Swiss group Vontobel has entered into a strategic cooperation agreement with Bank of Singapore that will enable Asian ultra-high and high net worth clients to place their assets in Vontobel’s Zurich booking center.
Bank of Singapore’s clients will have access to a range of Vontobel’s products and will be let the option of choosing Vontobel or Bank of Singapore to manage their assets booked in Zurich.
Olivier Denis, Bank of Singapore’s global market head of Singapore, International, Thai & Indo-China, said: “This agreement is designed to meet increasing interest from Asian clients to have their assets in custody in Switzerland on top of our current booking centers in Singapore and Hong Kong.
“With this new capability, we are one of the few Asian private banks to be able to offer booking services for our clients in three of the leading global financial hubs – Singapore, Hong Kong and Switzerland. This further strengthens Bank of Singapore’s position as Asia’s global private bank.”
Denis added the tie-up with Vontobel is in line with Bank of Singapore’s strategy to work with a global network of providers, such as BlackRock and BlackStone.
Brian Fischer, head of External Asset Managers, Vontobel, said: “Bank of Singapore is one of the most admired and innovative wealth managers in Asia. This cooperation is a further milestone in our international expansion of our global business offering to financial institutions.
“International diversification of wealth is enjoying increasing acceptance in many foreign markets and in particular in Asia, which still represents a growth market for asset management. We welcome the unique strategic partnership between our organisations, both of which are dedicated to the highest quality standards for clients.”
As of 30 June 2016, Vontobel held around CHF180bn (€168.4bn) of client assets. Bank of Singapore’s AUM were $75bn (€69.8bn) as of end of December 2016.