Asian wealth manager Bank of Singapore is upping the ante with its global rivals as it eyes capturing next generation and family wealth.
Bank of Singapore will address the growing appetite in the city-state for family and next generation wealth structuring, CEO Bahren Shaari said in an interview with «Bloomberg». Woon Shiu Lee, a managing director who currently looks after Bank of Singapore’s wealth planning and trust solutions, has been earmarked to lead the push into a market segment dominated by a select few players.
The family office service in Asia has until now been monopolized by global private banking giants such as Switzerland's UBS and Credit Suisse while U.S. firms J.P. Morgan, Citi and Goldman Sachs compete with the help of sophisticated investment banking support.
Building the Infrastructure
Bank of Singapore is establishing a framework outside its Asia Pacific home to serve family office clients. The wealth manager recently announced plans to hire as many as 25 private bankers in Dubai just one year after launching in the emirate, another hub for family wealth.
In February 2017, Zurich-based private bank Vontobel entered into a «First of its Kind» strategic agreement that allows Bank of Singapore clients to place their assets in Vontobel’s booking center in Zurich and have access to the Swiss wealth manager’s extensive range of European financial products and services.
European Push
Bank of Singapore, which runs its European business from London, is keen on a presence in Luxembourg. This would allow it to continue selling services across the European Union following the U.K.'s vote to break away from the bloc, as finews.asia reported.
No coincidence then that the bank recently hired Anthony Adriano Simcic from rival HSBC private bank in Luxembourg, Simcic who will remain in Luxembourg was first vice president and head of multi family offices with HSBC Private Bank.
