Jan 30, 2013, 5:29am

Research and Markets (http://www.researchandmarkets.com/research/zllr7v/competitive) has announced the addition of the "Competitive Dynamics in Singaporean Wealth Management" report to their offering.

The crowded private wealth management market in Singapore is one of the more difficult Asian economies in which to compete but arguably has one of the most compelling growth stories. Competitors in the market have sought to build up their operations through investment in personnel, as well as greater client segmentation and more refined wealth management service propositions.

Key Topics Covered:

OVERVIEW

EXECUTIVE SUMMARY

MARKET STRUCTURE

- The Singapore private wealth market is split between a wide variety of players - The dynamics of the Singapore market are highly competitive, reflecting a crowded scene

- Onshore HNW clients are amply serviced by advisors from banks and IFAs

- The huge offshore market means wealth managers have outsized operations in Singapore, but makes the higher end of the market more competitive

- Key factors shaping the competitive scene in Singapore - The regulatory framework in Singapore favors no specific class of competitors

- The Financial Industry Competency Standards certification for Wealth Management is becoming more standard in the market

- Private banks in Singapore mostly operate on a percentage fee basis, but some still charge commissions

- High personnel costs are a huge competitive headache for Singapore-based wealth managers

COMPETITIVE TRENDS

- New entrants to the Singaporean wealth management market are rare due to its established nature - Few of the top international private banks lack a presence in the Singapore market

- Banks with only a modest presence in the Singapore market have recently sold out

- International private banks have been busy setting up trust companies in Singapore

- Wealth managers in the country continue to invest in more branches, larger offices, and new personnel - The rush into Singapore has largely already occurred, meaning competitors have focused on building up operations

- Major international wealth managers have been basing more personnel in Singapore

- New product launches and service offerings have mainly been from the locally based banks - New products for the private bank market in Singapore are the result of high competitive pressures

- New products of note are technology-focused and aimed at affluent investors

- New investment products have been less prominent, barring new yuan renminbi products

- New service offerings in Singapore have been extremely varied, ranging from classic wealth-focused segmentation to those catering to the needs of Islamic investors

KEY COMPETITORS

- Competitor rankings - Asian wealth managers and the Asian units of international banks account for a greater share of the global industry

- Onshore wealth management operations are increasingly important in the Asian market

- Key competitors from the Singapore market in depth - DBS

- Strategic evaluation: a strong local presence and unified back office allow DBS to leverage its scale and deliver at lower costs

- OCBC

- Products and services: open architecture is combined with advisory and discretionary asset management

- Standard Chartered

- Strategic evaluation: developing a private wealth management brand and proposition

- UOB

Companies Mentioned

- Amer Sports Corporation

- Bank of America Merrill Lynch

- Bank of Montreal

- Canadian Imperial Bank of Commerce

- Citigroup Inc.

- DBS Group Holdings Limited

- Eastern Bank Corporation

- General Mills

- Inc.

- Hutchison 3G UK Limited

- ING GROEP N.V.

- Macquarie Group Limited

- Monetary Authority of Singapore

- Nestlé SA

- Parcelforce Worldwide

- Pictet & Cie

- Raymond James Financial

- Inc.

- Schindler Holding Ltd.

For more information visit http://www.researchandmarkets.com/research/zllr7v/competitive.