In an effort to control the rising regulatory and due diligence costs, Standard Chartered Private Bank is said to be doubling the entry level for clients.
finews.asia first reported in February that the Asia and emerging markets focused Standard Chartered would be lifting the entry level for its top end wealth services.
«Going forward the bank is seeking to broaden its product offering to attract new clients with assets under management of at least $5 million,» finews.asia reported.
Departures to Follow?
The London based, Japanese owned publication, the «Financial Times» (behind paywall) is now reporting that the new level for entry as a Standard Chartered private Bank client will increase to $5 million from its current level of $2 million.
The impending shakeout is likely to see a flurry of departures of both bankers and clients who do not meet the coming criteria.
Nothing New
The fall-out may have already begun as last week more than 10 private bankers departed the bank in Hong Kong. We can therefore expect to see more moves in both Singapore and Hong Kong as the new policy takes hold.
As finews.asia reported last April J.P. Morgan re-calibrated its private banking units in Asia to concentrate its efforts on ultra high net worth clients with a minimum of $10 million in investable assets, up from a $5-million threshold. As a result a number of bankers left the business.
