Coronavirus covid-19 gives Asia's wealth management a massive boost
Coronavirus is having an unexpected impact on Asian wealth managing. The past two months saw an increase in client trading revenue all across the region.
Three of Asia’s top ten managers have already confirmed the report. Presumably, the growth has been determined by the market’s volatility. Being unsure of the future of big stocks, investors switched from equity trading to less risky derivatives and structured products, to get more security. Bankers believe, that new limits on travel led the clients to spend more time and resources on discussing and analyzing their wealth.
The growth did not touch all Asia equally. In the recent years, Chinese investments were shifting to foreign projects. Now their partners overseas are less willing to contact Chinese investors because of the virus anxiety.
The rest of the world is also missing out on growth. Banks and wealth managers in Europe and in US have reported difficulties in attracting new clients.