After recording strong inflows in 2023, Standard Chartered announced a target of attracting $80 billion of net new money in its wealth management business in the coming years.
In 2023, Standard Chartered saw its affluent client base grow from 2.1 million to 2.3 million, according to the bank’s annual report. This drove net inflows of $29 billion, up 50 percent year-on-year, and contributed to a 24 percent growth in income to $4.6 billion from the client segment.
As a result, the British lender announced a target of attracting another $80 billion of net new money from this segment over the next three years. This accounts for a 19 percent increase compared to the past three years which saw more than $66 billion of inflows. It also aims to increase the number of international affluent clients from 274,000 to over 375,000 by 2026.
Strategic Priority
According to the bank, it has four strategic priorities to lift its return on its tangible equity (RoTE): the affluent client business; network business, mass retail business and sustainability.
Within the affluent business, it will aim to «maximize the value of our international network, with wealth hubs in Hong Kong, Singapore, UAE and Jersey, to provide affluent clients with a global wealth proposition built on deep local expertise and seamless cross-border client experience».
