Changing market conditions and regulational developments focusing on transparency has led to Asian investors preferring to stay close to their wealth. This presents a bright opportunity for wealth managers to ramp up their onshore capabilities, says Vincent Magnenat, limited partner and Asia CEO for Swiss private bank Lombard Odier.

Aside from tightening regulations, the rapid growth in the Asia onshore markets is also driven by the new generation of wealth who wants to have a high portion of their wealth close at hand, says Magnenat in a recent interview with The Edge Singapore.

“In this region, the middle class is growing their wealth at a very fast pace, which is leading to an increased demand for wealth management and private banking services. About 80% of wealth is onshore, managed by the region’s local banks and supported by the new era of transparency in Asian wealth management.

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