HONG KONG/SINGAPORE ¨C Private bankers in Hong Kong and Singapore have had their wings clipped by the pandemic, thwarting their pursuit of millionaires scattered across a region where wealth is growing faster than anywhere else.
For most of the year, relationship managers in two of the world¡¯s largest centers for cross-border money management haven¡¯t been able to freely travel to China or around Southeast Asia to meet new prospects and verify ownership of private yachts, property and more. They¡¯ve focused instead on a trading boom among existing clients.
But the shrinking pipeline is an increasing worry as COVID-19 flareups in the region keep them largely grounded, say executives and relationship managers. Already, the likes of UBS Group AG and JPMorgan Chase & Co. have seen the growth of new money in Asia take a hit.
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