Asia's wealthy are defined by young demographics and ambitious entrepreneurs, forcing private bankers to rethink their models, according to Shayne Nelson, CEO of Standard Chartered Private Bank.
DBS Private Bank hires veteran Chan Kwee Him to spearhead the growth of its high-net-worth business in Indonesia, and also names Bryan Goh as head of alternatives.
A Societe Generale Private Banking survey finds that ultra-HNWI have increased their due diligence following the financial crisis and are putting more emphasis on trust and transparency than on high returns.
With the volatility in the equity markets and the uncertainty over the economic outlook, Asia’s wealthiest people are putting their cash to work in the bond markets.
The ranks of the truly wealthy have swelled, with Asia-Pacific leading the recovery, according to the Merrill Lynch Global Wealth Management/Capgemini World Wealth Report.