[Insights Article] Accelerate Growth in Asia
The Ukraine war, the pandemic, high inflation and tightening by the Federal Reserve in the US are creating tremendous uncertainties for the global economy and pose risks to the outlook. However, the uncertain economic environment is not going to stop Asia from growing its economy. The Asian Development Bank forecasts that emerging Asian economies will grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports.
As Asia’s economy continues to grow, Asia’s high-net-worth (HNW) population and their wealth are growing rapidly. According to a recent Accenture report, the region’s leading wealth management firms are aiming to double assets under management (AuM) in the 2021-25 period and expect revenues to increase by almost 60%.
The fast economic growth provides vast opportunities for wealth management firms, but at the same time requires more skilled relationship managers (RMs) to meet the demand expected in the medium term. Accenture’s analysis of just three banks’ growth aspirations suggests they would need thousands more RMs to reach their targets.
With financial institutions competing to acquire more talent to meet their growth needs, Lioner sees opportunities to cooperate with leading banks and asset management firms to strengthen their client servicing capabilities. Lioner prides itself as having Asian values firmly at heart, giving it a deep-rooted understanding of client needs in the Asian market. This is instrumental for supporting financial institutions that serve clients from Asia without cultural gap. To further this vision, Lioner recently established a new office in Singapore to accelerate its growth strategy.
On September 5, Lioner obtained a Financial Adviser’s license from the Monetary Authority of Singapore, paving the way for it to expand its pioneering 3-in-1 insurance, trust and family office advisory services for HNW clients in the city. Lioner’s expansion will not only boost its client base but enhances its product and service offerings. By leveraging Singapore’s mature financial market and favorable policies, Lioner will be able to offer a wider range of insurance and financial products to HNW clients and serve them through digital means in China and Asia.
The launch of the Singapore office coincides with the firm’s one-year anniversary, demonstrating the growth momentum and success of the firm in its first year of establishment. The new Singapore office will complement Lioner’s Hong Kong operations to further propel the growth of the company.