Business Correspondent Investors are increasingly spreading their assets across various markets to reduce risk from global uncertainties, which presents more opportunities for banks to capture wealth flows, said two senior bankers from HSBC.
The next generation of business leaders are also thinking about what a sustainable future means for their firms, which has led to geographical diversification of not just their companies' operations but also their personal wealth.
Mr Tommy Leung, HSBC's head of global private banking for South Asia, encompassing South-east Asia and India, said patriarchs or matriarchs in wealthy families often kept to their core markets. "But now, the next gen is quite happy to look outside their core market."
HSBC can play a role by helping these clients look for target firms in renewable energy sectors, in places like Australia and China, he said.
Investors are also choosing to have "more pockets of wealth everywhere" rather than simply moving their wealth from one destination to another, he said.
"Historically, Hong Kong and Singapore have been the two most popular booking centres but, now, more and more clients are interested in Switzerland, in the UK, or even farther," he added.
American, European and Middle East clients looking to place their assets in Hong Kong and Singapore to tap the opportunities in Asia. So we have seen diversification go both ways."
Separately, a McKinsey article on Sept 6 noted that wealth flowing into Hong Kong and Singapore is mainly coming from elsewhere in Asia, but there will likely be increased wealth flows from Europe and North America as many global investors see Asia as a safe haven for portfolio diversification.
Diese Geschichte stammt aus der September 11, 2024-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der September 11, 2024-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
SHINING LIGHTS AT MUSEUM GALA
American actress Blake Lively, model Kaia Gerber and reality TV star Kim Kardashian took pictures under the lights, posing against a backdrop of more than 200 restored street lamps from Urban Light, an installation by American artist Chris Burden that served as a stand-in for a red carpet.
Body of One Direction star Liam Payne flown home to Britain
BUENOS AIRES - The father of former One Direction star Liam Payne, who fell to his death from a Buenos Aires hotel balcony in October, began repatriating the singer's body to Britain on Nov 6, a police source told AFP.
Live streamers apologise to Chan Brothers for online statements against the travel agency
More Singapore-based live streamers have reached a private settlement with Chan Brothers Travel and issued public apologies for the online statements made against the local tour agency's services.
US presidential election: A-listers fail to win votes for Kamala Harris
LOS ANGELES - A raft of celebrities - from American singers Taylor Swift and Beyonce to actors George Clooney and Harrison Ford - proved unable to prevent Ms Kamala Harris' crushing defeat in the United States presidential election, underlining the limited impact of sweeping star endorsements on voters.
SOLE MATE: BIRKENSTOCK'S FOOT-CARE LINE
Birkenstock's new foot-care products with skin-loving ingredients. PHOTO: BIRKENSTOCK
Prada Outpaces fashion rivals on Miu Miu's Gen Z appeal
UNITED STATES - Prada defied a luxury industry slump last quarter as fashion fans snapped up Miu Miu's Arcadie handbags and cashmere cardigans.
Go ahead, paint on my designer bag
Luxury handbags have become the canvas of choice for artists and art lovers
AROMA ALCHEMY: TIGER BALM'S AROMATHERAPY LOTIONS
For generations, Tiger Balm has been Asia's secret weapon - grandma's cure-all in a jar, packed with herbal goodness that can tackle anything from a stubborn headache to post-workout aches.
K-BEAUTY 'HANOK': KSISTERS' NEW LIFESTYLE STORE
Stepping into Ksisters' first boutique in Wheelock Place feels like entering a slice of Seoul.
BUSY 2025 AWAITS TAN
Boccia star will start preparations for new season in December after two-week break