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Private Client Services in Singapore 2005Product Type: Market Research ReportPublished by: Datamonitor Published: September 2005 Product Code: R313-11873 Description IntroductionPrivate Client Services in Singapore 2005 builds on the resources and expertise of Datamonitor's Global Wealth Service team. The report is rich in analysis and provides in-depth and impartial market assessment, competitor intelligence and market forecasts. Scope The report sizes and segments the Singaporean HNW sector and investigates the major competitive trends and issues affecting the market Examines the products and services provided to HNW individuals such as private banking, private wealth management and private client stockbroking Provides market forecasts to 2008, allowing the reader to understand both the current state, and future potential, of the HNW sector in Singapore Highlights The first point to make regarding wealthy individuals in Singapore is that they are increasingly abundant. The number of these individuals has risen in the last five years at a rate of 4.4% averaged annually. In the last 12 months the government has unveiled a number of plans which add to the offshore centre's appeal, however, it has also been aided in its endeavours by regulatory changes in other countries that have made Singapore more attractive. With companies including UBS, Credit Suisse Private Bank, Citigroup Private Bank and ABN AMRO Private Bank looking to recruit almost 1,000 new staff over the course of the 2005-2008 period, the key challenge for competitors will be to overcome a staffing shortage in the region. Reasons to Purchase The report provides comprehensive analysis of competitor developments in the Singaporean private client market The report enables strategic managers to determine the direction of the market and their position in its development The report sizes the affluent population, enabling private wealth managers to determine their market share versus their competitors Table of Contents TABLE OF CONTENTSCHAPTER 1 INTRODUCTION 9 What is this report about? 9 Who is the target reader? 9 How to use this report 10 CHAPTER 2 MARKET OVERVIEW 11 The Singaporean wealth market has been affected by several factors over the last five years, which have led to variable growth 11 GDP growth has been weak 11 Interest rates have been low 11 The SGX was rocked over the 1999-2004 period but recovered well 12 Growth in individual wealth has not been huge 12 Despite indifferent underlying conditions, the Singaporean wealth market has grown, as evidenced by two facts 13 Affluent individuals are increasingly abundant 14 Affluent individuals own a larger share of retail wealth in 2004 15 Data 18 CHAPTER 3 COMPETITIVE DEVELOPMENTS 20 The competitive landscape is made up of four key competitor segments 20 The local banks 20 The Qualified Full Banks 21 The foreign banks 21 The asset managers 22 Several regulatory developments have made Singapore increasingly attractive for competitors 23 Singapore has revamped trust laws to improve competitiveness 23 Singapore has unveiled a raft of incentives, boosting its claim to be Asia’s premier financial center 24 Singapore has been helped in its promotion by the EU STD 25 Hong Kong tax law changes affected the island’s attractiveness 27 The attractiveness of the market for competitors is evidenced by four factors 27 A number of businesses have announced expansion or refocus of private client services 28 Many competitors are recruiting new staff in the Singaporean market 31 New product launches have happened throughout the year 34 There have been very few retrenchments in the past year 38 CHAPTER 4 FUTURE DECODED 39 After a bumpy period, the future of the Singaporean market looks smoother 39 Underlying macro-economic factors are positive 39 Liquid assets will grow at a smoother rate than they have historically 41 Wealthy individuals will increase in number 42 The future will bring several key challenges for the domestic competitors 42 Staff retention will be key going forward 43 Competitors need to leverage their existing resources 44 Competitors must look for segmentation 46 Data 49 CHAPTER 5 APPENDIX 51 Definitions 51 AAGR 51 CAGR 51 Gini index 51 Liquid assets 52 Liquid asset bands 52 Premier banking population 52 Research methodology 52 The Global Wealth Model 53 The UK sub model 53 Asia-Pacific sub model 53 Forecasting methodology 54 Datamonitor’s wealth numbers compared with others’ numbers 54 Bespoke Wealth Market Sizing 55 Further reading 56 Datamonitor Asia-Pacific Wealth Reports 56 Datamonitor Asia-Pacific Insight Reports 56 Datamonitor Global Wealth Service: Competitor Tracking 57 Datamonitor Financial Services Consulting 57 Asia-Pacific contacts 57 LIST OF TABLES Table 1: Macroeconomic factors, 1999-2004 18 Table 2: Liquid wealth of individuals with liquid assets of more than USD600,000, 1999-2004 18 Table 3: Number of individuals with liquid assets of more than USD600,000, 1999-2004 19 Table 4: Share of wealthy individuals and liquid wealth in each liquid asset band, 2004 19 Table 5: Key macroeconomic factors, 2004-2009f 49 Table 6: Retail liquid savings and investments, 2004-2009f 49 Table 7: Forecast liquid assets of individuals with more than USD600,000 in onshore liquid assets, 2004-2009f 50 Table 8: Forecast number of individuals with more than USD600,000 in onshore liquid assets, 2004-2009f 50 Table 9: Wealth markets that have been modeled using the Global Wealth Model 55 LIST OF FIGURES Figure 1: Research methodology and report structure 10 Figure 2: The factors affecting wealth creation in Singapore have not been particularly positive over the 1999-2004 period 13 Figure 3: Individuals with more than USD600,000 in liquid assets have grown at a rate of just 4.4% over the 1999-2004 period 15 Figure 4: The total value of liquid assets owned by Singaporean individuals with liquid assets of more than USD600,000 has increased by 38.4% over the 1999-2004 period 16 Figure 5: The wealthiest individuals in Singapore enjoy a large share of liquid wealth 17 Figure 6: The Singaporean asset management industry is growing rapidly 22 Figure 7: Underlying macroeconomic conditions in Singapore are forecast to grow at a steady rate going forward 40 Figure 8: The value of liquid assets owned by those with more than USD600,000 is set to grow at a rate of 7.1% over the 2004-2009f period 41 Figure 9: The number of individuals with more than USD600,000 in liquid assets will grow at a rate of 7.6% averaged annually, 2004-2009f 42 Figure 10: There are three ways in which a private bank can leverage group resources to attract and retain clients 45 Figure 11: The ‘Customer Value Framework’ 47 Figure 12: A possible segmentation scenario for the domestic banks 48 |
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