The Asean wealth management industry is being urged to be more aggressive and capture opportunities in the region now being held by financial institutions from outside the bloc.

 

“The wealth management industry, within the Asean local financial institutions, is still very much in its infancy, with most of the substantive assets still being captured by players from outside of this region. This must represent an opportunity for the progressive Asean players,” said Dato' Mohammed Azlan Hashim, chairman, Labuan International Business and Financial Centre (IBFC), and former executive chairman of Bursa Malaysia.

 

“Against the backdrop of continued growth within the region, the provision of wealth management solutions tailored from a multitude of domiciles, including home grown Asean-based jurisdictions, such as Labuan IBFC, is no longer rare,” he added.

 

The Labuan IBFC and the Financial Times hosted the Asean Wealth Management Summit 2014 at the InterContinental Hotel in Singapore.