Several external asset managers in Asia are said to be wooing prospective acquirers, including private banks. But would such moves benefit clients?
Growth in the number of new external asset managers and multi-family offices in Asia seems to be slowing due to the rising cost of compliance and talent, say private bankers.
The Monetary Authority of Singapore is said to be exploring options for implementing rules that would put family offices on a firmer legal footing. But the regulator denies it is working on proposals specifically related to family offices.
Dave Reymond, a senior executive at the Swiss private bank, takes issue with comments by Pictet’s Grégoire Imfeld that the multi-family model may not work so well in the region.
Banks cannot provide as wide a range of services as in the past, say family offices, which are having to broaden their range of counterparties as a result.
Family offices say their Asian clients are less keen to allocate to the asset class these days.