Taiwan's wealth management market, Asia's third largest, should grow by less than 5 per cent this year, half last year's rate, because of a "volatile global environment", the Taiwan wealth management head at HSBC said, according to Reuters.

The soft forecast in the increasingly competitive market compares with an average 11 per cent annual rise in the last five years, said Steve Chuang, a senior vice president of HSBC in Taiwan.

"The overall investment climate does not look positive," Mr Chuang said. "Every market player is having a hard time doing their business." He stressed that the view was his own and not the official view of HSBC.

The Taiwan market, where many individuals in China built their wealth, has attracted international names, including AIG; Merrill Lynch; Citigroup and Standard Chartered.

HSBC said the market is expected to be worth about T$20 trillion ($656 billion) this year, citing DataMonitor statistics, Reuters added.