Alex Fung: «Situation in Hong Kong Urges Diversification»

Alex Fung, Vontobel's wealth management chief in Asia, talks with finews.tv about why the firm's clients increasingly want to diversify their wealth internationally.

The situation in Hong Kong is becoming more confusing and uncertain from day to day – and this is impacting the mood of Asian private banking clients and investors.

The ongoing protests in Hong Kong are a factor in why clients are increasingly diversifying their assets into international markets, Alex Fung, head of Vontobel Wealth Management Asia Pacific, says in an interview with finews.tv. The Swiss bank has a hand in this: it books Asian assets in Zurich.

«Geopolitical tensions and special political events have increased caution among Asian investors,» said Fung, who joined Vontobel in 2014.

Impetuous Search for Returns is Over

However, there are also other factors that are increasingly causing Asian clients to book and invest their assets abroad. «The wealth of families continues to develop. With the second generation, the maturity of Asian investors has also increased,» Fung explains.

But the days of the rather impetuous search for returns are apparently over. «Asian customers have become significantly more inactive in the retail sector. They are now increasingly demanding advice and international advisory services,» the Vontobel banker says, who previously worked for Société Générale as head of Asia.

The accumulation of assets is still considerable. That is why Vontobel strives to hire suitable wealth management staff in Hong Kong and Singapore. «But culturally, client advisors must fit in with us. We are not looking for purely quantitative growth,» says Fung.