ZURICH, Oct 30 (Reuters) - Swiss bank Vontobel is building up its business with external asset managers and family offices in Asia, a market it expects to grow by more than 30 percent per year, it said on Tuesday.
Vontobel said it saw “huge growth potential for business with external asset managers”, echoing comments by peer Julius Baer which said on Monday it had created a new unit serving external asset managers and independent financial advisers.
Vontobel appointed Georg von Wattenwyl, who has headed its financial products, advisory & distribution unit for 11 years, to develop the business in Asia and take worldwide responsibility for family offices from Jan. 1.
The bank said in Singapore and Hong Kong alone there were around 150 external asset managers and multi-family offices providing high-net-worth clients with investment banking, asset management, and wealth management services.
Together they are managing some 100 billion Swiss francs ($99.73 billion) in client assets and there was also a comparable number of single-family offices with a similar volume of assets, Vontobel said, calling Asia one of its focus markets.
$1 = 1.0027 Swiss francs Reporting by Silke Koltrowitz; Editing by Kirsten Donovan