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Asian wealth managers see surge in client trading while virus hits new business

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Asia's richest investors, trapped at home by coronavirus travel restrictions, have increased trading activity over the past two months. YahooFinance

* China individual wealth growth likely slowest since 2008 -researcherBy Sumeet Chatterjee and Anshuman Daga

Strict travel curbs and the avoidance of social contact is making it tougher for banks including Credit Suisse Group AG , HSBC Holdings PLC and UBS Group AG to bring new wealthy clients on board, six bankers said. "There are so many ways we can source investments and come up with different structures for our clients in these volatile markets. Our bankers have been pretty busy," said a senior Singapore-based banker at a leading Swiss bank."During this time ... since our clients are not travelling as much, they are actually spending more time discussing their investment portfolios with us by phone or video conference," said Amy Lo, co-head of Asia-Pacific wealth management at UBS.

Credit Suisse declined to comment on the impact of the virus on its new business. It said it was engaging with clients using its digital platforms.China's rich make up the bulk of private banks' Asian assets, and have in recent years stepped up investments overseas by setting up trusts and family offices - a lucrative business for wealth managers and advisers.

 

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