ASIA: St. James’s Place to expand its presence in Singapore

Singapore has been one of the fastest growing private wealth management hubs in recent years. In the wealth management survey report released by The Monetary Authority of Singapore (MAS) late last year, Singapore boasted an annual growth of assets under management (AUM) of 9%, in comparison to the global average of 1%. Additionally, Singapore enjoyed a 5-year AUM compounded annual growth rate (CAGR) of 14%, with a significant portion of the AUM being sourced within Singapore.

"Satisfaction of priority banking customers is primarily driven by 3 factors, reputation for the product, wealth management products and services as well as wealth management advice."

The influx of funds has led to increased attention of fund management companies internationally. Earlier last month, St. James’s Place (SJP), a UK headquartered wealth management firm announced that they will be expanding their presence in Singapore. Since inception in 2014, SJP has more growth by over two folds and the expansion will provide the capacity for the growth of local advisory services. In line with the expansion, SJP has recently appointed a former British diplomat, Sir Alan Collins as senior advisor to their International Steering Committee.

"Singapore boosted an annual growth of assets under management (AUM) of 9%, in comparison to the global average of 1%. Additionally, Singapore enjoyed a 5-year AUM compounded annual growth rate (CAGR) of 14%"

According to RFi Group data for Singapore Priority and Retail Banking Council (2016H2), satisfaction of priority banking customers is primarily driven by 3 factors, reputation for the product, wealth management products and services as well as wealth management advice. By expanding the local office in Singapore to offer local advisory services, SJP will be able to better cater to their high network clients in Singapore.

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