AIAM is a Singapore-based organisation that consists of independent wealth managers who promote a better understanding of their business model.
Although independent wealth managers are far fewer in Hong Kong than Singapore, they still need a unified voice, said Jessica Cutrera, managing director of the wealth management arm of EXS Capital, who is leading the launch effort.
The Hong Kong chapter will allow the sharing of resources, efficient dialog with regulators and support for firms reinventing themselves due to regulatory changes, she added.
“Instead of each firm going to get advice on FATCA, for example, we can pool our resources to work together with the Securities and Futures Commission. We’d also educate the SFC on how we do business, which is quite different from a brokerage or an average IFA who is selling a product.”
She expects the chapter to open in the coming months.