The business will be headed by Joseph Poon, former JPMorgan Private Bank head for South Asia. MacquarieÆs private wealth business will have a strong regional focus and will be run locally, staffed by a growing team of experienced local advisers, says the head of Macquarie private bank Australia, Guy Hedley.
ôThe decision to establish Macquarie private wealth Asia in Singapore followed extensive consultation with the Singapore market over the last several years,ö Hedley says, noting that Singapore is fast becoming a hub for private wealth management.
Asia has one of the largest populations of high-net-worth individuals and this is growing at a rate of 10.1% a year, as compared with 9.4% globally, according to the Capgemini/Merrill Lynch Asia-Pacific Wealth Report of 2007. Singapore is experiencing one of the greatest increases in high-net-worth individuals in the region, with their estimated wealth standing at $323.7 billion according to the same report.
ôIn addition to the full suite of more traditional private wealth management services, the Macquarie private wealth model will provide ultra-high-net-worth clients with access to exclusive deal flows that are normally only available to institutional investors,ö Hedley says.
Hedley also notes that Poon ôhas great expertise and experience working with ultra-high-net-worth individuals and families, many of whom control large businesses.ö
ôJoseph is well respected for his team leadership abilities and has a reputation for being able to guide clients successfully through good and bad times in investment markets,ö says Hedley. ôWithin the industry he was consistently referred to as the leading, quality private banker in Singapore.ö
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