Private bankers in Hong Kong and Singapore have had their wings clipped by the pandemic, thwarting their pursuit of millionaires scattered across a region where wealth is growing faster than anywhere else.
For most of the year, relationship managers in two of the world’s largest centers for cross-border money management haven’t been able to freely travel to China or around Southeast Asia to meet new prospects and verify ownership of private yachts, property and more. They’ve focused instead on a trading boom among existing clients.
But the shrinking pipeline is an increasing worry as COVID-19 flareups in the region keep them largely grounded, say executives and relationship managers. Already, the likes of UBS Group AG and JPMorgan Chase & Co. have seen the growth of new money in Asia take a hit.