MARKETS | Cesar Tordesillas, Singapore

RBS Coutts to give manly assistance to women

RBS Coutts launched a private banking initiative tailored specifically for high net worth women in Asia. It will assist women in managing their wealth, as well as a platform to bring like-minded women together to engage in their pursuits.According to a study commissioned by RBS Coutts in 2008, the current penetration of the high net worth women segment: Those women with assets of more than US$1 million that could be invested by professional wealth managers is low. It stands at only 23 percent in Singapore totaling US$16 billion in assets currently under management and 26 percent in Hong Kong amounting to US$40 billion of assets under management.The study shows that there is a large untapped market, potentially worth approximately US$55 billion in Singapore and US$112 billion in Hong Kong."Our study shows that high net worth women expect product offerings to be no different from those offered to their male counterparts, but they demand the approach in servicing them to be tailored to the needs of women. What this suggests is that they wish to be treated like a man but spoken to like a woman," noted Ms. Esther Heer, Head of Private Banking, North Asia at RBS Coutts."Having lived and worked in Asia for over 20 years, I have seen the number of high net worth women in Asia increase dramatically. Successful career women are no longer a rare breed and their contributions to business and society have never been greater," Heer added. "Our aim is simple: to empower women to achieve more – financially and beyond – in their way."

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