Cover The Standard Chartered Global Private Bank team includes (from left) Vic Malik, global head of EAM; Ong Lay Choo, global head of Affluent Client Segments; Mike Tan, global head of Wealth Planning and Family Advisory; Steve Brice, global chief investment officer of Standard Chartered Bank; Nicholas Cheng, head of Private Markets Group; and Tristan Tan, global head of Lending Solutions
The Standard Chartered Global Private Bank team includes (from left) Vic Malik, global head of EAM; Ong Lay Choo, global head of Affluent Client Segments; Mike Tan, global head of Wealth Planning and Family Advisory; Steve Brice, global chief investment officer of Standard Chartered Bank; Nicholas Cheng, head of Private Markets Group; and Tristan Tan, global head of Lending Solutions
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For those seeking to build a wealth strategy that goes beyond financial returns—one that reflects personal and family values, an enduring legacy and future aspirations—Standard Chartered Global Private Bank offers tailored solutions designed to meet the unique needs of ultra‑high‑net‑worth individuals
An unprecedented shift of wealth is underway across the world as baby boomers prepare to hand over their assets to the next generation. Between now and 2045, an estimated US$84 trillion will change hands, in the US alone, according to consulting firm Cerulli Associates. This so-called “Great Wealth Transfer” presents both opportunities and challenges for the inheriting generation—often millennials and Gen Z—in light of a global economic landscape shaped by factors ranging from geopolitical tensions to climate change.
To prepare the next generation for the biggest wealth transfer in history, wealthy and ultra-high-net-worth individuals (UHNWI) have a unique opportunity to craft a purposeful wealth plan that not only ensures a lasting legacy but also creates meaningful impact. And one global wealth manager who understands the complexities that come with significant wealth is Standard Chartered Global Private Bank.
“Beyond standard financial planning, the wealth‑planning objectives and needs of UHNWIs encompass wealth preservation across generations, legacy and succession planning, and philanthropy. Importantly, engaging the next generation early is crucial in ensuring alignment of family values,” says Ong Lay Choo, Standard Chartered’s global head of Affluent Client Segments.
Considering the rise in the number of UHNWIs—commonly defined as those with investible assets exceeding US$30 million—in Singapore in recent years, thoughtful wealth planning is more important now than ever. According to the 2024 Knight Frank Wealth Report released earlier this year, the number of UHNWIs in Singapore grew 4 per cent year on year in 2023 to 4,783—and this number is projected to increase 18.7 per cent to 5,535 by 2028.
Single family offices (SFO) are also flourishing in the city-state. At the Global-Asia Family Office Summit this September, minister for transport and second minister for finance, Chee Hong Tat, who is also deputy chairman of the Monetary Authority of Singapore (MAS), stated that the number of SFOs awarded MAS tax incentives grew from 400 in 2020 to 1,650 by end-August 2024. Singapore, a strategic gateway to Asia, particularly Southeast Asia and South Asia, remains a trusted financial centre for asset and wealth management.
Read also: Singapore is the world’s most competitive economy, while Hong Kong and Taiwan remain in top 10
The Asia-Pacific region, Ong notes, will contribute to a higher share of wealth growth, with Hong Kong overtaking Switzerland to become the largest global cross-border centre by 2028, with Singapore and the UAE having the highest cross-border wealth growth.
With its extensive global network—and deep local expertise—in more than 50 markets, as well as unified cross-border wealth management and private banking solutions in leading wealth hubs such as Hong Kong, Singapore, Dubai, and London, Standard Chartered is well positioned to support the needs of UHNWIs and their families. Furthermore, with an open architecture wealth solutions platform, the private bank has the ability to offer best-in-class wealth solutions to meet clients’ needs at the best pricing—and this alongside specialised capabilities, including in wealth planning and family advisory, access to private markets, structured lending, as well solutions for external asset managers (EAM).
“Above all, UHNWIs expect personalised service,” says global chief investment officer Steve Brice. “For some, this may mean a high level of delegation in terms of customised discretionary portfolio management. And then there are clients who are very clear in the investments they want to make and therefore focused on efficient execution. In the middle are those who want potential investment ideas, but retain the decision-making rights, either directly or via a family office.”
Above Tatler Wealth Management December 2024 Issue
Tatler Wealth Management December 2024 Issue
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Another consideration is the time horizon and liquidity needs of the client, says Brice. Here, alternative investments appeal to clients who wish to engage in an endowment style of investing. He explains, “We have a wide array of products and different ways of engaging clients or their representatives. There’s also a focus on getting differentiated access to high-quality managers. A good example is a high conviction fund, with a concentrated and very dynamically-managed global equity strategy, which we launched via our Singapore VCC (variable capital company) structure earlier this year. Standard Chartered Global Private Bank is the only private bank in Asia and the UAE that is able to provide access to this strategy.”
Furthermore, the Chief Investment Office (CIO) helps UHNWIs keep up with their investment goals. “The most obvious is that we make investment recommendations across different asset classes. This includes asset allocation models incorporating our asset class views which goes down to the level of sector, single security and derivative strategies,” says Brice. “To do this, we use our distinctive investment philosophy. Due to how humans have evolved over the millennia, we all suffer from behavioural biases. Our investment process addresses these biases by leveraging the perspectives of a diverse set of experts, both within the CIO and outside, to ensure we examine the likely market outlook from different angles. This includes quantitative outside views, which attempt to provide a smart anchor, as well as a qualitative assessment of the current and future landscape.”
Standard Chartered also offers a deep dive into client holdings, including their private businesses, and giving feedback on the scenarios that may be challenging for performance. In this way, it can explore how to hedge against tail risks for that specific client. The private bank also offers access to its quantitative strategy team and tools in order to provide a different perspective and allow clients to stress-test their portfolios against scenarios of their choosing.
Above From left: Steve Brice, global chief investment officer of Standard Chartered Bank, and Ong Lay Choo, global head of Affluent Client Segments. Brice wears his own outfit, Hugo Boss tie; Ong wears Hugo Boss jacket and trousers, her own blouse
From left: Steve Brice, global chief investment officer of Standard Chartered Bank, and Ong Lay Choo, global head of Affluent Client Segments. Brice wears his own outfit, Hugo Boss tie; Ong wears Hugo Boss jacket and trousers, her own blouse
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Bespoke Wealth Solutions
Affluent clients often have complex financial needs, so lending solutions are an integral part of any conversation on wealth optimisation. Tristan Tan, global head of Lending Solutions, says that Standard Chartered fulfils the needs of UHNW clients in three ways. First, yield enhancement by taking on appropriate leverage to help meet the client’s expected returns requirements for investments, as typically a loan is lower in cost as compared to equity.
Second, unlocking value in illiquid assets, such as single stocks where promoters typically want to maintain their ownership, or concentrated position. In such a scenario, leverage can be provided where the proceeds can help to diversify their assets (outside their core holdings). Third, short-term liquidity needs. Even the best planning may go off-course, and from time to time, and depending on the situational needs, UHNW clients would need liquidity to either provide capital for their privately owned businesses for growth, or make a material acquisition.
“The financial needs of our clients are always dynamic and evolving. What’s important is to take into account the past, the present and the future, providing a bespoke lending solution that addresses any concerns arising from past experience, a solution that solves the current needs, and one that caters to flexibility for future requirements,” Tristan says.
As Standard Chartered provides tailored solutions to help its clients meet their financial needs and aspirations, it is also attuned to developments within the space. This includes the increased interest to access private markets directly, which are traditionally an institutional playbook but now popular among affluent clients. Nicholas Cheng, head of Private Markets Group, says, “Barely a decade ago, private markets were considered ‘satellite’ opportunities within private banking circles. Today, private markets are front and centre with most private wealth firms offering opportunities ranging from traditional closed-ended situations to semi-liquid open-ended ones.”
Cheng notes “a confluence of factors comprising growing affluence (the number of new billionaires created in that time), increased sophistication, search for absolute returns, and shrinking public market capitalisation globally have all contributed to this shift”. Standard Chartered has meticulously established best-in-class private markets capabilities led by some of the best talents from within the industry. “In our quiet considered ways, the approach has been one of customisation with carefully curated and painstakingly crafted solutions to suit client needs. The bespoke nature of our approach has allowed us to bring about many ‘first to market’ [initiatives].” Cheng adds, “Going forward, we plan to augment an already solid platform with programmatic institutional-grade access to direct co-investments.”
Read also: A new frontier: Standard Chartered’s insights on navigating the shifting landscape of private banking
Above Clockwise, from top: Vic Malik, global head of EAM, Nicholas Cheng, head of Private Markets Group, and Tristan Tan, global head of Lending Solutions. Malik wears Hugo Boss jumper, his own shirt, trousers, tie and belt; Cheng wears Hugo Boss jacket, his own shirt, trousers, tie, belt and shoes; Tan wears his own outfit
Clockwise, from top: Vic Malik, global head of EAM, Nicholas Cheng, head of Private Markets Group, and Tristan Tan, global head of Lending Solutions. Malik wears Hugo Boss jumper, his own shirt, trousers, tie and belt; Cheng wears Hugo Boss jacket, his own shirt, trousers, tie, belt and shoes; Tan wears his own outfit
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As part of its growth initiatives, Standard Chartered is developing its EAM segment, thanks to growing demand from UHNW clients for independent financial advice and the open architecture offered by EAMs. “The EAM is a trusted third party that has been given the fiduciary responsibility of managing client assets,” says Vic Malik, global head of EAM. “EAMs are driven to partner with the right banks to provide a one-stop service to their clients. That’s the proposition.” And it is a very successful one because close to a third of assets in Switzerland, the most established and most mature wealth market, is managed by EAMs.
“At the end of the day, the client receives the same set of services via the EAM as they would receive if they were dealing with a bank. Our proposition to the end client is not necessarily any different,” Malik explains. “In the conventional model, we understand the client and their needs. Here, we’re one step removed from the client. So the way we need to execute our services is where the difference lies.”
In Singapore and Hong Kong, private banks are changing their approach towards the delivery of services because the client here, which is the EAM, is an institution. “The impetus is to rethink the service proposition and engagement models, as we continue to deliver our own suite of services and solutions, and growth,” says Malik.
Intergenerational Wealth Transfer
In addition to building a substantially diversified portfolio, much consideration must be given to legacy and succession planning. “Wealthy families and their assets are becoming more diverse,” says Mike Tan, global head of Wealth Planning and Family Advisory. “Many UHNW families have family members residing in different parts of the world. Their investments and assets are also spread globally.” As a result, family offices are evolving to also become a platform for the family to exchange ideas, interact with each other, align objectives and principles, preserve family values and develop philanthropic strategies, beyond just managing family investments and assets.
“Intergenerational succession planning is top of mind for our clients,” Mike says. “Our capabilities cover the entire wealth accumulation, preservation, and distribution cycle, supported by wealth and legacy planning, family office advisory and family governance. Client needs are so diverse these days that a suite of solutions is needed to cater to their needs, especially in an environment where we are seeing profound shifts in the regulatory and tax landscape.”
When it comes to preparing the next generation for the future, he highlights that a multipronged and structured approach is often needed, be it financial and investment literacy, critical thinking and decision making, fostering self- and social-awareness, or building practical experience through mentorships and networking. “As a global private bank, we play a critical role as a connector, building next‑generation networks and fostering peer connections among like-minded clients, and expanding their investment horizon to explore emerging asset classes.” Standard Chartered Global Private Bank recently hosted some of the world’s wealthiest families at its inaugural Global Family Network forum in Hong Kong, sharing views on preserving family values and business philosophies, and discussing sports investing as a new asset class, among other topics that matter to many UHNW families.
In case you missed it: Investing in Her: Standard Chartered Private Bank’s powerful initiative that celebrates female leadership and legacy
Above Mike Tan, global head of Wealth Planning and Family Advisory (Photo: Standard Chartered)
Mike Tan, global head of Wealth Planning and Family Advisory (Photo: Standard Chartered)
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When it comes to a meaningful and effective family succession plan, communication among the family members is key. “In our experience, sometimes families prefer to engage external advisors to facilitate discussions within the family, particularly where it requires cross-generational engagement and building of effective governance structures. An external advisor can share perspectives as an independent third party, which may differ from how the family members themselves usually interact with one another,” Mike explains.
Standard Chartered also sees a growing interest among its clients to incorporate sustainability and philanthropic objectives into their investment and wealth planning strategies. “Sustainability means different things to different people, and we start with understanding what clients are looking for and what matters the most to them. For each conversation, we can generate a customised report which provides the client with a multidimensional view of the sustainability aspects of their portfolio, from ESG (environmental, social and governance) risk to climate metrics, as well as alignment with the [United Nations’] Sustainable Development Goals,” Mike shares.
Philanthropy is often seen as a way to bring different generations of a family together, united by a common purpose beyond the commercial success of the family business. “From a wealth planning perspective, we help our clients design a philanthropic strategy that’s aligned to their family values and principles, and able to deliver the desired impact on a sustained basis,” Mike says. “But ultimately, a lasting and shared legacy has to be built on a common set of family values that binds everyone together.”
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As Senior Editor of Tatler Singapore, Hashirin champions and refines the storytelling across platforms—curating and crafting compelling profiles, cover stories and features that spotlight visionaries shaping culture, business and impact. Driven by curiosity, she draws inspiration from the artists, changemakers and trailblazers she encounters through her work. Beyond the pages of Tatler, she is an avid supporter of local theatre and delights in seeking out art in every city she visits.
