Despite recent ‘sweeteners’ to the new asset and wealth management guidelines, the wealth management industry will likely consolidate as the new regs are adopted, according to Andrew Xia, chief research officer at NYSE-listed Chinese wealth manager Noah.
In 2017, total assets under management by the private banking and private wealth management business in Hong Kong hit $1trn (HK$7.8trn), while asset management was up 23%, according to the Securities and Futures Commission (SFC).
Wealth managers in China have to be more pro-active about promoting and educating clients about wealth preservation solutions, according to An Kelles, Hong Kong-based business development director for Greater China at Jersey Finance.
Wealth managers should go beyond a pure functional role and work more on the personal connection with high net worth clients, according to David Wilson, head of Asia wealth management at the consulting firm Capgemini.
Everbright Sun Hung Kai (EBSHK), a subsidiary of Hong Kong-listed Everbright Securities, has expanded its wealth management service to attract more high net worth clients in Hong Kong.
The NYSE-listed Chinese asset and wealth manager reported a strong 2017 and said that investible assets in China far outstrip the size of the mainland’s asset management industry.
Regulatory costs are expected to increase while clients increasingly prefer digital channels for financial advice, suggesting wealth managers rethink traditional business models, according to Elliot Shadforth, Hong Kong-based Asia-Pacific wealth and asset management leader at EY.
DBS Bank and Nanyang Technological University (NTU) Singapore have teamed up in a bid to build a sustainable talent pool of wealth management associates.
Various industry bodies of Hong Kong and Switzerland have signed MoUs in the Swiss capital to strengthen development of the private wealth management industries in both jurisdictions.
UBS Wealth Management was the biggest private bank in Asia-Pacific in 2016 for the fifth year in a row, according to a survey by UK-based Private Banker International.
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