3 Key Wealth Management Trends in Southeast Asia

ASEAN’s (the regional grouping of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) combined GDP is forecasted to make it the fourth-largest economy by 2030, behind US, China, and Japan (Source).  

From an economic, cultural, demographic, and infrastructure perspective, each Southeast Asian market is distinct. Vast differences characterise the region, from the GDP per capita in Singapore being more than 50 times greater than some of its neighbouring states, to the vast size of Indonesia’s growing middle class, to Thailand’s rapid shift from a low-income nation to having Southeast Asia’s second highest GDP per capita in less than a generation (Source). 

As wonderfully complex and diverse as the region is, wealth managers must address the similar needs that bind them to operate successfully across each market. That is, to identify and tackle three key trends of wealth management in Southeast Asia.  

Intergenerational Transfer of Wealth in Southeast Asia

In a report published by Butterfield, more than 80% of surveyed Relationship Managers saw increased requests for succession planning over the last five years, the highest ever reported. Although Asian family offices are relatively young, with most of them in their first or second generations, it’s clear that succession planning, wealth preservation and transfer remain an important focus for them. It’s found that 70% of families reportedly failed to prepare for intergenerational transfer of wealth but are keen to do so and 75% of wealth owners want to create positive impact through their investments (Source). 

The region is expected to overtake Europe as home to the world’s second-largest population of UHNWI and is also experiencing rapid growth of its mass-affluent population (Source). Financial institutions in Asia must be well-prepared to receive and manage the great amount of wealth that will be passed on to the next generation of clients. This is crucial, while simultaneously ensuring they provide a high-touch, personalised service to the right customer segment at the right price point.  

Preparing to Service Asia’s Next Generation 

The younger generation in Asian wealthy families are often Western-educated, digital natives, and open-minded about adopting structured approaches to preserving and transferring family wealth. Any wealth advisor will testify there is a concern about how to best appeal to young investors. 

Wealth managers must get to know their clients better, profiling them beyond simple demographics and asset value. Millennial investors are research-savvy and seek the ease and flexibility of digital investing, supplemented with a range of choices at their fingertips. They place emphasis on social and technological innovation. As a result, Asia’s wealth management providers must offer products, solutions, and services that cater to the needs, preference, and expectations of this younger clientele if they want to stay ahead in business. 

Rapid Rise of WealthTech in Southeast Asia 

KPMG reports that WealthTech players in the region are rapidly developing advanced wealth management platforms and intuitive advisory solutions. To tap into the rising mass-affluent population, they are partnering big banks and using their low-cost structure to achieve scale through automation. With increasing competition between financial institutions for a share in the Asian wealth management market, financial institutions are quickly enhancing their digital offerings by partnering with FinTechs to provide advanced solutions and strengthen the capabilities of their advisors.  

The region’s digital advisory space has been growing steadily, gaining users and assets due to lockdown restrictions during the pandemic. Rising living costs, an ageing population, and the pervasive infiltration of technology into everyday life means digitalisation in the wealth management space shows no sign of slowing down. 

Quantifeed Spearheads Hybrid Wealth Management for Southeast Asia’s HNW Clients 

Quantifeed has the technology to empower advisors with digital tools that curate and collect relevant investment content, help with task prioritisation, and support delightful engagements with their clients. Trusted by major financial institutions in the region, we understand the subtleties, regulations, and investment frameworks that enable our clients to transform and scale their wealth management business 

We work with major financial institutions in Southeast Asia, namely Kiatnakin Phatra in Thailand and DBS in Singapore, providing them with innovative digital wealth management solutions that help their advisors provide higher levels of service and reach more customers. Our technology and expertise help these financial institutions to develop a strong business proposition that targets their customer segment.  

If you would like to have a discussion with us about your digital wealth management needs, don’t hesitate to get in touch. Read about QDiscovery, our design-led consultancy service to see how we can work with you to create a unique, fast-to-deploy business proposition, step by step.  

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    Ross Milward

    Chief Technology Officer &
    Co-Founder

    Ross Milward leads Quantifeed’s technology and engineering efforts to deliver innovative digital wealth management solutions. Before co-founding Quantifeed, he spent more than 15 years in investment banking, holding senior positions in equity and equity derivatives technology.

    His expertise is in developing and managing large-scale enterprise-level global trading and risk systems. A former managing director, Ross has worked for Bank of America Merrill Lynch and Deutsche Bank. He has held multiple global and regional leadership roles, most recently as head of equities technology in Asia. He has worked in Hong Kong, Sydney and London.

    Ross holds a Bachelor’s degree in Computer Science with Honours and is a Fellow of the Securities Institute of Australia. He likes pushing his limits through long distance triathlon races.

    Michael McDonald

    Head of Web Engineering

    Michael McDonald builds Quantifeed’s online wealth management web application in order to deliver a user-friendly and integrated experience. Michael has over 11 years of experience in web application development.

    As Developer for Crossroads Hong Kong, he and his team set up the infrastructure for its donation and stock management application. As Developer at e-commerce company Synapse Connect in New Zealand, he and his team helped clients build mobile applications like prospersoftware.nz, providing him with a full-stack web development and DevOps skillset, servicing clients and back-office operations.

    Michael holds a Bachelor degree in Electrical and Computing Engineering from University of Canterbury New Zealand. He moved to Hong Kong in 2014 and enjoys the outdoors sports such as hiking and cycling.

    Joy Sun

    Head of Quantitative Engineering

    Joy steers Quantifeed’s research and development in systematic investment strategies, portfolio construction and trade execution. Prior to joining Quantifeed, she worked as a quantitative analyst in asset management and proprietary trading firms.

    She led development of trading strategies, including design,simulation and risk control, and research in market trend recognition and prediction. Joy earned her PhD in Operations Research from the University of Hong Kong, her MS in Statistics from Nan Kai University and her BS in Computational Mathematics from Dalian University of Technology.

    John Threlfall

    Head of Site Reliability Engineering

    John leads the SRE team in Singapore and is responsible for the overall infrastructure and SDLC of Quantifeed’s technology platform, QEngine. He ensures the design, availability, and reliability meets the requirements of both our internal and external users. He has over 20 years’ experience in the banking industry, with a demonstrated history in transforming back-office technology and developing reliable engineering systems for large financial institutions.

    Prior to joining Quantifeed, John held technical and leadership roles at Bank of America Merrill Lynch and Standard Chartered Bank. He holds a BSc degree in Artificial Intelligence from The University of Manchester in the United Kingdom. John moved to Singapore in 2008 and enjoys travelling with his family, football and scuba diving.

    Lars Bischoff

    Head of Core Engineering 

    Lars Bischoff is a lead senior software engineer on Quantifeed’s back-end services, with a focus on trading and external interfaces.

    Before joining Quantifeed, Lars had a number of leadership roles across major investment banks including Deutsche Bank, JP Morgan, UBS, and Citi. These roles included designing and implementing systems for Equities and Equity Derivatives Trading. Lars also held roles as country lead for Equities and Equity Derivatives Technology, as well as global lead for Equity Derivatives Trading.

    As a former Executive Director in Deutsche Bank and JP Morgan, Lars has extensive experience in building local and global development teams. In this capacity, he also defined and realised the technology direction and innovative platforms in the Equity and Equity Derivatives space for these two organisations. Lars holds a Bachelor of Science degree in Computer Science, from Macquarie University, Sydney.

    Chetan Shetty

    Head of Product Management

    Chetan leads Quantifeed’s product management capability and drives the implementation of features in our product that continuously solve digital wealth management problems for our clients.

    Chetan started his career as a software engineer in the aerospace industry working across the entire software development lifecycle. Subsequently he worked in various roles helping large enterprises in Hong Kong solve business problems with process and technology solutions. His experience ranges across aviation, insurance, public sector services and consulting. He has lived and worked across multiple countries and enjoys travelling to new places, tasting new cuisines and occasionally writing his blogs.

    Eric Lee

    Singapore Country Head & Head of Program Management

    Eric Lee leads the Singapore team in managing the delivery process to key regional clients such as DBS Singapore.

    Eric has held leadership roles throughout the capital markets technology domain in Morgan Stanley, Merrill Lynch, and Bank of America. He has worked extensively as the technology leader covering a broad set of functionality including  portfolio order management, equities, and electronic trading. Eric has worked around the world in locations such as Tokyo, London, New York City, and Hong Kong. He is currently based in Singapore.

    Eric has a Bachelor’s degree in Computer Science from the Columbia University School of Engineering and Applied Sciences.

    Conor Doyle

    Head of Pre-Sales

    Conor has over 20 years of experience of leading sales and service teams in high-growth financial software vendor organisations. His previous work experience focuses on leading multinational, cross-functional teams in the provision of leading-edge, highly complex and high-value fintech business solutions.

    Conor is an expert presenter, negotiator, and business operations manager; able to forge solid relationships with both clients and partners and build consensus across multiple organisational levels. He has demonstrated capacity for leadership and project management, with proven track record of meeting targets, overcoming challenges in real time, and delivering tangible results.

    Conor is bilingual (English and Japanese) with strong technical and integration experience and a Mechanical Engineering degree.

    Robert Rice

    Chief Sales Officer

    Robert Rice leads Quantifeed’s sales strategy and works with clients to define and deliver digital wealth management solutions. Based in Hong Kong for over 15 years, Robert has held sales leadership roles in APAC and EMEA at London Stock Exchange Group (formerly Refinitiv), Fitch Solutions, OFX and SNL Financial, leading teams servicing wealth managers, asset managers and financial institutions.

    His career is focused on brining innovative platforms, products and solutions to market helping clients meet their objectives. Robert is an appointed Mentor for the Hong Kong Fintech Week advising start-ups and market entrants on various topics and go to market initiatives.

    Audrey Wong

    Chief Operating Officer &
    Chief Financial Officer

    Audrey Wong manages operations and financial affairs to deliver on Quantifeed’s business strategy. Audrey joined Quantifeed from Bank of America Merrill Lynch, where she was COO for the equities division in Asia Pacific. Audrey’s tenure at Merrill Lynch included senior assignments in Toronto and New York, before relocating to Hong Kong in 2006 to take a new role as the Finance Head of Equities Derivatives for APR.

    Her responsibilities expanded to CFO of APAC Equities in 2011 and CFO for APAC Global Markets in 2013. Audrey holds a Bachelor of Business Administration from Brock University of Ontario. She is also a Chartered Professional Accountant of Ontario and Chartered Financial Analyst. Audrey enjoys biking and swimming with her two children.

    John Robson

    Chief Commercial Officer

    John Robson drives Quantifeed’s client partnerships. He works with financial institutions to assist them in developing their digital wealth management future. Based in Hong Kong for over 30 years, he has held regional leadership roles at JP Morgan, Nomura and Merrill Lynch managing teams which serviced the region’s consumer and private banks.

    His career has been focused on the development of investment platforms and products. He has been instrumental in introducing significant product innovation to wealth management platforms in Hong Kong, London and Tokyo.

    Alex Ypsilanti

    Chief Executive Officer &
    Co-Founder

    Alex Ypsilanti spearheads Quantifeed’s mission to solve the challenges of digital wealth management.

    Before co-founding Quantifeed, he spent fifteen years as an investment banking research analyst. His work enabled investors to improve their risk-adjusted returns and to gain access to a wider range of market strategies and risk premia. Alex, a top ranked analyst by Institutional Investor, had a leading role in the growth of the European ETF market, hedge fund replication and the use of volatility products in portfolios.

    A former managing director for Morgan Stanley and Bank of America Merrill Lynch, Alex has built and led teams of derivatives and quantitative strategists in London, Tokyo and Hong Kong.

    Alex holds Bachelors and Masters degrees in Information Systems Engineering and a PhD in Mathematical Finance from Imperial College, University of London.