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June 2, 2020

Standard Chartered hires head of global wealth management

By Patrick Brusnahan

Standard Chartered has appointed Marc van de Walle as global head, wealth management.

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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.

He will be based in Singapore and report to Benjamin Hung, regional CEO Greater China and North Asia, CEO retail banking and wealth management.

van de Walle joins the firm from Bank of Singapore, where he was most recently senior managing director and global head of products. he was also concurrently head of wealth management for OCBC. he has experience in running global products that supported Bank of Singapore’s private banking as well as OCBC’s retail clients, corporate strategy and business transformation.

The current global head of private banking and wealth management, Didier von Daeniken, will focus his time of running the private banking business.

Standard Chartered results

Standard Chartered’s  private banking arm registered a fall in Q1 2020 profit in line with the group profit that was dampened by increased loan provisions in the wake of the Covid-19 crisis.

Statutory pre-tax profit at the private banking unit decreased to $35m in Q1 2020 compared to $70m in the prior year.

Underlying pre-tax profit also nearly halved to $37m from $72m over the period.

However, operating income of $162m in the January-March quarter was 9% higher than the previous year figure.

Wealth Management contributed $116m to the income, which was up 23% from $94m a year ago.

Operating expenses remained stable at $124m.

At a group level, Standard Chartered’s profit attributable to ordinary shareholders dropped 12% year-on-year to $810m.

The banking group’s underlying pre-tax profit decreased 12% to $1.22bn from $1.38bn.

This was driven by a rise in bad loan reserves from $956m to $78m due to the Covid-19 pandemic.

In Greater China & North Asia, which has been affected hard by the pandemic, the bank’s underlying pre-tax profit dipped only 1% year-on-year to $650m.

Africa & Middle East reported an 83% plunge in underlying profit to $47m.

On the bright side, Europe & Americas swung to a profit of $101m in Q1 2020 compared to a $32m loss in Q1 2019.

The bank has displayed a somewhat positive tone on the recovery and hopes to come through the crisis with strength”.

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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