The Labuan International Business and Financial Centre (IBFC) aims to attract high net worth individuals from the Asia Pacific for its wealth management business.
Saiful Bahari Baharom, CEO of IBFC, told Malaysian news agency Bernama that its wealth management business has gained growth traction this year among wealthy individual Malaysians.
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"We offer a different value proposition from the major players in Singapore and Hong Kong. What we are offering is foundations or legal entities to house the assets of the founder or property owners," Baharom added.
Baharom added that wealth management specialists in Hong Kong and Singapore are offering trust services which provide a legal relationship, in which one or more persons hold the individuals assets subject to certain duties for the benefit of the beneficiaries.
Labuan IBFC as a jurisdiction offering investors a choice of common law trusts and civil law foundations will give Labuan an edge as a modern financial centre for wealth planning.
"The Labuan IBFC Wealth Management managed 86 registered foundations as of August 2013, which is for both private wealth management and charitable purposes. This is a substantial growth. As of December last year, we had 65 registered foundations," Baharom added.
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By GlobalDataBased on latest industry trends, it is estimated that the number of Malaysian high net worth individuals will more than double from the current 32,000 to 68,000 in 2015 and their net worth is expected to increase from US$140 billion to US$330 billion.
