GAM joins the rush for growth in Asia with a new office in Singapore
GAM, the Swiss asset manager, has opened an office in Singapore, joining a growing list of foreign asset managers who are strengthening their presence in the lucrative Asian market.
The Zurich-based company hired Terence Bong to lead its operations in Singapore and the Southeast Asia region.
Prior to joining GAM, Bong worked at Franklin Templeton, where he was responsible for wholesale for Southeast Asia, where he oversaw product distribution to private banks, independent financial advisers, insurance companies. and consumer banks in Singapore, Thailand and the Philippines.
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GAM said his appointment and the new Singapore office “underscore the importance of the Asia-Pacific region” where it has an established client base. GAM has offices in Hong Kong, Tokyo and Sydney.
Peter Sanderson, Managing Director of GAM, said: âThe creation of an office in Singapore, along with the appointment of Terence, represents an important strategic step for the company. We plan to expand our business in Asia, including meeting growing customer demand for sustainable solutions in the region. “
Several foreign asset managers have recently developed their footprint in Asia, particularly in China where the wealth management market is growing.
Goldman Sachs Asset Management announced on May 25 its partnership with ICBC Wealth Management, a subsidiary of the Industrial and Commercial Bank of China, to provide investment products to Chinese investors.
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According to Goldman Sachs’ own research, investable assets held by Chinese households are expected to exceed $ 70 billion by 2030, of which around 60% is allocated to “no deposit products,” including mutual funds and vehicles. wealth management.
Amundi, Europe’s largest asset manager, received regulatory approval to begin operations in mainland China in November 2020, nine months after announcing a joint venture with the wealth management division of the Bank of China, in which the asset manager has a 55% stake.
Meanwhile, Baillie Gifford, the Edinburgh-based asset manager, opened an office in Shanghai last year.
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