Bank of Singapore’s recent deal with Swiss lender Vontobel will provide it with a competitive edge by complementing existing HNW regional asset allocation preferences and allowing it to appeal to Asia Pacific’s HNW segment more effectively, according to GlobalData Financial Services
Bank of Singapore’s (BOS) strategic cooperation agreement with Bank Vontobel will enable the former’s clients to place their assets in the latter’s Swiss booking center and gain access to its product suite. This will prove attractive to high net worth (HNW) investors in Asia Pacific, who are among the keenest offshore investors globally.
According to our latest Global Wealth Managers Survey, HNW investors in Singapore hold almost half of their wealth offshore, the majority of which is booked in the US and Switzerland.
Our data further shows that general diversification benefits and access to a wider range of investments represent the main drivers for Singaporean investors to look for new homes for their wealth, making Switzerland a natural choice and Vontobel the perfect partner.
As a founding member of the Swiss Structured Products Association, the Swiss wealth manager prides itself on its ability to structure bespoke investment instruments. This will represent a big draw to Singaporean investors, who on average allocate over a quarter of their offshore wealth into alternative assets – in stark contrast to the global average, which sits at just above 5%.
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The partnership will allow BOS to work with the current investment preferences of its regional HNW clients, giving its private wealth brand a competitive edge in Singapore’s increasingly crowded wealth market.