Swiss private banking giant Credit Suisse has opened a wealth institute in One Raffles Link in Singapore, Straits Times has reported.
The institute will train staff members locally and from across the bank’s regional and global network.
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According to the publication, the wealth institute will also host educational sessions for clients on issues related to managing their wealth.
Singapore has overtaken Switzerland, emerging as the world’s fastest-growing wealth management center.
According to data from research group WealthInsight, Singapore’s wealth management industry grew 22% in 2012 to SGD1.63 trillion (US$1.29 trillion), and its share of global offshore wealth is expected to outstrip Switzerland by 2020.
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