Liechtenstein's VP Bank is tying up with a Shanghai broker in order to tackle the Chinese market from Hong Kong.
Vaduz-based VP Bank is teaming with Hywin Wealth Management of China on a strategic collaboration in Hong Kong-based for wealthy Chinese, it said in a statement on Thursday. The move is a bid to win a chunk of China's wealth market, which is growing by as much as ten percent annually, according to a May study by Oliver Wyman and Deutsche Bank.
Hywin is a 13-year-old Shanghai-based wealth manager with 148 subsidiaries in 72 cities. It is specialized in asset management, estate planning, and philanthropy services. Outside mainland China, Hywin is present in the U.K. and Hong Kong. VP, a traditional private bank, is already in Hong Kong and Singapore.
«The proposed collaboration enables us to tap and house the extensive expertise of VP Bank as an established, globally active financial services provider whose clients count on decades of experience and a modern infrastructure,» Hywin CEO Dian Wang (pictured below) said.
VP, which benefits from having Julius Baer's former head in Asia, Thomas Meier, on its board, doubled its staffing in Singapore recently to nearly 70 people. «The planned cooperation represents an excellent opportunity to expand our business activities in the Chinese market and to successfully continue VP Bank Group's Asia strategy with a highly professional and in China widely recognized partner», client business head Christoph Mauchle said.
