GIVING private bankers a run for their money are fund management companies and smaller enterprises like boutique fund management firms. Notably, the industry continues to evolve with the recent entry of boutique fund management firms which claim to charge overall lower fees than its competitors. Recall in 2015, the Securities Commission (SC) liberalised its rules governing the fund management industry and allowed for the setting up of boutique fund management firms which require smaller paid-up capital. In that sense, private bankers are more akin to financial advisors, he adds. “We also own our company whereas private bankers are typically employees of banks and financial institutions, and tend to move from one employer to another.

Source: The Star January 27, 2017 23:37 UTC