Perhaps most pressing in the country is the continued need to overhaul the business model across the wealth management industry, while creating the right type of (longer term) revenue – which will help to increase the penetration of products and retain more assets onshore.
A desire for more diversified portfolios, partly driven by the need for transparency, is enabling leading wealth managers in the country like CIMB Private Banking to bring its proposition more in line with global best practices, says Carolyn Leng.
Growing both the asset and client bases in a thoughtful and structured manner rank among the top priorities for the bank’s local wealth management business.
As investor attitudes in the country towards non-ringgit investments evolve and broaden, it is creating some exciting product-related opportunities for established players like Standard Chartered Bank.
The Malaysian bank is pursuing small- and medium-sized businesses as part of an expanded mandate to help grow its affluent base. The potential synergy will be beneficial amidst this challenging period, explains Calvin Goon of RHB Banking Group.