Source: Media Outreach
HONG KONG SAR – Media OutReach Newswire – 20 February 2024 – WRISE Group today announced the launch of WRISE Prestige, a new business unit underlining the Group’s commitment to diversify its offerings and meet the region’s evolving wealth management needs. WRISE Prestige expands WRISE’s reach to the mass affluent market with a minimum investment threshold of USD500,000.
The mass affluent market in Asia is undergoing a transformative shift, driven by the rise of the Asian middle class and the inter-generational transfer of wealth. Southeast Asia’s mass affluent demographic is anticipated to surge to 136 million by 2030. In tandem, China’s mass affluent households are forecasted to witness a rise to 162 million by 2030.
“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,” said Derrick Tan, Group Executive Chairman of WRISE. “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 and offer mass affluent clients unparalleled price transparency and exclusive opportunities for direct investments, mirroring the advantages enjoyed by WRISE’s existing clientele of Ultra-High-Net-Worth Individuals (UHNWIs). Product offerings will also include global securities, structured products, mutual funds and fixed income.
Leadership for the new business unit includes Stephen Yan, Chairman of WRISE Prestige, who will oversee strategic business plans and activities, and Jowin Fung, Vice Chairman and CEO of WRISE Prestige, who will lead the day-to-day operations of WRISE Prestige.
“I am excited to be joining WRISE at such a pivotal moment. The launch of WRISE Prestige comes at an opportune time in meeting the wealth management needs of such market segments,” said Jowin Fung, Vice Chairman and CEO, WRISE Prestige. “As we navigate the convergence of traditional and digital wealth management, I look forward to leading our team in redefining the wealth management experience for our clients.”
The WRISE Group will also rebrand its existing WRISE Wealth Management services for UHNWIs to WRISE Private across Singapore, Hong Kong and Dubai.
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