Strategy
Another Bank Targets External Asset Manager Market
Vontobel is looking to push into the EAM space in Asia, a move announced about a day after one of its Swiss rivals made a similar announcement.
Zurich-listed Vontobel is ramping up
efforts to serve external asset managers in Asia, a move just two
days after Swiss rival Julius Baer signalled
its desire to chase
the EAM market, seen as a growth hotspot for banks.
Vontobel has appointed Georg von Wattenwyl to develop the
business and take worldwide responsibility for the sale of
EAM-related products to family offices, the firm said
yesterday.
As head of Vontobel's Financial Products, Advisory & Distribution
unit for 11 years, von Wattenwyl has led global advisory services
and distribution of Vontobel financial products. He takes up his
role from 1 January next year.
The firm's move comes as organisations such as UBS and Julius
Baer have targeted external asset managers, advisors and family
offices as entities they want to serve. While these entities can
be rivals to banks - and created by former bankers seeking to be
their own boss - they also need servicing, so banks still get to
generate valuable revenue. The publisher of this news service has
researched the EAM sector in Asia, for example.
The Swiss firm says the Asian market for EAMs and family offices
seeking EAM services will surge more than 30 per cent per year,
and noted that in Singapore and Hong Kong, there are about 150
EAMs and multi-famioy offices. In total, these organisations
manage SFr100 billion of client assets. There are comparable
assets held by single family offices, Vontobel said.
"Asia is one of the focus markets in which Vontobel aims to take
advantage of the vast scope for growth. The appointment of Georg
von Wattenwyl, whose many years of service in a management role
have been instrumental in positioning Vontobel as a leader in
financial products, underscores our ambitions for this region,"
Roger Studer, head of Vontobel Investment Banking, said.
In addition to EAMs in Asia, von Wattenwyl will also take global
responsibility for the sale of EAM-related products to family
offices.