“We see Asia not as an opportunity, but as a necessity. The region’s wealth trajectory demands a presence that matches both its sophistication and its promise,” said Jakob Stott, CEO of Quintet Private Bank, as he announced the firm’s official entry into Asia with the opening of its Singapore office.
The Luxembourg-based private bank, which has been a cornerstone of European wealth management for over seven decades, made headlines this week as it unveiled its expansion into one of the world’s fastest-growing regions for high-net-worth individuals (HNWIs). The decision to establish a foothold in Singapore underscores Quintet’s strategic pivot toward the burgeoning wealth markets of Asia, where the number of ultra-high-net-worth individuals (UHNWIs) has risen by over 50% in the past decade, according to Knight Frank's Wealth Report.
The Singapore office will serve as Quintet’s gateway to Asia, providing bespoke wealth management, family office advisory, and cross-border investment solutions to HNWIs and institutional clients across the region. The bank’s approach, deeply rooted in its European heritage of discretion and personalized service, aims to resonate with Asia’s increasingly globalized and sophisticated clientele.
Founded in 1949 and headquartered in Luxembourg, Quintet has built a reputation for delivering tailored solutions to some of Europe’s wealthiest families and institutions. Its move into Singapore reflects a broader trend among Western private banks seeking to diversify their client base and capture a share of Asia’s wealth boom. The Monetary Authority of Singapore (MAS) reports that assets under management in the city-state grew by 16% last year alone, solidifying its status as a global financial hub and a magnet for offshore wealth.
“Singapore’s regulatory environment, political stability, and connectivity make it the ideal hub for serving our Asian clients while maintaining the highest standards of governance,” noted Stott in a follow-up statement. “We are not here to replicate what others are doing; we are here to offer a distinct philosophy that prioritizes intergenerational planning, global asset diversification, and long-term stewardship.”
Quintet’s entry into Asia comes at a time when the region’s financial landscape is undergoing seismic shifts. The global pandemic, geopolitical tensions, and tightening tax transparency regulations under initiatives like the OECD’s Common Reporting Standard (CRS) have prompted many Asian HNWIs to seek more sophisticated advisory services. Quintet’s expertise in navigating these complexities is expected to resonate with families and institutions managing cross-border assets and multi-jurisdictional wealth structures.
The bank’s Singapore office will be led by industry veteran Adrian Chua, who brings over 25 years of experience in private banking and wealth management across Asia. Chua’s team will initially focus on serving clients from Southeast Asia and Greater China, regions identified as key growth markets. Over time, the bank plans to expand its offerings to include impact investing and ESG-aligned strategies, areas where Quintet has been a pioneer in Europe.
As Quintet sets its sights on Asia, its move has already sparked discussions among industry peers. Some see it as a bold statement of confidence in Singapore’s role as the region’s wealth management nexus, while others view it as a calculated risk, given the crowded competitive landscape dominated by Swiss giants like UBS and Credit Suisse and local players such as DBS Private Bank.
In closing, Stott emphasized, “Our ambition in Asia is not to be the biggest, but to be the most trusted. Trust is built one client, one family, one generation at a time, and this is precisely what we intend to do here in Singapore.”
With its Singapore office now operational, Quintet Private Bank has signaled its readiness to compete in Asia’s dynamic wealth management arena—a move that could redefine how European private banks engage with the region’s expanding pool of affluent investors.
(Editors: admin)