Income generated by wealth management solutions at Standard Chartered reached record levels in the first six months of 2024, with growth across investment products and bancassurance.
In the first half of 2024, Standard Chartered’s wealth solutions – a type of product line in its wealth management business – posted a record income of over $1.2 billion, according to the bank’s financial results, up 23 percent year-on-year.
This was driven by a 25 percent increase in income from investment products to $868 million and an 18 percent increase from bancassurance to $366 million. Net new sales doubled to $13 billion. The bank also cited new and innovative product launches, increased investment in affluent relationship managers and continued strong new client onboarding levels as drivers.
AUM, Client Growth
As a result, Standard Chartered's wealth assets under management grew 12 percent since end-2023 to $135 billion, partly due to $23 billion of affluent net new money. The bank attracted 296,000 international clients in its wealth hubs while upgrading the segment tier of 155,000 clients internally.
This compares to the previously announced targets of attracting $80 billion of net new money and 375,000 international clients by 2026.
Overall, the wealth and retail banking client segment registered a pre-tax profit of $1.4 billion, up 2 percent.
