Standard Chartered has set a goal to secure $200bn in net new money over the next five years, while aiming for a double-digit increase in its Wealth Solutions income.
This goal was revealed during the bank’s Affluent Investor Seminar, which also highlighted plans to enhance wealth management capabilities through product innovation and digital client experiences.
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The seminar also showcased the bank’s strategy to expand its wealth management capabilities through branch upgrades, focusing on high-value clients.
With a particular emphasis on global Chinese and Indian clients, the bank has transformed flagship client centres in mainland China, Hong Kong and Singapore into modern experiential hubs.
It has also launched dedicated Global Indian centres in Mumbai and Chennai, with plans for additional locations.
The bank’s Wealth Solutions income is diversified across various products, and it aims to sustain growth through ongoing product innovation and platform improvements.
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By GlobalDataIts proprietary advisory platform, “myWealth Advisor,” is set to integrate advanced features such as structured products and risk analytics by 2025. The bank will also foster deeper alliances, assisting clients in developing resilient portfolios.
The Signature CIO Funds, based on Chief Investment Office insights, have contributed approximately $2bn to the bank’s Wealth AUM since launch in 2022.
Moreover, the bank’s first Variable Capital Company in Singapore, set up in 2024, has introduced exclusive sub-funds, with the first launched in June bringing in $500m.
Standard Chartered CEO of Wealth and Retail Banking Judy Hsu stated: “As we continue to focus on our competitive strengths, a significant portion of our investment will enhance those capabilities that support our clients’ international banking needs, including a 50 per cent expansion of our relationship manager team by 2028.”
These efforts follow the bank’s October announcement to double its investment in wealth management for affluent clients to $1.5bn over five years, while scaling back its mass retail business.
As part of this strategic shift, Standard Chartered is considering the sale of its businesses in Botswana, Uganda, and Zambia.
