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Morning Coffee: What Hong Kong bankers should be specialising in now

What Hong Kong bankers should be specialising in now

Time to brush up on overseas property

If you’re a private banker in Hong Kong you are no doubt very busy right now. As we reported last month, anxious mainlanders are turning to the territory as a safe haven for their investments in the wake of stock market volatility and currency devaluation.

But what type of investments are high-net-worth individual (HNWIs) prioritising in the current market? And what products and services should you be paying closer attention to as a private banker? Clients in Hong Kong are increasingly seeking out less risky products, according to CNBC. And this means that private bankers today must increasingly be experts in overseas property investments.

“If you look at the recent purchases of Hong Kong’s HNWIs, they love to purchase properties overseas,” says Thomas Lam, a senior director at property firm Knight Frank, told CNBC. “The older HNWIs may focus on Hong Kong, but the younger are looking in places like the UK, the US, Australia and Europe.”

Hong Kong-based wealth managers also report seeing an increased interest in education planning and inheritance management advice from rich mainlanders. “I think going forward, in the next five [to] ten years, we will be seeing a period of time where wealth will be passing on to next generation,” Kaven Leung, deputy region head Asia Pacific at Julius Baer, told CNBC.

“Private bankers in Hong Kong are having to take on steadily broader job descriptions to meet clients’ needs – and the market problems in China are adding to this,” says a private banking headhunter we spoke with last week.

Meanwhile:

HSBC, Standard Chartered commodities exposures high as traders struggle. (South China Morning Post)

HKEx decides against proceeding with dual-share-structure listing reform. (South China Morning Post)

Goldman Sachs CIO on how software is eating finance. (re/code)

The Association of Banks in Singapore to release guidelines on ‘responsible financing’. (Today)

Record number of private employers in Singapore offering workers structured training. (Today)

Five things to know about the Trans-Pacific Partnership free trade pact. (Straits Times)

Meet the new “beacon of hope” for rural youth in India…jobs in the banking sector. (Times of India)



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