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Few businesses offers such eye-watering opportunities for global banks right now as catering to Asia’s swelling millionaire class.
Kamet Capital Partners plans to maintain its cash holdings at about 40% of assets under management, its CEO said.
It has identified China, India and Indonesia as “core markets” together with Singapore and Hong Kong
VP Bank has been adding headcount in Singapore and Hong Kong, and is eyeing partnerships with a view to gaining more wealthy Chinese clients
The city-state’s goal of becoming a high-tech financial hub are running into real-world problems of labour supply and demand.
China has been minting billionaires at a faster rate than the U.S., drawing the attention of private bankers at firms like Morgan Stanley, UBS Group AG and Credit Suisse Group AG.
Chinese online payment firms Tencent Holdings Ltd. and Ant Financial, owned by billionaire Jack Ma, are both targeting DBS’s core markets of Southeast Asia and India for expansion.
Relationship managers who cater to wealthy clients in the region are running larger pools of money, with average assets run by each surging to an all-time high of $341 million last year in Asia, according to Asian Private Banker. Goldman Sachs Group Inc. topped the charts, with each private banker handling almost three times that amount.
Private banks in Asia grew assets under management by 29 percent last year to more than $2 trillion.
The private equity unit was initially profitable but its fortunes started to turn in late 2015, partly because of the plunge in the price of oil.