Hywin Wealth Management is weighing an expansion into Singapore to follow its Chinese clients and tap the surge of wealthy individuals in South-east Asia.[SHANGHAI] Hywin Wealth Management is weighing an expansion into Singapore to follow its Chinese clients and tap the surge of wealthy individuals in South-east Asia.
The Shanghai-based company is seeking licences to provide wealth management, asset management, succession advisory, insurance and brokerage services in the city-state, Wang Dian, chief executive of Hywin Wealth, said in an interview. The firm hopes to attract US$500 million of assets in Singapore within the first year after hiring a team of about 10 to 15 people.
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.
"Our Singapore plan is an answer to our clients' demand, many of them are already in South-east Asia," said Mr Wang."We can connect South-east Asia clients with the Chinese investment opportunities through public markets and direct investment into private deals."
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