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October 29, 2020

Crossinvest (Asia) gets former EFG Bank executive as new owner

Ex-EFG Bank executive Cem Azak has become the new majority shareholder of privately-owned wealth manager Crossinvest (Asia).

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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.

Azak’s background

Azak, who joined as the executive chairman at Crossinvest, has worked in the investment banking and wealth management space in the UK, Germany, Switzerland as well as Singapore.

He spent over five years as the senior managing director and market head international at EFG Bank. He was also part of the bank’s private banking council.

Previously, he worked as the executive director and head of Europe, Middle East & Africa (B) at DBS Private Bank in Singapore.

He also had a decade-long stint at Barclays.

Priorities ahead

Crossinvest believes that the change in ownership will offer it more resources to improve its private equity and venture capital units and also support the development of its family office services.

The firm further stated that the change will offer it better access to investment products with Azak’s network of UHNW individuals and families in London, Frankfurt, New York, Zurich, Dubai, Hong Kong and Singapore, among others.

Additionally, Crossinvest reiterated its commitment to digitised wealth management services and sustainable investing.

Azak noted: “Whilst we continue to focus on investing across the global financial markets with access to multi-asset class solutions, Crossinvest (Asia) will also be offering more private equity and venture capital opportunities for our clients.

“This could include financing solutions and investment opportunities for clients’ companies as well. I like to call it “private investment banking”. We aim to be a “one-stop-shop” for our clients where they can receive comprehensive advice and integrated solutions for all their needs – from investment needs to business financing needs, from wealth planning to legacy planning.”

Set up in Switzerland in 1985, Crossinvest secured a fund management licence from the Monetary Authority of Singapore in 2005. Besides, the firm is a founding member of the Association of Independent Asset Managers Singapore.

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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