Asia's billionaires develop taste for boutique wealth managers by anshumandaga sumeet_chat
HONG KONG/SINGAPORE - Growing demand by Asia’s rich for independent advisory services and access to a wide variety of investment products is spurring the surge of boutique wealth managers more associated with the established wealth hubs of Switzerland and London.
While it is a long-established practice in developed wealth centers, with Switzerland and London home to over 2,000 EAMs each, industry officials say Asia has scope to multiply the current pool of less than 200 such boutique wealth managers. EAMs offer investment advisory, tax and succession planning services to clients, and partner with the large wealth managers such as Credit Suisse and UBS to open accounts and execute deals.
“EAM accounts are relatively low-maintenance accounts for private banks,” said Alexander Florsheim, chief investment officer at Carret Private, which manages more than $1 billion in assets in Asia.
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