As highlighted by Steve Knabl, president of the Association of Independent Asset Managers (Singapore), on the back of a thriving local independent community more recently, it is time to prepare for the future, to take the industry to the next level.
Doing so requires an effort by independents along with private banks as custody platforms – and even the regulator – to drive greater industry collaboration and promote a more inclusive professional involvement.
This, believes Knabl, plus many other industry players, will in turn foster best practices in relation to regulations, digital integration, risk management and all peripheral industries. And this is essential, given the backdrop of the evolving economy populated by millennials and digital expectations
With a view to a 2020 vision for this segment of the industry, acquiring, building and harnessing new skills – such as digital – are critical success factors.
While Singapore has moved further and faster in this space, Hong Kong has a growing crop of independent firms which are now coming together under a local association too.
Ultimately, developing clear and sustainable business models that charge clients in a way which is in their long-term interests, relies on key elements. These include, for example, a sharing of knowledge, the formation of synergies and the creation of economies of scale through strong partnerships with all industry stakeholders.
Only by reflecting on where the industry has got to, and exchanging ideas on the possible path to the future, can the independent community evolve.
With such a willingness to do so, individual firms – as well as those custodians and third parties needed to support and facilitate growth – must ask themselves as a business where they think they will be in 2020, and what they need to do to get there.
Thank you to our partners
- AIAM Singapore
- Credit Suisse
- Global Precious Metals
- Henley & Partners
- Swiss Life
- Indosuez Wealth Management
- DBS Private Bank
- Enhanced Investment Products
- Ingenia Consultants
- J O Hambro Capital Management
- Pictet & Cie
- Principal Global Investors
- RBC Global Asset Management
- VP Bank