Standard Chartered has announced an ambitious plan to increase its net new money by USD200 billion over the next five years, alongside achieving double-digit growth in Wealth Solutions income. This announcement was made during the Affluent Investor Seminar held by the Bank.
The bank's strategy involves strengthening its leadership in affluent business through investment and expansion. Judy Hsu, CEO of Wealth and Retail Banking, stated: "We are proud to be recognised as a leading international wealth manager with excellent client service and strong financial performance." The bank plans to expand its relationship manager team by 50% by 2028.
Standard Chartered is focusing on enhancing its wealth capabilities through product innovation and digital client journeys. It aims to improve brand positioning as a leading wealth manager and upgrade branches tailored for high-value clients.
The bank leverages its global network, which includes wealth hubs in Hong Kong, Singapore, the UAE, and Jersey. It aims to serve Global Chinese and Global Indian clients with multilingual Relationship Managers providing culturally attuned cross-border solutions.
Raymond Ang, Global Head of Private Bank and Affluent Clients, commented: "Our extensive network and four wealth hubs give us a distinct advantage." He emphasized the trust placed in them by clients and their commitment to investing more into offerings and client experience.
The bank's Wealth Solutions income spans investment funds, capital market products such as fixed income, cash equities, structured products, as well as bancassurance. It aims for continued product innovation through platforms like "myWealth Advisor," integrating advanced capabilities like structured products and risk analytics in 2025.
Since launching Signature CIO Funds in 2022 across 12 markets contributing around USD2 billion to AUMs, Standard Chartered also established its first Variable Capital Company in Singapore this year. Samir Subberwal said: “Our diversified suite of wealth products empowers us to meet our clients’ evolving needs.”
With these initiatives, Standard Chartered seeks sustainable growth within global wealth management leveraging expertise alongside innovative services for affluent clientele worldwide.