KGI Securities targets 50 new RMs by 2026

Wealth management head James Wey is beefing up hiring efforts, from the current headcount of about 300 RMs across Hong Kong and Singapore.

KGI Securities Hong Kong is aiming to broaden its relationship manager bench by at least another50 by 2026, as the North Asia-focused player ramps up its wealth management capabilities.

‘We want to significantly bulk up with the right talent,’ said James Wey, wealth management head of KGI Securities Hong Kong. He was previously JP Morgan Private Bank’s head of Singapore and Southeast Asia wealth management.
‘In Hong Kong, we want to grow the RM [headcount] by 30 to 50 people in the next two years. We have budgeted and planned for that. In Singapore, we plan to grow [by] at least 20 RMs,’ said Wey.

The firm currently has about 300 relationship managers across Hong Kong and Singapore. It launched a wealth management service, KGI Asia Sage, in 2023 and had attracted $1.5bn in assets under management then.

‘We’re quite focused on the ultra- and high net worth segment, and that’s where the additional hiring would occur,’ said Wey. 

As KGI ramps up its hiring efforts, Wey said most will be RMs and he also expects to recruit more product specialists.

KGI Securities Hong Kong is backed by parent companies KGI Securities and China Development Financial in Taiwan. Its Asia footprint covers Taiwan, Hong Kong, Singapore, Indonesia and Thailand.

‘Our industry is one where you have to compensate people fairly. The majority of the compensation is dependent on the business result, that’s the model that we are implementing.
‘We are competitive on fees. We are flexible on fees when we need to be,’ added Wey. ‘For equities trading, we are very competitive vis-a-vis some of the big names.’

The renewed focus on wealth management comes as KGI Securities’ parent company rebrands itself. Taiwanese financial conglomerate China Development Financial Holding Corporate was renamed to KGI Financial in August, which has major business lines of life insurance, banking, securities, venture capital/private equity, and asset management.

Under its securities arm, KGI Securities, its wealth management assets under management stood at NT$278bn ($8.7bn) in Taiwan.
Investments DNA

Wey oversees the firm’s offshore wealth management business, with booking centres in Hong Kong and Singapore. The firm has also expanded into onshore wealth management in Thailand and Indonesia.

‘We are one of the few [players] with North Asia DNA. A lot of our regional major friends have banking DNA. We have investments DNA, and we want to harness our strength,’ said Wey.

‘I inherited a strong investments platform [when I joined]. We need to build on that and continue to tell the KGI story.’

Wey said that KGI addresses clients’ investment needs through services including equity and bond trading, mutual funds, alternative investments, derivatives, futures and options, and insurance needs.

KGI Securities has over 340 mutual funds and 30 hedge funds available, as well as semi-liquid offerings and private deals sourced through its sister firm CDIB Capital Group. The firm is a licensed insurance broker in Hong Kong.

On direct deals, Wey said: ‘If AI becomes more entrenched, there’s a lot more downstream opportunities. Taiwan is very strong in this respect, and we will be able to bring this to our clients.’

EAM segment
Wey maintained that he takes an ‘agnostic’ approach when it comes to dealing with private banks.

‘Some firms use this as a main business strategy. I’m not. We can work with them… if there are EAMs or multi family offices who give us the right terms,’ said Wey.

‘We also have to look at their KYC. Some EAMs and MFOs have been impacted by the recent scrutiny on potential money laundering and other illicit fund activities. We definitely want to have zero exposure to that,’ said Wey.

At KGI Securities, single family offices are considered large, high net worth client due to their single decision-making structure. They typically start by engaging with a few services, which may expand over time. Wey noted that the platform is investment-focused and easy for them to navigate.

For EAMs, the approach can be more flexible as there are often multiple stakeholders, and Wey aims to offer a platform with robust infrastructure, competitive pricing, and good client experience to attract clients.

As for external asset managers (EAMs), the approach is more flexible, as there are often multiple stakeholders involved. Wey aims to provide a platform with robust infrastructure, competitive pricing, and good client experience to attract clients.