Last months PBI Hong Kong Forum showed that optimism among Asia-Pacifics wealth managers has risen from the depths of last year Titien Ahmad highlights forum discussions including the motivations of Chinese high net worth individuals and the importance of customer-centric businesses.
A number of Asian private banks claim they are seeing signs the market is recovering after a tough 12 months for investment markets.In a media briefing, Fan Cheuk Wan, managing director and head of research Asia-Pacific for Credit Suisses Private Banking division, said: Asia is expected to lead the global recovery due to its low leverage and the financial flexibility it has to pump prime the economy.China and India offer the key engine to drive Asias secular growth trends
Despite the much-touted appeal of wealth management boutiques, they still need to prove to clients they are safe homes for assets, according to Justin Ong, head of PricewaterhouseCoopers Singapore wealth management practice He is also putting together the firms Asia-Pacific wealth report, to be released in September.Titien Ahmad (TA), Private Banker International: There is still a huge potential for wealth management in Asia considering that the market is still under-served How have the rules of private banking in Asia changed since the crisis?Justin Ong (JO): From the Asia perspective, private banks need to go back to basics
The media has had the effect of kicking the credit crisis into every household, according to the head ofLombard Odiers Middle Eastern operations, leading to more risk-averse strategies and increased demandson private bankers.
Singapore and Hong Kong authorities are keeping a keen eye on developments in Europe and the US as pressure continues to be applied on banking secrecy As senator of Illinois, Barack Obama included Singapore, along with Hong Kong and Switzerland, in the list of possible tax havens in the 2007 Stop Tax Havens Abuse Act.
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Now, it looks as if all those expensive advisers really are going to have to justify their sky-high salaries this coming year. Although 2006 and 2007 saw a seemingly inexhaustible demand for relationship managers commanding six-figure pay packages, 2008 looks to be a year of consolidation and quality control in the recruitment process, leading bankers indicate. Barend Janssens, head of ABN AMRO Private Bank, Asia, says that generally 2007 was a very good year for private banking
After spending 12 years in Asia, Nik Rossinsky, managing director and global market manager for SG Private Banking in the ASEAN markets, has seen his fair share of credit crunches. In fact, he was in the thick of the action in Indonesia during the 1997-1998 banking crisis.
The Singapore wealth industry has welcomed proposals by the city-states monetary authority to strengthen subsidies to a range of training programmes The move addresses the need to foster talent in one of Asias most important wealth hubs