Standard Chartered unveils K11 Atelier Priority Private Centre in Hong Kong
It aims to address the specific needs of affluent clients with HK$8m in AUM.
Standard Chartered has launched its first dedicated centre at K11 ATELIER Victoria Dockside for its Priority Private clients.
The centre is designed to cater to the sophisticated wealth management and financial needs of the bank's affluent customers--provided that they have HK$8m in assets under management (AUM).
“Whilst Private Banking caters for clients with US$5m AUM or more and Priority Banking targets those with HK$1m, there is a large group of affluent clients that sits between the two segments and they are relatively underserved,” says Lay Choo Ong, Head of Consumer, Private and Business Banking, Hong Kong. “Priority Private is designed to address the financial needs of these high net worth individuals with assets under management (AUM) of HK$8M or above.”
Ong noted how the bank’s affluent clients have revealed more sophisticated wealth management needs than most mass affluent clients.
“They are more experienced investors, and they are looking for exclusive access to a wider range of products to diversify their investment portfolios and achieve their financial goals. They also value the quality of advisory and the personalised services provided by Investment Advisors and Relationship Managers,” Ong said.
To cater to these needs, Priority Private clients who sign up as Professional Investors can unlock the full benefits of Priority Private and enjoy an expanded product suite that covers wealth lending, debt securities, and a more diversified choice of investment funds apart from insurance savings and protection solutions.
Clients will also have access to a team of the Standard Chartered’s most experienced relationship managers (RMs), backed by seasoned investment advisors, insurance specialists and treasury specialists, Ong added.
In partnership with K11, Priority Private clients can enjoy a bundle of exclusive dining privileges at selected premium F&B outlets at K11 Musea. They also have access to a Priority Private Concierge service, and dining offers from top Michelin-starred restaurants from around the world.
Clients’ families may also use the centre, where they can relax and enjoy complimentary refreshments from renowned brands - all whilst taking in the spectacular Victoria Harbour view.
Ong noted that amidst the challenging operating environment currently, and persistently low interest rates, the bank’s private priority and wealth management business remains resilient.
“Clients have a higher investment appetite as they seek yield enhancement in the low interest rate environment. Our Investment income grew by about 30% YoY. Wealth Management, especially through digital channels has almost doubled. Priority Private client portfolios and clients’ total AUM have each experienced double-digit growth, and we expect this growth momentum to continue,” she added.
For the next 12 months, the bank aims to grow its Private Priority client portfolio by continuously investing to strengthen its wealth-led Priority Private proposition by offering best-in-class services and experiences, said Ong.