Hywin Wealth Management Co. is weighing an expansion into Singapore to follow its Chinese clients and tap the surge of wealthy individuals in Southeast Asia.
The Shanghai-based company is seeking licenses to provide wealth management, asset management, succession advisory, insurance and brokerage services in the city-state, Wang Dian, chief executive of Hywin Wealth, said in an interview. The firm hopes to attract US$500 million ($687.1 million) of assets in Singapore within the first year after hiring a team of about 10 to 15 people.
Hywin will have its work cut out; a bevy of local and Chinese wealth managers are vying for a slice of the asset management market in Southeast Asia, which is expected to grow to US$4 trillion by 2025. By setting up a base in Singapore, Hywin can also hedge its offshore operations in Asia. Hong Kong is becoming increasingly susceptible to U.S.-China political tensions.