External Asset Managers Gain Ground in Singapore Wealth Market

External asset managers Singapore are gaining traction as wealthy clients seek more customised and transparent advice, according to research by Bank of Singapore.

More than half of managers surveyed are expanding into new markets and partnerships, while nearly two-thirds said improving client experience was a priority.

Demand is shifting towards fixed income as investors adopt a more defensive stance, alongside growing interest in alternatives and ETFs.

Industry executives, including those from Saxo Bank, said younger, digitally savvy wealth holders are driving the shift towards independent, tech-enabled advisory.

Despite this momentum, external asset managers Singapore oversee only about 5% of the market, suggesting substantial room for further expansion.