Singapore winning in wealth management battle with Hong Kong

“In Asia, private wealth has been woefully under-serviced,” said Duncan Smith, managing partner for Asia at the firm’s Hong Kong office. He added that this related both to a lack of service providers and the fact that Asian investors have historically tended to manage their own portfolios. “Asian investors are more entrepreneurial than the average Swiss investor,” he said. “They are looking for triple-digit returns rather than just beating inflation, and they are typically suspicious of wealth management services.” However, Smith added that there is now an emerging class of investors usin...