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Asia’s Wealth Management Industry Must Embrace Technology to Connect with New Generations of Wealthy in Changing Global Environment
Press Releases
Financial Times and Labuan International Business and Financial Centre
Host Third FT Asian Wealth Management Summit 2015
SINGAPORE, 4 November, 2015 - Financial Times and Labuan International Business and Financial Centre (Labuan IBFC) today hosted the third FT Asian Wealth Management Summit at The Fullerton Hotel in Singapore. The Summit shed light on what the fast-changing global environment means for the wealth management industry and how firms can better understand and connect with Asia’s wealthy.

Focused on understanding Asia’s growing high-net-worth population, speakers and participants debated the direction of the industry in the next 18 months and how to stand out in an increasingly competitive environment.

Exploring insights and tools to acquire and retain the growing high-net-worth market segment in Asia, panellists discussed how to harness technology and leverage social platforms to connect with the younger generation as well as the rise of user-friendly automated wealth management tools and other interactive applications.

Danial Mah Abdullah, Interim CEO, Labuan IBFC said, “In coming years the growing wealth in Asia Pacific will correspond with rising demand for more innovative wealth management products and solutions. Indeed, the demands and the sophistication of Asia Pacific's rich and ultra-rich are compelling the wealth management industry to change or realign business models, increase the use of technology, and offer innovative solutions. Wealth owners are pursuing customised solutions and at the same time seeking relevant real-time analytics to both increase and preserve wealth. This requires wealth managers and related service providers to know and understand the needs of their clients, a task made more difficult by the diversity of clients and their needs.

“As the growth of wealth in Asia continues its upward trend, it presents a tremendous opportunity not just for the wealth management industry but also for financial centres. In this regard, Labuan IBFC is strategically placed to cater and tap on this growth in demand. Labuan IBFC’s comprehensive wealth management solutions for investment, asset protection and succession planning continue to entice high net-worth individuals to use the centre, as evidenced by the double digit growth in the number of wealth-related structures.”

Danial Mah Abdullah, Interim CEO of Labuan IBFC, delivering his welcome remarks at the event.

The Summit was co-chaired by Yuri Bender, Editor-in-chief, Professional Wealth Management, and Lucy Colback, Asia Lex editor, both from the Financial Times.

Yuri Bender, Editor-in-chief, Professional Wealth Management said, “Private banks, and especially those in this region have made huge progress during the last two years in developing new technology-powered channels for communicating with clients. Those based in Asian innovation hubs such as Singapore and Seoul are paving the way for the global industry and as the region’s wealth continues to grow, will increasingly secure global attention. This year’s expanded Summit has been a valuable opportunity to exchange ideas and share knowledge across the breadth of Asia’s wealth management industry and I am excited about the future of the industry in our ever changing global environment.”

More than 200 C-suite and director-level executives attended the Summit from across Asia’s leading private banks, investment banks, asset management firms as well as family offices.

Distinguished speakers that took part in today’s Summit included the following:

  • Danial Mah Abdullah, Interim CEO, Labuan IBFC
  • Ligia Torres, Head of Asia Pacific and Emerging Markets, BNP Paribas Investment Partners
  • Paul Hodes, Asia Pacific Head of Consumer Bank Wealth Management, Citi
  • Ernest Leung, Chief Executive Officer, Singapore, BNP Paribas Wealth Management
  • Michel Longhini, CEO Private Banking, UBP
  • Satya Narayan Bansal, Chief Executive Officer, Wealth & Investment Management India, Barclays
  • Anant Deboor, Managing Director Singapore, The Partners
  • Geoffroy De Ridder, Managing Director and Operating Head, UBS Wealth Management Asia Pacific
  • Gerald Mackenzie, Director, Digital Business and Channel Development, Credit Suisse
  • Tan Su Shan, Group Head, Consumer Banking and Wealth Management, DBS Bank
  • Andrew Chan, Head of Trust & Fiduciary Services, Greater China, Standard Chartered Private Bank
  • Claude Haberer, Chief Executive Officer Asia-Pacific, Pictet Wealth Management
  • Carolyn Leng, Head, Private Banking Malaysia, CIMB
  • Febby Avianto, Head of Private Banking Asia, Falcon Private Bank
  • Lily Chan, Executive Director, Alternative Capital Markets Group, Goldman Sachs Private Wealth Management
  • Jon Reade, Managing Director, Art Futures Group
  • Tan Min Lan, Managing Director, Head APAC Investment Office, Chief Investment Office, UBS Wealth Management Asia Pacific
  • Vincent Duhamel, Head of Asia, Lombard Odier
  • Hans Hanegraaf, Country Executive, ABN Amro Bank NV Singapore, & Chief Executive Officer, Private Banking Asia & Middle East, ABN Amro
  • Nadav Lehavy, Managing Director, SandAire Singapore
  • Edward Son, Strategic Planning Manager, Private Banking Division, KEB Hana Bank

For further information, please contact:

Edelman
Karis Everhart
Manager
T: +65 9625 0145
Financial Times
Rhonda Taylor
Communications Manager, Asia Pacific
T: +852 2905 5519
Labuan IBFC
Farah Jaafar-Crossby
Director, Strategic Communications
T: +603 2773 8978
Audrey Liew
Manager, Media and Communications
T: +603 2773 8977

About the Financial Times:
 
The Financial Times, one of the world’s leading business news organisations, is recognised internationally for its authority, integrity and accuracy. Providing essential news, comment, data and analysis for the global business community, the FT has a combined paid print and digital circulation of 737,000. Mobile is an increasingly important channel for the FT, driving almost half of total traffic.

About Labuan International Business and Financial Centre (Labuan IBFC):
 
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
 
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors the benefits of a leading international financial centre with access to Malaysia’s network of over 70 double taxation treaties. As a leading midshore jurisdiction, investors enjoy the benefits of Labuan’s efficient fiscal framework and market-friendly business environment, supported by professional service providers specialising in all aspects of insurance, takaful, international tax, trust and law.

Located off the North West coast of Borneo, Labuan IBFC is a leading jurisdiction for conventional and Islamic financial services.
 
Please visit:www.labuanibfc.com
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