Senior management changes have been made as the bank looks to manage more of Asia's growing wealth.
Bank of Singapore chief executive Jason Moo aims to make the bank the top Asian private bank within the next three to five years.
Financial wealth booked in Singapore is expected to post a compound annual growth rate of 9 per cent through 2027. Mr Moo noted with a twinkle in his eye: “The next generation prefers a banker who is kind of closer in age, only because then it’s easier to talk about the same values, talk about the same outlook, and that’s why most of them don’t take their parents’ bankers.”
And there are growth areas. In 2023, the bank’s single family office clients grew 30 per cent. This business comes under the bank’s FFWA platform. This is why BOS is beefing up its asset allocation approach, according to the self-professed product geek, who helped build the product platform for Goldman Sachs private bank in Asia.
He said: “Raising the minimum sum sends a signal that we are positioning ourselves to serve the high- and ultra-high-net-worth clients with a differentiated proposition from other Asian private banks.”Providing quality advice is important, but being able to offer a range of services is vital too, Mr Moo said. “If you look at some of the statistics that came in through the last couple of years, the banks that grew the most are actually the universal banks,” he noted.
With quality investment advisory being at the forefront of the strategy, the CIO office now reports directly to Mr Moo. Chief investment officer Jean Chia and her team will set the asset allocation framework and drive investment views and securities research.
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