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Tag: wealth

  • UBS Mulls Iqbal Khan as Sole Wealth Management Head

    UBS Mulls Iqbal Khan as Sole Wealth Management Head

    The Swiss bank could be considering ending the co-management of its global wealth unit as it places its potential leader into position for the future.

    UBS is currently evaluating whether to promote Iqbal Khan as the sole head of the global wealth management business.

    The current co-head of the wealth management business, Tom Naratil, may keep his current role as head of the UBS business in the Americas, the news service said, citing people with knowledge of the matter.

    The step could also serve to position Khan as current UBS chief executive Ralph Hamers’ successor, although no final decision has been made yet, it said.

    Given that Hamers has only run UBS for two years, the management change is unlikely to be imminent, the report added. Khan came to UBS from Credit Suisse in 2019, where he ran that bank’s international wealth management business.

    Naratil originally started working for PaineWebber in 1983, a US brokerage purchased by UBS in 2000. He was previously the UBS chief financial officer and chief operating officer in Zurich before returning to manage the US wealth business in 2016.

  • UBS Nets Southeast Asia Wealth Planning Veteran

    UBS Nets Southeast Asia Wealth Planning Veteran

    UBS Global Wealth Management to bolster Southeast Asia wealth planning capabilities with a 20-year veteran. Michelle Lau will join UBS Global Wealth Management (GWM) as its head of wealth planning, Southeast Asia.

    Based in Singapore, Lau will start her new role in the third quarter of 2022.

    Lau is a seasoned veteran with 20 years of experience at HSBC Private Bank where she held various roles including APAC regional head of wealth planning. After last spearheading the ultra-high net worth desk at HSBC Singapore, she joined IPG Howden as its Southeast Asia chief executive to oversee the region, together with the Middle East.

    Wealth Planning Demand

    Private banks continue to focus on enhancing wealth planning capabilities in order to cater to client demands as part of an expected large-scale generational transfer of wealth transfer in Asia expected to total $2.54 trillion by 2030, according to a report by Wealth-X.

    We are confident that Lau will elevate our wealth planning offerings to the next level, accelerate our life insurance positioning and continue to develop and build the team to provide holistic coverage on all ‘legacy-related’ topics to our clients, said UBS GWM’s APAC co-head of advisory & sales and client services Dino Rinaldi in the memo.

    A spokesperson for the bank confirmed the contents of the memo.

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  • Vietnam gold prices rise to new record

    Vietnam gold prices rise to new record

    Gold prices in Vietnam hit a new peak Monday ahead of the God of Wealth Day amid surging demand.

    Saigon Jewelry Company (SJC) sold its gold at VND63.5 million ($2,801.49) per tael Monday afternoon, up 1.02 percent from Friday. A tael equals 37.5 grams or 1.2 ounces.

    Prices at another major reseller, DOJI, stood at VND63.4 million.

    The increase came ahead of the annual God of Wealth Day on Friday. This is the time when Vietnamese often purchase gold with the belief that the metal could bring good fortune to their business and family through Lunar New Year.

    Global gold prices hit a more than the one-week peak of $1,812.80 per ounce Monday, as inflationary pressures due to surging oil prices helped cushion the impact of a U.S. Treasury yield rally after an upbeat jobs report.

    “Gold is getting a little bit defensive, realizing that we could be in this state for hyperinflation,” Stephen Innes, managing partner at SPI Asset Management said.

  • UBS Acquires U.S. Digital Wealth Platform for Affluent Segment

    UBS Acquires U.S. Digital Wealth Platform for Affluent Segment

    UBS has agreed to acquire California-headquartered digital-only wealth platform Wealthfront, amidst broader plans to tap into the affluent segment worldwide.

    UBS has signed an agreement to acquire Wealthfront in an all-cash transaction valued at $1.4 billion, according to a statement.

    The deal will allow UBS to accelerate its growth plans in the U.S., increase reach into the affluent segment as well as expand distribution and other capabilities.

    Wealthfront complements our core business in the U.S. providing wealth management to high net worth and ultra-high net worth investors through trusted relationships with financial advisors, and will enhance our long-term ambition to deliver a scalable, digital-led wealth management solution to affluent investors, said UBS group chief executive Ralph Hamers.

    After the transaction, which is expected to complete in the second half of 2022, Wealthfront will become a wholly-owned subsidiary of UBS and operate as a business within UBS Global Wealth Management Americas.

    Based in Palo Alto, California, Wealthfront is a digital-only platform providing access to financial planning capabilities, banking services and investment management solutions with a focus on affluent millennial and ‘Gen Z’ investors.

    Currently, Wealthfront has over $27 billion of assets under management with more than 470,000 clients in the U.S. Following integration, Wealthfront clients will also benefit from access to UBS’ wealth management capabilities including content from its chief investment office, its global footprint alongside its shelf of products and services.

    The newly signed agreement follows recent comments by Hamers about UBS’ plans to target mass affluent customers worldwide via an offering that combines digital capabilities and access to human advice.

    It is clear that we should cater for the entrepreneurs, but we should also cater for that segment of the market that may not be completely digitally engaged, but also doesn’t want to have 100 percent client-advisor coverage, but something in the middle, he said during the bank’s third-quarter results last year, calling the segment a sweet spot.

    According to Hamers, the plan is to first make a push in the U.S. before rolling out an offering to target affluent clients globally.

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  • UBS Extends Partnership With Private Equity Fintech

    UBS Extends Partnership With Private Equity Fintech

    Switzerland’s largest lender is expanding its partnership with the iCapital Network platform to serve wealthy clients in Switzerland and Asia.

    UBS global wealth management is strengthening its ties to iCapital Network to gain access to the technology company’s data and analytics platform for private markets, according to a statement Thursday.

    Details of the deal were not announced.

    The platform, which automates the lifecycle of private market investments, enables UBS wealth managers to access data related to private equity, private debt, and real assets.

    The two parties, engaged in a strategic partnership since 2017,  expect the appetite for the asset class among high net worth individuals to grow, the statement says.

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  • Singapore Banks Joins China’s Wealth Management Connect

    Singapore Banks Joins China’s Wealth Management Connect

    DBS and OCBC have announced partnerships as part of the cross-border wealth management scheme between Hong Kong and China.

    DBS Bank (Hong Kong) will be working with the Postal Savings Bank of China (PSBC), while OCBC Wing Hang Bank, OCBC’s Hong Kong subsidiary has tied up with China’s Ping An Bank to provide wealth-management services in the Greater Bay Area under the Wealth Management Connect scheme.

    The link, which was announced in September, residents of special administrative regions Hong Kong and Macau will be allowed to buy investment products from the remaining nine Greater Bay Area cities, and vice-versa.

    A total of 300 billion yuan ($46.5 billion) has been set as the aggregate quota for the two-way channel – 150 billion yuan each – with a limit of 1 million yuan per individual investor.

    DBS Hong Kong is the group’s largest franchise outside Singapore, while PSBC is one of the largest state-owned banks in China, targeting agriculture, rural areas and farmers, urban and rural residents, as well as small and medium-sized enterprises.

    Greater China is the second-largest market for OCBC after Singapore, while Ping An is among the top banks in China.

    However, DBS is currently only allowed to sell products via the southbound route, while OCBC can provide two-way services under the scheme.

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  • Hong Kong and Macau Announce Wealth Connect Bank List

    Hong Kong and Macau Announce Wealth Connect Bank List

    China’s two special administrative regions announced their list of eligible banks to participate in the cross-border wealth management scheme.

    In Hong Kong, HSBC, Standard Chartered, Citi and more were amongst those on the list of 19 approved banks, according to an announcement yesterday from the city’s central bank.

    Three banks – Bank of East Asia, DBS and Dah Sing Bank – were only allowed to sell products via the southbound route.

    Considering that it will be the first time for retail investors to conduct cross-boundary investments, we will closely monitor the operation of the cross-boundary Wealth Management Connect and step up investor education and investor protection work together with the industry, said Hong Kong Monetary Authority chief executive Eddie Yue Wai-man in a statement.

    Concurrently, Macau’s central bank also announced its list of seven lenders approved for the cross-border scheme earlier this week.

    Bank of China, Bank of Communications, China Construction Bank, China Guangfa Bank, CMB Wing Lung Bank, ICBC and Luso International Banking were approved to launch services in the Wealth Connect program as of yesterday, according to the Monetary Authority of Macau. z

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  • BNP Paribas in Talks to Form China Wealth Management JV

    BNP Paribas in Talks to Form China Wealth Management JV

    BNP Paribas’ asset management arm is reportedly in talks with a Chinese «big four» bank to form a wealth management joint venture in the mainland.

    BNP Paribas is in talks with Agricultural Bank of China’s (AgBank) wealth unit to form a wealth management joint venture, according to a report citing unnamed sources.

    BNP Paribas is expected to hold majority stakes in the joint venture.

    BNP Paribas joins the likes of Blackrock, Goldman Sachs and other global financial institutions seeking to tap into China’s $19 trillion wealth management market.

    French rival Amundi had initially discussed venture plans with AgBank but ultimately chose Bank of China as its partner.

    AgBank and other major state banks face political pressure to form wealth management joint ventures, the report added, indicating China’s willingness to open up.

    Within mainland China, BNP Paribas Asset Management already owns a Chinese mutual fund venture.

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  • Singapore Wealth Fund Posts Best Performance Since 2015

    Singapore Wealth Fund Posts Best Performance Since 2015

    Strong asset performance amid the pandemic and exits through initial public offerings by portfolio companies boosted the fund’s performance.

    GIC, whose investment performance is measured using a rolling 20-year real rate of return, posted an annualized USD nominal rate of return of 6.8 percent for the period that ended 31 March 2021, or 4.3 percent accounting for inflation, it said in the announcement. In 2015, it recorded a return of 4.9 percent.

    Asia excluding Japan took up 26 percent of GIC’s portfolio, up from 19 percent a year earlier, while emerging markets comprised 17 percent, up from 15 percent. At the same time, its Japan exposure fell to 8 percent, from 13 percent the year before, according to its annual report. Its largest region by exposure continued to be the U.S., at 34 percent. The fund manages in excess of $100 billion in assets, though exact figures are not available.

    GIC said it is cautious about the macro outlook in the long term, given rising inflation, elevated asset valuations, more fragile fundamentals in the global economy and less policy room.

    Chow Kiat, GIC chief executive officer, said GIC is positive on the micro prospects, given new areas of growth that are driven by increasing emphasis on sustainability, accelerating technological transformation, and growing needs for businesses to reconfigure their supply chain.

    Earlier this year, GIC opened its 11th office globally in Sydney, Australia, saying it would be seeking investment opportunities in the country.

    The fund has also been loading up on crypto assets of late. So far this year, GIC has taken stakes in U.S. based digital asset bank Anchorage; BC Group, the parent company of regulated crypto exchange OSL; and blockchain analysis company Chainalysis.

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  • HSBC Names Malaysia Head of Wealth and Personal Banking

    HSBC Names Malaysia Head of Wealth and Personal Banking

    HSBC has appointed a successor for the role of wealth and personal banking head in Malaysia after it was left vacant for three months.

    HSBC named Renee Bullock-Cann as head of wealth and personal banking (WPB) in Malaysia, according to a statement, succeeding Tara Latini who was named head of WPB in the U.S. in April.

    Bullock-Cann reports to HSBC Malaysia chief executive Stuart Milne and APAC regional head of wealth and personal banking Greg Hinston.

    Bullock-Cann was most recently the head of distribution for WPB in Malaysia after relocating to the country in 2019. Previously, she was head of WPB for HSBC Bermuda.

    According to HSBC, Malaysia is a priority market for the bank which has made various investments including $18 million from 2018 to 2020 to improve branches and client experience; $40 million from 2021 to 2023 to add tech capabilities to branches; the creation of 200 new roles; and the roll-out of various digital services.

    Our ambition is simple: we want to be the bank that Malaysians turn to for their international needs, Milne said.

    We will leverage our unparalleled international network, enhance our range of wealth solutions and focus on building our digital capabilities including our mobile functionality, our in-branch technology, and our people’s digital skills.

  • Maybank CFO to Head Malaysia Sovereign Wealth Fund

    Maybank CFO to Head Malaysia Sovereign Wealth Fund

    He takes over from Shahril Ridzuan who will be departing to pursue his personal interests.

    Malaysia’s Khazanah Nasional has appointed veteran banker Amirul Feisal Wan Zahir as managing director, effective 16 July, it said in a statement on Tuesday.

    Zahir, 51, began his career at auditing firm KPMG and later joined Citi in the Kuala Lumpur, Singapore and Hong Kong offices until 2004. He joined Maybank in 2008 as head of investment banking but left two years later for government fund manager Permodalan Nasional as executive vice-president of special projects. He rejoined Maybank in 2014 as group head of global banking and was made CFO in 2016.

    Kazanah’s portfolio includes a commercial fund, with a realisable asset value (RAV) of 95.3 billion ringgit ($22.94 billion), and a strategic fund with a RAV of 27.9 billion ringgit ($6.72 billion), as of end-2020.

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  • UOB Taps Digital Innovation to Grow Wealth Franchise

    UOB Taps Digital Innovation to Grow Wealth Franchise

    The bank aims to double its wealth fee income by 2026, which translates to a compound annual growth rate of over 15 percent over the next five years.

    UOB is hoping get more of its customers to kickstart their investment journey by expanding its digital wealth offerings and investing in digital innovation, particularly as customers in the region are increasingly affluent but still underserved.

    On Thursday, the bank launched «SimpleInvest» on its UOB Mighty app, which aims to help customers grow their wealth via Liquidity, Income or Growth solutions that places their funds in either UOB Asset Management’s United SGD Money Market Fund, or a basket of actively managed funds by renowned international asset managers such as Allianz, Fidelity International, J.P. Morgan Asset Management, Schroders and UBS Asset Management.

    The digital self-serve solution was developed to lower the barriers first-time investors encounter when starting their investment journey, Jacquelyn Tan, UOB’s group head of personal financial services, said at a media launch.

    According to the bank’s, many of its customers who are new to investing think it is difficult and require significant sums, or do not have the knowledge or confidence to do.

    The bank is also hoping that the personalization of wealth management for each customer, such as by providing them information and insights that are relevant to their needs and lifestyle choices, based on their banking patterns, will enable them to have the confidence they need to make wiser financial decisions.

    To reach its wealth management targets, UOB will be investing S$200 million ($148.74 million) in digital innovation over the next three years.

    It will also be progressively rolling out its suite of digital wealth solutions across the region, and targets one in four of its customers across the region to tap on its digital wealth solutions.

  • Citi Boosts Wealth Ambitions With Family Office Hire

    Citi Boosts Wealth Ambitions With Family Office Hire

    The wealth planning specialist catering to ultra high net-worth individuals began her career 16 years ago as a wealth management associate at Citi.

    Faye Ong, previously head wealth planning for South Asia at Union Bancaire Privee, has rejoined the bank as head of the family office advisory, private capital group, according to a LinkedIn post on Wednesday.

    Citi has been investing in growing its offerings for family offices, which have proliferated in Singapore in recent years, that reported the news, noted.

    A bank spokesperson confirmed the hire.

    Citi has placed its bets on four wealth hubs, which includes Singapore, as it consolidates its operations globally.

    Citi has previously stated its intentions to double its wealth management market share in Singapore from the current 5 percent, and triple the number of clients by 2025. To achieve this, it is looking to hire over 330 relationship managers.

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  • Citi Boosts Hong Kong Wealth Headcount

    Citi Boosts Hong Kong Wealth Headcount

    Citi unveiled its hiring plans for its wealth management business in Hong Kong – one of the few remaining markets the bank will place its renewed focus on after announcing a series of planned exits.

    Citi will look to hire up to 500 people in its Hong Kong wealth unit, according to a statement.

    The hires will include 300 relationship managers in the next five years as part of plans to triple the number of clients and double assets under management (AUM) by 2025 in Hong Kong.

    With various Greater Bay Area initiatives, such as Wealth Management Connect on the horizon, the opportunities are strong for further client-led growth in Hong Kong wealth management,» said Hong Kong chief executive and consumer business manager Lawrence Lam.

    Hong Kong is one of the four wealth hubs where Citi will operate its consumer banking business after it announced planned exits to 13 markets in Asia and EMEA.

    The remaining hubs are London, UAE and Singapore where it also aims to triple its clients and double AUM by 2025.

    The latest Hong Kong hiring ambitions for the Hong Kong wealth unit follow previously announced plans to hire up to 1,700 people across businesses in the city.

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  • Hong Kong Cross-Border Wealth Scheme Delayed by Pandemic

    Hong Kong Cross-Border Wealth Scheme Delayed by Pandemic

    Banks looking to capitalize on wealth management opportunities from the Greater Bay Area will have to wait until travel bans are lifted, according to the Hong Kong Monetary Authority.

    HKMA chief executive Eddie Yue said that the existing travel bans make it difficult to launch the ‘Wealth Management Connect’ scheme – a cross-border channel that will allow mainland residents of the 11-city cluster to invest in Hong Kong and Macau-based wealth management products.

    Under the current rules, investors seeking such products must physically open an investment account in person for the financial firm to share relevant information and risks.

    The overall scheme allows an individual investor quota of 1 million yuan ($150,000) each and an aggregate quota of 300 billion yuan (US$45 billion) for north and southbound fund movements.

    While it remains to be seen when travel restrictions will be removed – Hong Kong recently recorded another wave of coronavirus cases that led multiple banks to advise employees to work from home – HKMA is actively working with Beijing to simply the process for cross-border account opening.

    According to Yue, a simpler process could be introduced which would require only one-time cross-border travel, compared to the current practice which requires a plethora of documents and often multiple visits.

    Other cross-border initiatives that the HKMA is focused on include the southbound segment of the bond connect scheme which is planned for a launch in the second half of 2020 after the northbound segment was introduced in 2017. Unlike the wealth management connect scheme, cross-border trading does not require physical travel.

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