London-headquartered Standard Chartered has unveiled its wealth management ambitions, including targets for net new money and income growth.
Standard Chartered aims to attract $200 billion of net new money over the next five years, according to a presentation at its recent «Affluent Investor Seminar». It will also look to deliver a double-digit compound annual growth rate for income from its wealth solutions during the same period. The key market corridors targeted are Hong Kong, Singapore, UAE, China and India.
The bank will invest $1.5 billion in its affluent business with approximately 50 percent allocated to people, 25 percent to digital and technology, and 25 percent to brand, marketing and client centers. From end-September to 2029, the bank will grow the total number of relationship managers (RM) by 50 percent.
In the first nine months of 2024, income from the affluent business accounted for 68 percent of the wealth and retail banking unit. By 2029, this is expected to reach 75 percent.
Three Key Differentiators
According to Standard Chartered, its affluent business has three key differentiators: a client continuum, a global network and expertise in wealth solutions.
The client continuum refers to a range of segments covered from mass market to private banking clients. Year-to-date, 46 percent of its clients were upgraded from its mass market personal banking segment. Its global network is driven by four international wealth hubs – Hong Kong, Singapore, UAE and Jersey. And its wealth solutions are backed by comprehensive product propositions through an open architecture platform.
