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Asset Management / Wealth Management
New WRISE unit targets mass affluent segment
Market expected to reach 136 million in Southeast Asia and 162 million in China by 2030
The Asset 20 Feb 2024

Multi-family office WRISE Group has launched a new business unit to expand its reach to the mass affluent market. WRISE Prestige targets those with a minimum investment threshold of US$500,000.

Driven by the rise of the middle class and inter-generational transfer of wealth, Asia’s mass affluent market is undergoing a transformative shift, with that in Southeast Asia expected to surge to 136 million by 2030 and that in China to rise to 162 million during the period, WRISE says.

"Over the past few years, we have been seeing stronger demand and increasing sophistication of wealth management solutions of clients in Asia, particularly as the region's rising affluence has vastly expanded the investment opportunities for the mass affluent," says WRISE group executive chairman Derrick Tan.

"WRISE Prestige positions WRISE Group at the forefront of managing the region’s changing wealth flows, aligned with the evolving demands of this dynamic clientele. The expansion also underscores our commitment to navigating these wealth demographic shifts, offering tailored solutions that bridge a crucial gap in the wealth management landscape."

WRISE Prestige will first launch in Hong Kong, offering mass affluent clients price transparency and exclusive opportunities for direct investments. This mirrors the advantages enjoyed by the group’s existing clientele of ultra-high-net-worth individuals (UHNWIs). Product offerings will also include global securities, structured products, mutual funds and fixed income.

The new business unit will be led by Stephen Yan as chairman and Jowin Fung as vice-chairman and chief executive officer. Yan will oversee strategic business plans and activities, while Fung will lead the day-to-day operations.

WRISE Group will also rebrand its existing wealth management services for UHNWIs to WRISE Private across Singapore, Hong Kong and Dubai. 

 

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