A Rothschild spokesperson told International Adviser the advisory group has decided to focus its wealth management activities in the Asia region out of its office in Hong Kong.
“As a result, its small wealth management office in Singapore will close,” the spokesperson said.
Rothschild’s announcement follows investment company Vanguard also deciding in July to consolidate its Singapore operational and client activities in the special administrative region.
Committed to Asia
Despite shutting down the office, the spokesperson said: “We remain committed to Asia and all our clients in the region and believe that our strong track record and distinctive wealth management offering will enable us to grow our business here further.”
They said clients of the Singapore office have been contacted individually about the closure, and the offering and service they receive will not be impacted by the change.
Further, clients have been offered a choice of transferring their accounts to Hong Kong or Zurich, and their assets will continue to be booked at Rothschild Bank in Zurich.
Client advisers will also travel to Singapore to meet with clients, the frequency of these visits is, however, unknown.
Rothschild’s global advisory and trust businesses in Singapore are not affected by the closure.