Standard Chartered has unveiled an ambitious plan to bolster its wealth management services in Hong Kong, Singapore, and the UAE by hiring more relationship managers by 2028. This initiative is part of a broader five-year strategy aimed at managing an additional US$200 billion in client assets. CEO Judy Hsu announced a significant 50% increase in staffing within the wealth management division, reflecting the bank's commitment to expanding its presence in these key markets [a799bbd5].
The bank also plans to double its investment in wealth management to US$1.5 billion, emphasizing its focus on high-net-worth clients with over US$10 million in assets. This strategic move comes as Hong Kong accounted for 34.4% of Standard Chartered's US$1.8 billion profit in Q3 2024, with the wealth management unit contributing 41% to the group's overall profit [a799bbd5].
In addition to Hong Kong and Singapore, the expansion will target selected cities in mainland China, India, Malaysia, and Taiwan, further solidifying Standard Chartered's position in the competitive wealth management landscape in Asia [a799bbd5].
This announcement coincides with Barclays' recent decision to re-enter the Singapore wealth management market by 2026, indicating a growing trend among banks to enhance their wealth management offerings in Asia's thriving financial hubs. Barclays aims to establish an offshore booking center in Singapore, specifically targeting ultra-wealthy clients and family offices [7f5a06b1].
As both banks ramp up their wealth management capabilities, the competitive landscape in Asia is expected to intensify, with more global financial institutions recognizing the potential of this vibrant market. The influx of wealth in the region, driven by an increasing number of high-net-worth individuals, presents significant opportunities for banks like Standard Chartered and Barclays to expand their services and capture a larger share of the market [7f5a06b1][a799bbd5].