Asian equities staff at Deutsche, who are mainly based in Hong Kong, should also expect lower bonuses, says a source with knowledge of the bank.
The independent wealth management sector in Asia is still relatively minor compared to the coverage of the major private banks and other large wealth firms, but those who have already established their business models see even better times ahead.
UBP is profitable in Asia, but small for its ambitions, according to de Picciotto, who is the son of firm founder Edgar de Picciotto.
In 2015, the HNWI population in the region grew by 9.4%, while their wealth surged by just under 10%.
Putting the sector into perspective, Rainmaker noted that there are about 255,000 HNWIs in Australia, representing $1.2 trillion in aggregate investment capital.
The entry of a leading Japanese asset manager into the Hong Kong fund space affirms Hong Kong’s draw as a fund domicile and supports the growth potential of the Mutual Recognition of Funds channel,” says Scott McLaren, Head of the BBH Hong Kon
This is a vast difference from how the previous generation used to approach this matter, says Carolyn Leng, head of CIMB Private Banking.