Singapore vs Hong Kong – the more effective financial hub in Asia
With the growing number of HNWIs in Asia particularly in China, a number of private banks are looking to expand their wealth management arm to tap into this increasing wealth by opening offices in Singapore and Hong Kong. Recently, Pictet Wealth Management opened its first branch in Hong Kong which will focus on providing wealth and asset management solutions to HNWIs and fund distribution services.
The Chief Executive Officer of Pictet Wealth Management in Asia, Mr Claude Haberer, said that Hong Kong’s strategic location helps the firm cover the Asian region more effectively, given in particular the city’s proximity to the growing number of high-net-worth individuals in Mainland China. “We all know that Hong Kong clients normally transact in Hong Kong and that wealthy Mainland Chinese come to Hong Kong for their financial operations. If you want to penetrate these two major markets, a bank in Hong Kong is a must.”
How big a role does China play in determining Asia’s financial hub? Will Hong Kong soon race ahead of Singapore and be the more efficient financial hub in the region?
Find out at Private Banking Asia 2013!
- Claude Haberer, Chief Executive Officer, Pictet Wealth Management Asia
- Amit Gupta, Chief Executive Officer, Southeast Asia, HSBC Private Bank
- Peter Flavel, Chief Executive Officer, J.P. Morgan Private Wealth Management Asia
- Joyce Phillips, Chief Executive Officer Global Wealth and Private Banking, ANZ
- Rohit Bhuta, Chief Executive Officer, Religare Macquarie Wealth Management
- Olivier Gougeon, Regional Chief Executive Officer, Societe Generale Private Banking, Asia Pacific