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Our Bureau

"The wealth management markets in Asia look strong for the years ahead and are a key focus for Barclays.''

Mumbai , March 6

A survey of the world's leading wealth managers has predicted Asia's top three wealth markets of China, India and Korea to grow by as much as 17 per cent a year for the next three years.

According to the survey by Barclays Capital, wealth management firms with about $3 trillion of assets under management (AUM) predict strong growth in these economies. This will result in these firms holding or managing an estimated $334 billion of assets for Korean high networth clients in three years, $256 billion for Indian clients and $150 billion for Chinese clients. For the affluent class, China will be the largest market in Asia with an estimated $93 billion, followed by Korea and India with $50 billion each.

"The wealth management markets in Asia look strong for the years ahead and are a key focus for Barclays,'' said Mr Peter Hu, Head of Investor Solutions, non-Japan Asia, at Barclays Capital. "Our investor solutions team has doubled in size in the past year and we expect it to continue to grow in the years ahead as investors and wealth managers increasingly look for tailor-made investment solutions.''

Double-digit growth

Participants in the survey forecast double-digit growth in AUM across the region, with India and Korea at one end of the expected range with 17 per cent growth each and Australia and New Zealand at the other end with 10 per cent. China is expected to grow annually by 14 per cent, South East Asia and Taiwan by 13 per cent, and Hong Kong by 11 per cent.

All respondents said Indian wealth markets would grow by at least 15 per cent per year for the next three years.

The Barclays Capital Wealth Management Survey found equity is the preferred asset class for high networth individuals, followed by credit or debt related products. Commodities are one of the `highly derivatised' asset classes in both the high networth and mass affluent segments.

The Barclays Capital Wealth Management Survey included participants from 40 different institutions with more than $3 trillion AUM. Two thirds of the participants are part of a global banking group, with the remainder from small to medium-sized firms.

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