The bank and business school's venture comes at a time when, regardless of the pandemic and other causes of market turmoil, the underlying story is one of rising demand for wealth advisors and investment know-how in regions such as Asia.

Standard Chartered is teaming up with international business school INSEAD, to launch an academy to nurture wealth managers at a time when Asia’s fast-growing affluent middle class is driving the need for more advisors. 

The programme will kick off early in December in Singapore and Hong Kong. The UK-listed bank is putting $15 million into the venture, it said in a statement earlier this week.

The Wealth Academy aims to improve skills of Standard Chartered’s relationship teams.

The bank said that the new venture will strengthen its “strategic agenda to grow its affluent banking business” and add to relationship teams’ capabilities, particularly in the areas of wealth advisory and client engagement such as behavioural skills.

The full programme comprises a three-part journey – diploma, graduation and masters – designed to fit with the individual preferences of people taking part while offering a coherent structure. 

The programme provides a foundation for understanding finance and banking as well as a basis for helping students gain distinctive knowledge and skills. Other components offered by the academy will include wealth engagement modules curated and delivered by Fitch Learning, and an on-campus programme for top learners at INSEAD’s Europe campus at Fontainebleau, France, or its San Francisco Hub. 

“With growing affluence in the markets where we operate, clients are more discerning and demanding better service from their banks. A highly competent and experienced relationship team allows Standard Chartered to deliver a differentiated experience to our clients,” Raymond Ang, global head, affluent clients, Standard Chartered, said.

Firms have big potential to tap into more of the wealth management sector in Asia-Pacific – a key market battleground for Standard Chartered. A 2020 report by the global consultancy, McKinsey & Co, said there was an estimated $34 trillion of onshore personal financial assets (PFA) as of year-end 2019. Wealth management advisory and financial planning remained “underpenetrated" in Asia, as managed assets represented around 15 to 20 per cent of the region’s PFA. Wealth managers and private banks such as HSBC, Citigroup and Credit Suisse have announced big hiring ambitions. In the case of Citigroup, for example, the US firm said in May 2021 that so far it had recruited about 650 wealth professionals in Asia-Pacific, including 123 RMs and private bankers. Also in May, Goldman Sachs was reportedly hiring hundreds of staff, including 70 personnel to focus on investment banking coverage. HSBC plans to hire more than 5,000 client-facing personnel over the next four years.

In February last year, Hong Kong’s Financial Services Development Council, a government-funded body, warned about a skills shortfall in the jurisdiction. Sometimes media reports talk of a “war” for private wealth talent in places such as Hong Kong and Singapore.