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March 16, 2022updated 17 Mar 2022 11:19am

Bank of America to bolster ESG investment team in Asia

Bank of America (BofA) is planning to beef up its ESG investment team in Asia in a bid to better tap into the evolving market, reported Bloomberg.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The bank is seeking to double its underwriting of green bond deals in China over the next two to three years, BofA China head Wang Wei revealed to the news agency in an interview.

Wei said that the bank aims to underwrite $50bn of green and sustainability-linked bonds, equities and loans for Chinese customers with carbon-neutral targets by the middle of the decade.

As part of the move, BofA plans to hire four new people for the current three-member team focused on ESG-based investing strategies in the region.

The bank is also accelerating its efforts in connection to projects and equity financing, hedging and investment products in Asia.

Wang was quoted as saying: “China will be paying huge attention to ESG in the next decades. It’s under immense pressure to develop the discipline.” 

In China, the bank is eyeing to offer seed money or other financing options in solar, wind and battery-making space.

It also plans to early stage high-emission firm involved in hydrogen and carbon capture technologies that will help phase out consumption of fossil fuel.

Meanwhile, China is said to be only a part of BofA’s wider ESG ambitions. In last April, the bank committed $1trn in financing to drive the shift to a low-carbon economy. It also committed an additional $500bn to address social investment goals.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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