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Malaysia Wealth Manager Sets Strong AuM Growth Targets
Chrissy Coleman
3 December 2012
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. 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.
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.