tells Asian Private Banker that her business targeting to grow to 50%, by 2017, its portion of assets under management (AUM) for mainland clients.  “It’s […]

The post Straight Talk: Gloria Sun, head of private banking, The Bank of East Asia appeared first on Asian Private Banker.

RBC Wealth Management has named its new Asia head of wealth planning, based in Hong Kong. Vivian Kiang joined the Canadian lender in October, and oversees the provision of fiduciary structuring services including trust, insurance services and bundled solutions to high and ultra high net worth clients in Asia. She reports to Stefan Mueller, head of investments and products, Asia.  […]

The post Ex-Citi banker named new RBC WM Asia wealth planning head appeared first on Asian Private Banker.

This article first appeared in Issue 93 of Asian Private Banker’s monthly print magazine, published in the first week of November 2015. While the first goal of traditional family offices is to preserve wealth, rather than chase returns, this equation remains more balanced in Asia. This is understandable given that the bulk of family wealth here comes still from first generation […]

The post Keeping it in the family appeared first on Asian Private Banker.

This article first appeared in Issue 93 of Asian Private Banker’s monthly print magazine, published in the first week of November 2015. The recent explosion of new wealth, a Chinese economic slowdown and changing dynamics with families with aging patriarchs means Asia’s UHNWIs are shifting toward building structures to house long-term wealth and formalise governance within family offices (FOs). Asian tech […]

The post Family office boom a private banking boon appeared first on Asian Private Banker.

As well-documented debacles of family-owned corporations increase in Asia, the need to focus on succession planning strategies is imperative, says HSBC Private Bank. “Wealth tends to erode after the third generation,” says Bernard Rennell, the bank’s regional head of global private banking for Asia-Pacific, in a podcast. Rennel is also the bank’s global head of family governance and family enterprise […]

The post Succession planning key as family struggles come to light, say HSBC Private Bank appeared first on Asian Private Banker.

This article first appeared in Issue 92 of Asian Private Banker’s monthly print magazine, published in the first week of October 2015. Four years into the job, Ronald Lee, the 47-year-old head of Goldman Sachs’ regional private wealth management business tells Asian Private Banker how the bank is dealing with changing mindsets among its ultra high net worth-only clientele, how it chooses its hires […]

The post Straight Talk: Ronald Lee, head of Goldman Sachs Private Wealth Management, Asia Pacific appeared first on Asian Private Banker.

As markets become more regulated, and greater emphasis is placed on tailoring solutions to client’s needs, insurance companies in Asia are expanding their HNW offerings to meet diverse client needs, notes the head of HNW, Asia, at AXA Hong Kong. And private bankers are seeing the burgeoning opportunity and getting onboard early, says David Varley. While many insurance companies and […]

The post Private banking clients demanding tailored insurance solutions appeared first on Asian Private Banker.

Almost a third of family offices in a global poll have no risk management procedure or controls for family reputation, even as average operating costs rise to 1% of assets under management (AUM). The Global Family Office Report 2015 by Campden Wealth Research and UBS notes that 32% of family offices worldwide have no procedures or controls for family reputation. “Though […]

The post Family offices not paying enough attention to risk appeared first on Asian Private Banker.

Custodial services and succession planning are major gaps for the growing family office space in the Middle East that might be plugged by private banks, says survey. There has been “evidence of more formal family office models this year” in the GCC, notes Nick Tolchard, head of Invesco Middle East. The GCC, or Gulf Cooperation Council, is a regional political organisation […]

The post Private banks “ideally positioned” to help growing GCC family office space appeared first on Asian Private Banker.

This article first appeared in Issue 91 of Asian Private Banker’s monthly print magazine, published in the first week of September 2015. Satya Bansal, CEO of Barclays Wealth and Investment Management, India “India is one of the fastest growth markets not only among the emerging markets block, but also globally. This is attracting global investors to India and also making Indian businesses go global […]

The post What keeps CEOs awake at night? appeared first on Asian Private Banker.

Private banking is increasingly competitive on service platforms like succession plans and trust planning and digital investment, even more so than annual returns. This message however, has not reached wealth managers, says a leading survey on private wealth. “The region’s wealth managers seems to be misaligned on the variety and complexity of APAC HNWI concerns and needs”, notes the report […]

The post APAC wealth managers “misaligned” on client needs appeared first on Asian Private Banker.

An intergenerational change within high net worth families in Asia is driving demand for more effective succession planning structures and wealth preservation, says the global head of private clients for TMF Group. “What we are seeing more in Southeast Asia, Taiwan and Hong Kong is a shift going on within high net worth families where the founder members are reaching […]

The post Passing on wealth a key growth area in Asia, says global services firm appeared first on Asian Private Banker.

In a bid to strengthen its private banking presence in the region, Nomura has made an ex-Julius Baer veteran banker as its new head of wealth planning in Asia. Harry Ng is Nomura’s head of wealth planning strategy and solutions, Asia ex-Japan. In his new role based in Singapore, he will be responsible for building the trustee services business by managing […]

The post Nomura names Asia wealth planning head appeared first on Asian Private Banker.

A top Hong Kong private banking lawyer believes that a global automatic information exchange standard could end in uncertain controls on how data is used after release, even as pressures rise on combating cross-border tax evasion. “We are somewhat concerned about Hong Kong’s proposed participation in a global common reporting standard,” Kevin Lee, a senior partner at Zhong Lun Law Firm, tells […]

The post Global common reporting standard “may be overly invasive”, says top HK private wealth law firm appeared first on Asian Private Banker.

As wealthy families increasingly seek different philanthropic strategies to make a social impact, UBS launches a philanthropy forum in Singapore today. The UBS Philanthropy Forum Asia in Singapore will be held from 2 July to 3 July in a bid to help philanthropists and patriarchs create a family legacy through innovative philanthropy practices. “With embracing innovation as our theme, the […]

The post UBS bets big on philanthropy with forum launch in Singapore appeared first on Asian Private Banker.

Some of Asia’s most powerful bankers swap ideas and share knowledge   The CEO panel discussions at Asian Private Banker’s Investment Advisory Summits, held in Hong Kong and Singapore last month, are the events’ most eagerly-anticipated feature.They did not disappoint, as candid and spirited discussions with some of the most powerful leaders in the private banking industry. In Hong Kong […]

The post View from the top: CEO panel discussion appeared first on Asian Private Banker.

ACE Life, the life insurance division of ACE Group, has opened the doors to its new global wealth management centre in Hong Kong. Allan Lam, ACE Life country president said, “ACE Life aims to create plans for clients for years and generations to come.” The newest player in what is an already crowded market, ACE Life plans to differentiate itself through […]

The post ACE Life opens global wealth management centre in Hong Kong appeared first on Asian Private Banker.

An estimated US$41 trillion is expected to pass down through generations over the next few decades, but an overwhelming 88% of Asian families surveyed by JP Morgan Private Bank are unprepared for this wealth transition. The Asia Family Enterprise Study by JP Morgan Private Bank polled 140 families in Asia with US$100 million or more with a family business, shared […]

The post 88% of Asian families not ready for wealth transition appeared first on Asian Private Banker.

As part of the development of Withers’ Southeast Asian practice and Khattar Wong’s global ambitions, the two law firms have created a formal law alliance (FLA), in a move which will see all 26 Khattar Wong partners join Withers. The new firm will be called Withers KhattarWong as of April 2015. Khattar Wong has operated in Singapore for over 40 years, working […]

The post Khattar Wong creates formal law alliance with Withers appeared first on Asian Private Banker.

With an estimated 151,025 high net worth individuals (HNWIs) currently domiciled in the Lion City as of 2013, total wealth is pegged to grow to US$1 trillion in investable wealth, a mark that falls short of its Asian rival private banking hub, Hong Kong, according to the recently published Singapore Wealth Report 2014. The WealthInsight report, which reviews the performance […]

The post Singapore wealth to hit US$1 trillion mark by 2018, falls short of Hong Kong by 40%: Report appeared first on Asian Private Banker.

Despite the well-documented debacles of family-owned corporations in Asia brawling for assets and the throne, 42% of Singapore’s companies still do not have robust succession plans in place, according to a recent report by Labuan International Business and Financial Centre (IBFC). The figure places the Lion City in last place in Southeast Asia in a list that ranks the region’s […]

The post Singapore’s family businesses trail Southeast Asian neighbour in succession with 42% unprepared appeared first on Asian Private Banker.

After four years at the bank as its head of private wealth solutions (PWS) for Asia, an industry veteran becomes HSBC Private Bank’s new PWS global head. Christopher Marquis has been named its new global head of private wealth solutions. He will report to Bernard Rennell, the bank’s regional head of global private banking for Asia. Rennell, who has been with the bank […]

The post HSBC Private Bank hires new PWS global head appeared first on Asian Private Banker.

As more and more ultra-high net worth individuals (UHNWIs), typically with US$30 million or more in investable assets, increase their use of trust services, they continue to look for ways to structure the transition of their wealth to the next generation, and there is a growing trend to set up philanthropic trusts among those sitting in the higher wealth pool […]

The post Philanthropic trusts proving popular among Asian UHNWIs appeared first on Asian Private Banker.

As many Asian high net worth and ultra-high net worth families transition their businesses to the next generation, demand for succession planning solutions in the region is on the rise, forcing the private banking industry to review internal trusts services. With its decision to partner an independent trust company to service private banking clients’ wealth succession needs, Pictet explains why […]

The post Independence is key for the future of trust planning: Pictet appeared first on Asian Private Banker.

In a bid to deepen its coverage of the Greater China markets, EFG hires a former BNP Paribas Wealth Management portfolio manager. Jaye Chiu joins the Swiss pure-play as the new Asia head of investments in Hong Kong. Chiu will be responsible for investment solutions provided to client relationship officers in Hong Kong and Taiwan and will lead the development […]

The post EFG anoints former BNP Paribas Wealth Management portfolio manager as its new head of investments appeared first on Asian Private Banker.

Private banking in Asia is at an interesting inflection point. On the one hand, there is an undeniable wealth of opportunities to be tapped: the top five private banks in Asia only account for around five per cent of estimated total investable wealth pool in the region, which means there is sufficient room to accommodate a variety of players as the regional private banking […]

The post What keeps CEOs awake at night? Michael Benz, global head, private banking clients, Standard Chartered Bank appeared first on Asian Private Banker.

Despite a vast majority of family businesses in Southeast Asia claiming to have a formal succession plan in place, executives of those companies don’t share the same level of confidence with only approximately half believing that ownership structures will remain the same in ten years’ time, according to a recent report. Jointly published by Labuan International Business and Financial Centre […]

The post Southeast Asia family business ownership structures likely to change by the end of the decade appeared first on Asian Private Banker.

Over the last four years, interest in succession planning solutions in the Greater China region has seen strong growth as families seek long-term legacy strategies, according to Lee Woon Shiu, Bank of Singapore’s managing director and head of wealth planning. “We have seen double digit growth in the China market when it comes to high net worth families seeking succession planning […]

The post Bank of Singapore: Succession planning interest spiking in China appeared first on Asian Private Banker.

While the  non-resident Indian (NRI) segment is known for having an insatiable appetite for corporate acquisitions, real assets and tactical products, private bankers in the region are seeing more of their NRI clients opt for wealth succession planning. “There has been a general increase in awareness of clients seeking ideas for succession planning where they want to protect current wealth […]

The post NRIs opt for wealth succession planning products appeared first on Asian Private Banker.

As many Asian high net worth and ultra high net worth families transition their businesses to the next generation, Jonathan Hubbard, UBS Wealth Management’s head of wealth planning Asia Pacific, notes that succession planning is becoming an increasingly pressing issue. “There has been an upward trend in both the demand and the complexity of wealth succession planning in Asia over […]

The post Wealth succession planning in demand among Asian HNWIs, seek different strategies: UBS appeared first on Asian Private Banker.

In a bid to match the growing demand of Asian high net worth individuals’ (HNWIs) desire to make a social impact, UBS Wealth Management have launched two new initiatives at the UBS Family Legacy and Philanthropy Forum in Shanghai to help social entrepreneurs structure their philanthropic strategies. The Swiss bank rolled out UBS Philanthropy Compass, developed in partnership with Cass Business […]

The post UBS Wealth Management bets big on philanthropy with two new initiatives appeared first on Asian Private Banker.

Despite the growing number of centa-millionaires (ultra high net worth individuals with at least US$100 million in investable assets) in Asia, the usage of financial intermediaries such as single family offices (SFOs) to manage the plethora of financial and fiduciary needs and interface with external institutions such as private banks remains in its infancy. Credit Suisse believes this could very […]

The post Credit Suisse targets Asia’s 8,360 potential single family offices appeared first on Asian Private Banker.

After EFG International announced it will manage what it describes as “the lion’s share” of Falcon Private Bank’s assets, the pure-play has hired five of its private bankers, pushing EFG’s total relationship manager (RM) headcount in Asia to 125 by the end of June. Industry veteran, Lousiana Cheung joins EFG from Falcon Private Bank as a relationship manager. With 25 […]

The post EFG consolidates Falcon Private Bank takeover with five new hires appeared first on Asian Private Banker.

As high net worth individuals (HNWIs) in Asia continue to seek wealth preservation and succession strategies that go beyond traditional finance, ABN AMRO Private Banking’s Asia head of products and solutions, Angel Wu, says universal life insurance is becoming more and more popular. “Universal life insurance has seen a growth in demand of roughly 30-40% over the last few years […]

The post Demand for universal life insurance up by 40% says ABN AMRO Private Banking appeared first on Asian Private Banker.

In a bid to reach Asian investors, Abu Dhabi-based First Gulf Bank launches its new global wealth management service in Singapore. The new service will give clients access to a wider portfolio of global investment products by acting as a gateway to the Asia Pacific region. “Singapore is an undeniably important location for investments. It also possesses the advantage of […]

The post First Gulf Bank bets big on Singapore with new wealth management service appeared first on Asian Private Banker.

With an estimated US$41 trillion expected to be passed down from the current generation of private banking clients to their children over the next 50 years, private banks will soon find themselves at a critical juncture. If they fail to successfully transition from one generation of client to the next, they risk losing millions in future business. Opinion-based research consistently suggests that many clients are likely to […]

The post Banking for new blood: How are private banks adapting to secure next generation wealth? appeared first on Asian Private Banker.

Taiwan’s recent decision to further deregulate onshore banking in Taiwan has filled private banks holding local licenses with unprecedented optimism. Lenders such as BNP Paribas and UBS will soon be able to offer the island’s 95,000 high net worth individuals (HNWI) services at home that are identical to offshore offerings. Taiwan’s watchdogs have given the onshore private banking industry their […]

The post Onshore opportunities abound in Taiwan as private banks look to capitalise on regulatory relaxtion appeared first on Asian Private Banker.

The number of high net worth individuals (HNWIs) in Hong Kong rose by 48% to 49,000 last year according to Citibank’s recent Hong Kong Consumer Wealth Report 2013. The amount of individuals with liquid assets of more than HK$10 million (US$1.2 million) increased from 33,000 in 2012 but the report also found that these HNWIs are the most likely to […]

The post Number of HNWIs in Hong Kong increased by 48% in 2013 says Citibank’s Consumer Wealth Report appeared first on Asian Private Banker.

As philanthropists in Asia look to develop a more strategic approach to their charitable giving, heads of philanthropy at private banks are seeing more and more clients opting to donate through family company shares. “A number of our Asian clients who have set up philanthropic structures in the form of family foundations or a charitable trust are donating their personal […]

The post More Asian philanthropists “donating personal shares rather than cash” says UBS appeared first on Asian Private Banker.

Increasing ‘network capital’ could be an important strategy when it comes to succession planning according to research findings from Victor Zheng, co-director of the Chinese University of Hong Kong’s Centre for Social and Political Development Studies. Defined as a combination of social and cultural capital, Zheng coined the phrase specific to his study on century-old family businesses in Asia. It […]

The post ‘Network capital’: a new strategy for wealth succession planning? appeared first on Asian Private Banker.

As many Asian high net worth and ultra-high net worth families transition their businesses to the next generation, succession is becoming an increasingly pressing issue. Given that a lot of Asian businesses are in their first and second generation, a perceived lack of talent in future generations has become a hurdle, according to a recent report by Singapore Management University […]

The post Lack of talent in the next generation a major hurdle for Asian family businesses appeared first on Asian Private Banker.

When it comes to dividing and distributing Asian wealth, it is no secret that more often than not, sons are favoured over daughters. A myriad of reasons – all of them vociferously debated by succession planners and family members alike – have led to the bias. Can a new generation of inheritors, financial planners and products begin to level the […]

The post The daughter problem: fixing Asia’s gender bias in succession planning appeared first on Asian Private Banker.

Despite the Hermes tie and hand-tooled silver cufflinks, London-based Duncan MacIntyre, head of Coutts Private Office, is a man willing to roll up the shirtsleeves and get to work building an Asian ultra-high net worth (UHNW) business for a bank whose most famous clients in that segment include crowned sovereigns. Over coffee and croissants in Hong Kong, MacIntyre talks candidly […]

The post Straight Talk: Duncan MacIntyre, head of Coutts Private Office appeared first on Asian Private Banker.

Asia’s private banks, locked in an intense battle for client assets, are discovering that the best weapons in their arsenals may in fact be the most disarming ones. As an increasing number of women make the region’s private banking league tables, Asian Private Banker takes a closer look at the most relevant. What follows is a list of the most […]

The post Asia’s Iron Ladies appeared first on Asian Private Banker.

The Hong Kong government’s decision to sign a double tax agreement with Guernsey, sends a signal to the private banking industry that it is comfortable doing business with the offshore centre, according to Paul Christopher, managing partner in the Hong Kong office of law firm, Mourant Ozannes, which specialises in giving advice on the laws of BVI, the Cayman Islands, […]

The post Hong Kong, Guernsey tax agreement “positive sign” for HNWIs appeared first on Asian Private Banker.

With the Middle East’s US$710 billion of ultra high net worth wealth a top priority for private banks globally, American giant, Citi, has appointed a new team head for its family office business in the region. Anthony Habis joins Citi Private Bank as senior banker and team head for family offices coverage in the Middle East. In his new role, […]

The post Citi Private Bank appoints family office team head for Middle East appeared first on Asian Private Banker.

In an effort to assist relationship managers in their providing of swift and timely advice, Nomura Securities has selected its in-house wealth management systems solution from Nomura’s IT and consultancy subsidiary, Nomura Research Institute (NRI), for private bankers to monitor client assets. The new software, NRI Advisor Platform, will allow private bankers to access real-time information on financial positions, transactions […]

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Opportunities for Asia’s asset and wealth managers will be more pronounced in the region’s emerging onshore markets over the next few years, according to a report released by global rating agency, Fitch. Citing the region’s lack of homogeneity, the report’s authors noted that while East Asia’s assets under management (AUM) – for the asset management industry, specifically – grew by […]

The post Opportunities abound in emerging Asia’s onshore markets – report appeared first on Asian Private Banker.

Despite the Asian region boasting an estimated US$6.25 trillion in ultra high net worth wealth, one veteran private banker at a large European integrated bank believes new opportunities for business are drying up in Asia’s established wealth management hubs – including Hong Kong, Singapore, and Taiwan – and industry players which have yet to truly establish a foothold in the […]

The post “Less established” private banks best look to the Mainland, as Hong Kong and Singapore opportunities dry up – veteran private banker appeared first on Asian Private Banker.

Indonesia’s phoenix-like emergence from the Asian financial crisis was capped off this year by its return to investment-grade status – a sure sign that the archipelagic nation is set to take its place alongside the world’s most promising markets, bringing with it a substantial (US$106 billion in onshore wealth) opportunity for the private banking industry. Indeed, with an average 6% […]

The post Private banking in Indonesia: the pie has grown to a point where every player has enough to eat appeared first on Asian Private Banker.

“Across Asia in the next few decades, billions of dollars of newly minted wealth is set to be handed down to the next generation. A wealth transfer on this scale is unprecedented – raising the question of whether wealthy Asians are equipped to handle it and, more importantly, whether private bankers are offering the right support,” says Shayne Nelson, global […]

The post Shayne Nelson, CEO Standard Chartered Private Bank, gears up for Asia’s big wealth transfer appeared first on Asian Private Banker.

Approximately 50% of Barclay’s trust business in Singapore is from the non-resident India (NRI) client segment, and the bank expects that the demand for such services will spur the growth of the wealth management business in the near future. “We have seen an increase in demand for trust structuring services from our trust company in Singapore. Roughly 50% of Barclay’s […]

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The preservation of wealth is seen as the top priority for family offices worldwide, according to a recent survey by JP Morgan Private Bank conducted to single family offices. Of those surveyed, 73% identified preserving wealth as the most crucial consideration when managing assets. 22% and 23%, respectively, saw maximizing returns and minimising taxes as the most important aspect. With […]

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HSBC Private Bank is playing host to approximately 50 participants, aged mid-20s to mid-30s, from 13 countries throughout Asia and other regions at its Legacy Programme 2012 in Macau. The program aims to offer the next generation clients of the private bank a platform to think strategically on intergenerational wealth transfer and sustaining family wealth over the long-term. The programme […]

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As many of Asia’s ultra-high net-worth individuals (UHNWI) approach the end of their reign at the helm of their family businesses and get ready to pass the baton to the next generation, it becomes increasingly evident that succession without proper communication and structure could have calamitous consequences. 80% of all businesses in Asia are family-owned with the average age of […]

The post Family business succession in Asia: a “ticking time bomb” appeared first on Asian Private Banker.

Deutsche Bank Private Wealth Management’s erstwhile head of investment advisory for North Asia is the new head of investment products at Nomura’s wealth management division. In this newly created role, Bill Tsang will report to Singapore-based Koki Miura, Nomura’s head of wealth management and retail for Asia ex-Japan. At Deutsche, Tsang reported to Lok Yim, managing director and head of […]

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Tokyo-based Nikko Asset Management (Nikko AM) has appointed a new CEO following the announcement of the retirement of current chairman and CEO, Timothy F. McCarthy. Charles Beazley will replace McCarthy as CEO, effective April 1, as part of the Japanese asset manager’s long-agreed succession plan. Beazley joined Nikko AM in London in 2006 as the president of international offices before […]

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Paul Christopher, managing partner at Mourant Ozannes – the off-shore law firm that advises 19 of the top-20 global banks and was off-shore legal counsel for Glencore’s listing on the Hong Kong Stock Exchange last year, leads a team of five at the firm’s first Asian offices in Hong Kong. While Christopher has an established trust practice and acts for […]

The post Mourant Ozannes managing partner discusses trust and succession issues appeared first on Asian Private Banker.

WHAT DO YOU HOPE 2012 WILL BRING FOR THE PRIVATE BANKING INDUSTRY IN ASIA?   I have two hopes for the private banking industry in 2012. Firstly, from an industry perspective we would like to see that private wealth industry is given more of a voice within the regulatory framework. A good example of how this can be done has been […]

The post Hopes for 2012 for private banking industry in Asia appeared first on Asian Private Banker.

Withers have further expanded its Hong Kong office, and its Chinese-speaking team, with the appointment of Pearl Lam. Lam is a private client lawyer who specializes in estate planning, structuring tailor-made trust vehicles for large Asian families with worldwide assets for tax efficient and succession planning. She also advises on corporate reorganization and charitable trusts.  “Pearl is a seasoned practitioner. […]

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Australia’s second largest bank, Westpac, has made headlines globally by making a key new hire and announcing structural changes that it believes will help its growth plans. Brian Hartzer, the head of retail business for British bank RBS and former ANZ Australia chief executive, will join Westpac after he is relieved of his current responsibilities and has put in place […]

The post Westpac unveils aggressive plans, snares RBS’ chief of retail operations appeared first on Asian Private Banker.