China’s Hywin Wealth Management Co plans to expand to Singapore, with ambitions of drawing as much as half a billion US dollars worth of assets in the city state within the first year, according to a Bloomberg report, quoting the Shanghai-based company’s Chief Executive Officer Wang Dian.
Mr. Wang says the company is seeking licences to provide wealth management, asset management, succession advisory, insurance and brokerage services in Singapore.
“Our Singapore plan is an answer to our clients’ demand…We can connect Southeast Asia clients with the Chinese investment opportunities through public markets and direct investment into private deals,” he says in the August 3 report.
Mr. Wang says the company hopes to attract US$500 million of assets in Singapore within the first year after hiring a team of between ten and 15 people.
Hywin Wealth is a unit of Hywin Financial Holdings Group, which had over 100 billion RMB ($14.32 billion) of assets under management as of end-2019.