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June 11, 2022

Legal & General, Santander extend partnership to wealth division

Legal & General Home Finance (LGHF) has expanded its existing tie-up with Santander to the bank’s UK wealth management division.

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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
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As part of the tie-up, LGHF will offer a range of later life mortgage options to Santander’s private banking clients, in addition to gifting and estate planning opportunities.

Launched in the UK in 2016, Santander Private Banking provides a spectrum of banking, investment and mortgage services to clients.

Santander Private Banking head of Private Banking Ben Covey said: “We are delighted to extend our partnership with Legal and General Home Finance so that we can refer Private clients for later life lending advice. There is growing demand for this type of lending and the referral service will be a valuable addition to our Private Banking service.”

LGHF joined forces with Santander in 2016 to provide later life lending solutions for the latter’s Interest Only (IO) clients seeking to repay the outstanding capital on their interest only mortgages without selling their homes.

The partnership also catered to clients who want to release equity from their property.

Commenting on the latest development, Legal & General Home Finance head of Business Development Paula Hughes said: “Our partnership with Santander has proven to be incredibly successful and has gone from strength-to-strength since it was established in 2016.

“Extending our partnership to work with Santander’s wealth division gives us a chance to support even more customers, including those who are considering using their property wealth to enhance their retirement income or perhaps to support younger family members.”

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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