GAM, the Swiss asset supervisor, has opened an workplace in Singapore, becoming a member of a rising listing of international asset managers which are rising their presence within the profitable Asian market.
The Zurich-headquartered agency has employed Terence Bong to go its operations in Singapore and the South East Asia area.
Earlier than becoming a member of GAM, Bong labored at Franklin Templeton, the place he was head of wholesale for South East Asia, the place he oversaw distribution of merchandise to non-public banks, unbiased monetary advisers, insurance coverage corporations and shopper banks throughout Singapore, Thailand and the Philippines.
GAM stated his appointment and the brand new Singapore workplace “underscores the significance of the Asia-Pacific area”, the place it has a longtime shopper base. GAM has present places of work in Hong Kong, Tokyo and Sydney.
Peter Sanderson, GAM chief govt, stated: “The institution of an workplace in Singapore, along with Terence’s appointment, represents an essential strategic step for the agency. We’re planning to develop our enterprise in Asia, together with by responding to rising shopper demand for sustainable options within the area.”
A number of international asset managers have grown their footprints in Asia just lately, significantly in China the place there’s a rising wealth administration market.
Goldman Sachs Asset Administration introduced on 25 Might that it’s going to accomplice with ICBC Wealth Administration, a subsidiary of the Industrial and Industrial Financial institution of China, to supply funding merchandise to Chinese language traders.
In accordance with Goldman Sachs’ personal analysis, investable belongings held by Chinese language households are set to cross $70tn by 2030, with about 60% of that allotted to “non-deposit merchandise” together with mutual funds and wealth administration autos.
Amundi, Europe’s largest asset supervisor, acquired regulatory approval to start operations in mainland China in November 2020, 9 months after it introduced a three way partnership with Financial institution of China’s wealth administration arm, wherein the asset supervisor holds a 55% stake.
In the meantime Baillie Gifford, the Edinburgh-headquartered asset supervisor, established an office in Shanghai last year.
To contact the writer of this story with suggestions or information, e-mail David Ricketts