Rizal Commercial Banking Corporation, the Philippine bank, is looking to grow its wealth management business by more than 100 per cent by 2016 amid an increasing number of potential high net worth clients in the country. 

 

The wealth management group currently records some Php51.5 billion ($1.2 billion) in assets under management, which is 28 per cent higher than the AuM recorded by the end of 2010. In a statement with the local media, the company said that while the target of an over 100 per cent rise in a span of four years may seem "stretched", the fact that RCBC has built a "strong foundation in the last five years" makes the goal achievable. 

 

The bank is working toward a yearly compounded growth rate of around 18.5 per cent year-on-year from 2012 to 2016. 

 

"We have an open architecture platform, where we also make available and offer third party products and investments. Through this, we are enabling clients to a have a wider array of options to choose from," said Manuel Ahyong Jr, head of the wealth management group at RCBC.

 

RCBC Wealth Management is reportedly in the process of recruiting more relationship managers to help reach this target. To date, it has seven wealth management offices in country.