Bank of Singapore increases the investable asset entry bar for clients.
In an effort to control the rising regulatory and due diligence costs, some wealth managers have increased the minimum assets for entry level for high net worth 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 to $5 million from the previous level of $2 million.
In 2016 J.P. Morgan re-calibrated its entry level to a minimum of $10 million in investable assets, up from a $5-million threshold.
In an interview with media outlet «Bloomberg» Bahren Shaari CEO of Bank of Singapore said he wanted each banker by 2020, to be managing about $500 million, generating circa $5 million in revenue.
North Asia Hiring Push
The minimum amount a client must keep with the firm to qualify for its private-banking services will eventually be raised to $5 million in a few years’ time, from $2 million currently, he said.
In the report Shaari also stated his intention to focus on the growth of Bank of Singapore's Hong Kong operations, where they have already boosted the team with an additional 20 relationship managers this year, taking its total in Asia to just over 400.
The Singapore headquartered bank is looking to capture offshore money from China, however the firm is avoiding the mainland Chinese market for now because of stiff competition there.
