Indosuez Wealth Management bulked up its operations in Asia in 2017. The firm believes that smaller competitors will be forced out of the market over the next five years.
Wealth managers have struggled to build scale and survive in Asia, despite the region's boast of being the fastest-growing wealth market in the world. Following acquisitions, Indosuez Wealth Management believes it has the necessary scale to push on, according to an interview with Singapore publication «The Business Times».
Paul de Leusse, CEO of Indosuez Wealth Management, told «The Business Times» that increasing regulatory demands and associated costs were factors that would push small players out.
Curbing Costs
In December 2017, Indosuez acquired the private banking operations of Crédit Industriel et Commercial in Singapore and Hong Kong. The bank increased its headcount to more than 400 from 250.
Pierre Masclet, the chief executive for Asia at Indosuez, told «The Business Times» his bank targeted an increase of assets in Asia of as much as 10 percent this year, while keeping the cost-income ratio below 80 per cent.
Assets under management at Indosuez in Asia stood at approximately 12 billion euros following the deal with Crédit Industriel et Commercial.
