Maybank Asset Management (Maybank AM) has joined forces with Schroder Investment Management to develop specialist investment solutions for Malaysia’s growing wealth segment.
For a start, the duo will launch two discretionary portfolios in November: Global High Dividend Equity Portfolio and Global High Conviction Portfolio.
These solutions will be managed by Maybank Malaysia and offered to sophisticated investors, with Schroders Singapore as the investment adviser.
Further collaboration projects will follow in 2019 to co-develop solutions across other asset classes, including Shariah-compliant investments and private assets.
For Schroders, this partnership is a significant step towards the long-term growth of its business in Southeast Asia, its Singapore country head Susan Soh told Citywire Asia.
According to Badrul Hisya CEO of Maybank AM, there is a growing demand for sophisticated, outcome-oriented global investment solutions, particularly among the high-net-worth (HNW) community in Malaysia.
‘By integrating our strength in local wealth management with their global investment capabilities, the resulting synergy will allow us to deepen our foothold in the Malaysian wealth market, through dedicated offerings designed to achieve investors’ desired outcomes,’ he said.
Managing about RM33.7 billion ($8 billion) in assets, Maybank AM has entities across three key ASEAN markets namely Malaysia, Singapore and Indonesia.
It provides a diverse range of Asian-focused investment solutions for conventional and Islamic assets, plus offers alternative investment solutions through its private equity arm.
Maybank’s private banking unit, on the other hand, manages about RMB 13 billion ($2 billion) in assets.
In an interview with Citywire Asia previously, the bank’s head of community financial services Datuk Hamirullah Bin Boorhan said although Malaysian HNWIs invest in Singapore and Hong Kong, ‘clients are also keen to keep their money locally because of higher yields on cash and bonds.’
As such, the country has been developing its private banking business by upskilling bankers and enhancing product offerings. What’s more, Malaysian regulators have also been making an effort to retain funds onshore with the launch of new rules.