Women already play a relatively prominent role as private bankers. This prominence could further increase as female wealth also grows in parallel. finews.asia spoke to industry leaders on International Women's Day.
If you are a female wishing for riches, there is perhaps no better time in history than the present. According to a 2022 report jointly launched by the WealthiHer Network and «Tatler Asia», 40 percent of women’s wealth ($37.2 trillion) globally is held in the region, outpacing all other areas except North America. As a result, it is increasingly common for the gender to be a client in private banking.
«This could drive the need for more female advisors and wealth managers who can better understand and cater to the needs of female clients,» said Pictet Wealth Management market head Scarlett Ma.
Investment Performance
One such difference with female clients is investment performance. According to UBS’s «Women and Investing Report 2022», females outperform their male counterparts by 1.8 percent, though they also tend to take relatively less risks.
«In areas of wealth management or investment, past research suggests that women are better investors than men. We are on very good grounds!» exclaimed Paula Ip, head A&S investment funds North Asia at UBS Global Wealth Management.
Employment Share
Industry efforts are already underway to respond in line with socioeconomic trends. At Pictet, for example, more than half of relationship managers in Asia are women. Across the full workforce at Indosuez Wealth Management and Bank of Singapore, gender accounts for 60 percent and 55.3 percent, respectively.
«In recent times, private banking in Asia has seen a notable increase in the participation of women, both as clients and professionals within the industry,» commented Bank of Singapore's global head of HR Adeline Ang. «As the role of women in the economy continues to expand, private banks will need to continue to adapt and evolve to meet the needs of their female clients.»
Leadership Positions
Despite the broader figures, multiple executives stressed that there were still barriers for females in the industry, most notably challenges in securing leadership roles.
«Despite efforts to promote gender diversity, women still make up a small percentage of top positions in the industry,» noted Indosuez senior director and investment advisor Winnie Chiu.
Next-Generation Talent
Nonetheless, the future is expected to be bright. According to head wealth management China Marina Lui at UBS Global Wealth Management, there are more opportunities than risks for the new generation of young female talent.
«In Asia, we are seeing a rising influence of women in senior positions in the finance industry,» Lui said, highlighting success stories not only in the front office but across the middle and back office. «To capture these growing opportunities, I would advise women practitioners to continue to equip themselves with the latest trends that will impact the industry, such as digitalization, climate change and sustainability.»
