SHANGHAI - Hywin Wealth Management Co is weighing an expansion into Singapore to follow its Chinese clients and tap the surge of wealthy individuals in Southeast Asia.
Hywin will have its work cut out; a bevy of local and Chinese wealth managers are vying for a slice of the asset management market in South-east Asia, which is expected to grow to US$4 trillion by 2025. By setting up a base in Singapore, Hywin can also hedge its offshore operations in Asia. Hong Kong is becoming increasingly susceptible to US-China political tensions.
A slew of Chinese wealth management firms have already expanded in Singapore, including Noah Holdings, Lufax and CreditEase. Hywin Wealth serves around 100,000 high-net-worth clients with investible assets of US$1 million or above, mostly from China. It also operates in London and New York.
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