亞洲私人銀行家 : 從華爾街加入凱基證券 - 魏志傑的部署 (只限英文版)

Just over 18 months ago, James Wey was on stage picking up Asian Private Banker’s accolade for Best Private Bank– Singapore at our Awards for Distinction, as J.P. Morgan Private Bank basked in the glow of a stand-out year in the Lion City.

Fast forward to today, and the veteran private banker is embracing an altogether different challenge after joining KGI Securities in August to lead its nascent international wealth business. In an interview with Asian Private Banker, Wey outlined the firm’s plans for growing headcount and how he is getting to grips working at a smaller regional player after many years at a Wall Street giant.

“At KGI, we are much more open-minded and democratic about who we serve. We do have a significant number of ultra high net worth clients as well as high net worth clients,” said Wey, who worked for J.P. Morgan Private Bank for close to 16 years and was head of Singapore and Southeast Asia wealth management before his departure in June 2023. He did not disclose the current AUM of KGI Securities’ wealth management business, but the firm said in March 2023 that it was seeking to double its AUM to U$3 billion within a couple of years.

“Because our platform is more flexible, we have the strengths to cater to our clients’ unique wealth management and investment needs,” he said. KGI currently has a 300-strong salesforce. Wey said the firm aims to grow its headcount by 15%-20% in the next two years, adopting a more controlled hiring approach. “We never hire people just to fill the headcount needs. Relationship managers (RMs) with service-oriented mindsets are sought after by us to grow our business. Working as a regional player to serve Asian clients with Asian values is also a good investment in themselves,” he said.

Challenges facing RMs

While KGI’s business is not on the same scale as some international names, it allows a greater scope for RMs to take the initiative to develop their own path, according to Wey. “We value self-starters and entrepreneurial spirit,” he said.

“I have seen with my own eyes here, that if you work hard, if you have strong client relationships, if you provide exceptional service, you can really shine. There is very little bureaucracy here,” Wey explained. Reflecting on his experience prospecting and serving clients during his private banking career, Wey said: “It’s great to have managers from different backgrounds, but my unique value proposition is that I was a wealth management RM for many years. I am deeply attuned and sensitive to the challenges facing RMs.” “As a manager, I need to balance the needs of RMs and the clients, as well as  organisational barriers. It is my job to make life easy for them so they can do their businesses,” he said.

Platform enhancement

At J.P. Morgan Private Bank, Wey worked as a market manager in Hong Kong, where he oversaw the bank’s most sophisticated clients. He told APB that UHNW clients typically have multiple service providers based on specific competencies.

“They are looking more at what you can actually do for them. How easy is it to trade with or invest with you? Are you bureaucratic to work with on all these fronts?” he said. “We (KGI) can oftentimes do a much better job than the international players in part thanks to our faster and more frequent communications with our clients. We have to excel at providing service and be easy to use. That’s what we plan to do,” he said.

KGI has been busy building its product palette. The firm has onboarded more than 370 funds for its RMs to pick for clients, according to Wey. Meanwhile, apart from traditional equity and bond trading, Wey said one of the firm’s key differences is its derivative capabilities. It has more than 15 counterparties to price structured notes, a product that has been popular among private wealth clients in recent years.

Wey highlighted that KGI is also a licensed insurance broker in Hong Kong. “Insurance is a big part of wealth planning. We do not need to rely on third-party insurance agents to serve the needs of our clients. This can make a real difference,” he told APB.

KGI already has a team comprising lawyers and accountants in Taiwan for domestic planning. Wey said the firm now needs to “couple its strong investment platform with comprehensive wealth advisory capabilities in Hong Kong and Singapore as well.”

‘One KGI’
Wey shared that the entire KGI group is undergoing a “One KGI” transformation to identify synergies between different business units where regulations allow. The parent company, China Development Financial Holding, has recently been renamed KGI Financial.

The firm has been able to offer private deals to its UHNW clients through collaboration with its sister company, CDIB Capital Group, which has invested throughout Asia as a private equity investor, according to Wey. “We are going to forge an even closer partnership with our sister company in the future,” he said.

“We are looking at data centre opportunities in Southeast Asia which we can selectively offer to our clients. We are also looking at partnering up with other parts of KGI and using the life insurance relationships with top private credit managers to bring private credit opportunities to our UHNW clients,” Wey shared.

Regional presence

Wey said KGI has already established a significant presence in Hong Kong and Singapore to allow it to take advantage of both locations. Meanwhile, the firm has a securities business in Thailand, where it also has an asset management arm.

Regarding KGI’s Southeast Asia presence, Wey explained that “We can cover Thai clients both from onshore and offshore in Hong Kong and Singapore for their different needs.”

“Because of Indonesia’s proximity to Singapore, it is probably easier to cover offshore wealth from Singapore,” he explained, adding that traditionally wealth managers cover Indonesia in this way.