Targeting the mass-affluent segment also chimes with comments that this client area is under-served by wealth management.

Singapore-headquartered WRISE Group, which recently set up operations in Dubai, has announced the launch of a business unit targeting the mass-affluent market.

WRISE Prestige focuses on clients with a minimum investment threshold of $500,000.

The firm said the mass-affluent market in Southeast Asia offers considerable potential and is expected to rise to 136 million by 2030. In tandem, China's mass-affluent households are forecasted to witness a rise to 162 million by 2030.

The new offering, which will launch in Hong Kong first, will offer clients opportunities for direct investments. Product offerings will also include global securities, structured products, mutual funds and fixed income.

"Over the past few years, we have been seeing stronger demand and increasing sophistication of wealth management solutions of clients in Asia, particularly as the region's rising affluence has vastly expanded the investment opportunities for the mass affluent," Derrick Tan (pictured), group executive chairman of WRISE, said.



The new unit’s leaders include Stephen Yan, chairman of WRISE Prestige, who will oversee strategic business plans and activities, and Jowin Fung, vice chairman and CEO of WRISE Prestige, who will lead the day-to-day operations.

The firm will also rebrand its existing WRISE Wealth Management services for UHNW individuals to WRISE Private across Singapore, Hong Kong and Dubai.

Targeting the mass-affluent segment also chimes with comments – such as published here in WealthBriefingAsia – that this client area is under-served by wealth management today. This news service has been talking to firms about why this remains an opportunity, not just in Asia, but also the UK, continental Europe, and others. To some extent, this relates to the challenge of delivering customised service on a large scale and in profitable ways – suggesting that technology has a big part to play. This publication has been told by private banks that they find the mass-affluent segment difficult to serve well and profitably.