“The turbulence of the Chinese markets, the slowdown of the Chinese economy, the geopolitical tensions have all made our clients more willing to think about how should they manage their wealth,” said Lee, a Korean American from Cleveland, Ohio, who has lived in Hong Kong for more than two decades. “That has given way to a shift in mindset and then a shift in behaviour.”
Goldman Sachs Group Inc.’s revenue from its Asia-Pacific wealth unit hit a record last year as ultra rich clients turned to the bank to navigate volatile markets and political tension, according to a regional executive.
The ultra wealthy have become less “self-directed” with a shift toward diversification and globalisation, Ronald Lee, a Goldman partner who leads the firm’s Asia-Pacific private wealth management, said in an interview.
