CIMB Wealth Advisors, part of  Malaysia's second largest financial services firm, expects its assets under management to grow from RM6.1 billion to RM7 billion (close to $2.3 billion) by the end of next year, as reported by the Daily Express, East Malaysia,  this week

The expansion will be supported by robust subscription growth of all its investment products, said acting chief executive, Munirah Khairuddin.

"We also aim to grow our business by 40 per cent and increase our agency force to 7,000 consultants, from the current 5,000, by the end of 2013," she said following the launch of the Private Retirement Scheme (PRS) to Small and Medium Enterprises, which is available as part of CWA's suite of wealth management products and services.

Parent company, CIMB Group, has also made headlines with the reported hire of Anand Balasubrahmanyan, to oversee the firm’s private equity products. The former head of Southeast Asia at Carlyle Group is said to have started his new role several weeks ago, based in Singapore, according to Reuters.

The news comes as CIMB is growing its business through a sales and purchase agreement with the Royal Bank of Scotland ,for the acquisition of selected businesses in Australia, China, Hong Kong, India, Taiwan, Malaysia, Singapore and Thailand for around $142 million in April 2012.

Hong Kong

The firm launched investment banking operations in Hong Kong earlier this month, for which Matthew Kirkby acts as CEO and co-head of investment banking, managing 192 staff. The Hong Kong team will provide IB advisory services; equity and capital market fund-raising abilities; broking services; and research.

“There is significant potential in Hong Kong, as it is one of the world’s top financial centres and the gateway to China. CIMB has a unique understanding of Asia and in ASEAN in particular, and we think clients will appreciate the synergies and strengths of the group’s investment and universal banking platform across the region,” said Kirkby, in a statement.

“We now have the full complement of investment bankers and equities personnel to be competitive in Hong Kong as well as to anchor our entire North Asia operations,” CIMB Group chief executive, Dato’ Sri Nazir Razak added.

“I am optimistic about our prospects because the new combined team has a strong onshore track record in Hong Kong and the differentiating proposition of a huge ASEAN based network. Our model is all about intermediating within Asia for Asia, and we have a unique platform for doing that," he continued.

Hong Kong and Australia (which launched operations earlier this month) will be CIMB Group’s two largest ex-ASEAN markets. Upon the full completion of the group’s acquisition of RBS’ Asia Pacific investment banking business, anticipated later this year, the group will have operations in a total of 18 countries.

CIMB Group posted a 12.6 per cent rise in net profit year-on-year for the first nine months of 2012 to $1.07 billion, as reported by WealthBriefingAsia earlier this month.

The increase was attributed to strong performances at its CIMB Niaga, CIMB Bank Singapore and corporate banking and treasury businesses. However, the consumer banking operation remained the largest contributor at 39 per cent, unchanged from last year.