Q Intel Researchs Report on Wealth Management in the Philippines Finds Ultra-High-Net-Worth Individuals Will Reach 302 by 2018
Summary
Based on their forecasted data, the Philippines economy has stabilized and will therefore result in mass creations of wealth that are going unnoticed by bankers within the country and the international community.The bank’s strongest advantages is that it has clearly developed its wealth management products and has built a strong private banking platform that has international expertise that can aid HNWIs to build customized portfolios for clients depending on the stage and they are in life.The wealth-management arm of the Bank of the Philippine Islands (BPI), which has acquired the investment-banking unit of the Dutch financial services ING in 2011, has seen around 15% growth in assets under the management (AUM) for the year.The further development of its banking and finance center will strengthen as its surrounding companies such as the EEI corporation will continue to grow at rapid rates.As of 2010 its estimated that there are around 16,000 HNWIs in the Philippines, and that that number will increase to around 24,000 within a few years.The bank’s strongest advantages is that it has clearly developed its wealth management products and has built a strong private banking platform that has international expertise that can aid HNWIs to build customized portfolios for clients depending on the stage and they are in life.4.