Sun Hung Kai to Bulk up Wealth Unit
A Hong Kong brokerage firm has ambitious plans to bolster its wealth unit. It wants to add up to 100 relationship managers.
Everbright Sun Hung Kai recently launched a new service pursuing individuals with investable assets of HK$8 million. The firm is now set to recruit up to 100 client facing staff raising the team's overall strength to about 500, Kevin Tai, deputy chief executive, said in an interview with «Bloomberg».
The number of its existing clients with HKD8 million worth of investable assets rose 20 percent year-on-year during the first quarter of 2018. Total assets under management held by the company now stand at over HK$138 billion through subsidiaries, as of March 31, 2018.
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Tai also said his firm may add to its three outlets in Hong Kong and Macau, stressing in his interview that wealth management is a business that requires face-to-face services.
With its corporate roots in the buoyant Hong Kong real estate market many of Everbright Sun Hung Kai customers may have made healthy returns and are now looking for asset appreciation and protection.
