Wealth managers flock to Singapore as Switzerland suffers

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http://www.efinancialnews.com/story/2013-05-07/wealth-managers-flock-to-singapore

Singapore will overtake Switzerland as the biggest offshore wealth centre in terms of assets under management by 2020, according to research firm WealthInsight.

Wealth managers are stepping up their search for staff to expand in Asia, as Singapore starts to overtake Switzerland as the world’s top private banking hub.

Singapore was tipped for the top more frequently than any other city in various studies recently.

Advisers say Singapore’s low tax rate, stable currency, efficient corporate registration and clearly defined regulation have become more attractive than Switzerland.

Sebastian Dovey, managing partner of advisory firm Scorpio Partnership, said: “Whichever year you want to choose, Singapore is on a trajectory to get to the top.”

Chris Wheeler, senior analyst at Mediobanca Securities, said: “If you want to be anywhere in the international wealth advisory business, you need to be in Singapore.”