The Growing Number Of Asian Millionaires And A Growing Number Of Opportunities

By Author: Fabiola Groshan
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How will the global private banking players, so used to serving the wealthy in US and Europe, be able to serve Asian High New Worth individuals? According to Richard Cayne of Meyer International Ltd ( メイヤー・インターナショナル) based in Bangkok Thailand they will need to change their western model slightly to fit an Asian service expectation level and firms focused on this new fast growing client market will need to adapt and those who do will thrive.
Asia is creating wealth faster by far than anywhere else in the world. There are now as many high net worth individuals in Asia as there are in Europe and in 2013, this well off group will be larger than that in the US.
The region now has more companies worth US$1 billion (by market capitalisation) than the US, the majority comprising Chinese domestic and offshore companies. With Asian economies expected to experience much faster growth as compared to relatively anemic growth expected in Europe and the US, there is no doubt that Asia's time is at hand.
According to the Boston ...
... Consulting Group's Global Wealth Report 2010, high net worth individuals in the Asia-Pacific tend to keep their wealth close to home. Those who keep their money offshore keep it in Singapore and Hong Kong, and many of the banks are subsidiaries of the traditional Swiss banks. The emergence of Singapore and Hong Kong as key hubs for the private banking sector is partly a result of the increased wealth in the region, as well as the ever tightening regulatory environments in US and Europe. As such there is a huge rush of foreign financial institutions all competing in the same fast growing wealth management space. Richard Cayne of Meyer Asset Management Ltd sees this very much as an opportunity as well. So much so that he has teamed up with Asia Wealth Group Holdings to look to grow in this space by acquiring other financial related firms focused on the fast growing wealth management space in Asia.
Meyer International Ltd (メイヤー・インターナショナル) mainly services HNWI Japanese clients throughout Asia and is very much at the core of Asia Wealth Group’s aim to look at building up its portfolio of wealth management and advisory firms assisting local Asian’s grow their monies.
The profile of the Asian millionaire is a little different from the European high net worth individual. The average millionaire in Asia, which has the fastest growing population of high net worth individuals, is under 40 years old, which is young compared to the average European high net worth individual, who is likely to be in his late 50s or 60s. The Asian millionaire is also likely to be self-made, hold a substantial stake in his business, and be actively involved in his business and wealth creation. Wealth manager’s challenges include how to show his or her clients who are so involved in their businesses that it is important to diversify some of their wealth outside their businesses so as to diversify their families wealth.
Richard Cayne, of Meyer Asset Management Ltd based in Bangkok Thailand, has been in Asia for almost 17 years with most of his time in Tokyo Japan in the wealth management space. He sees the industry changing more and more to serve the ever growing changing needs of Asian’s all around the region and sees Asia Wealth Group as a perfect platform to have complimentary services companies all within the same group.

At the heart of the wealth management space in Asia are financial planners and advisory firms, such as Meyer Asset Management Ltd, with many advisors having long term relationships with their clients but looking for ways to better serve their clients with more dynamic investment products says Richard Cayne. Local wealth managers in Asia are looking to western wealth management products such as mutual fund and hedge funds and recommending their investments more and more.

There is also a consolidation happening in the industry as small advisory or asset management firms are looking to provide continued service to their clients as well as how to succeed their businesses, which is where Asia Wealth Group has been getting a lot of interest lately. Its no secret that the fastest growing wealth is in Asia the question is how to go about getting in that space and adding value to the firms focused on it.

Asia Wealth Group Holdings listed on London’s PLUS markets in April 2011 www.asiawealthgroup.com

For more resources about Meyer Asset Management Ltd or even about メイヤー・インターナショナル please review this page http://meyerjapan.com/.