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Asset and Wealth Management Conference 2023

12 September 2023

Singapore

PwC Singapore's Asset and Wealth Management conference is back this year and will take place on Tuesday, 12 September 2023. We will bring together traditional and alternative asset managers, institutional investors, family offices, market leaders and other professionals to discuss and share insights on topics including:

  • Outlook on the industry and key opportunities and challenges 
  • Sustainability in the digital age
  • CEOs/C-suite perspectives on navigating the current environment
  • Private markets investing in the new context
  • Key regional insights on investment trends and market developments
  • Future of wealth in convergence with emerging technologies

The conference will also showcase our most recent thought leadership, ‘Asset and wealth management revolution 2023: The new context’, where we discuss how rising interest rates, inflation uncertainty and geopolitical instability have created a new context for asset management. Our global survey and 2027 projections reveal how shifting investor expectations will disrupt the status quo. The new context explores areas that have long been critical to the asset and wealth management industry. Areas such as: digital transformation, shifting investor expectations, consolidation and “retailisation” of private markets — are gaining new ground and posing fresh questions against a backdrop of social, economic and geopolitical disruption.

Returning to form following the COVID-19 pandemic and associated restrictions, PwC Singapore recently hosted 180 guests, both from Singapore and across APAC, for its 2023 Asset and Wealth Management conference.

With the industry seeing substantial shifts, changing investor expectations, social changes, rising interest rates, economic uncertainty, and geopolitical upheaval, the conference invited industry leaders and regional partners from the PwC network, where they addressed key trends in the space and explored how asset and wealth managers could harness the emerging forces shaping their world.

These trends included emerging technologies such as web3.0 and generative artificial intelligence (GenAI), the role of sustainability, NextGeneration (NextGen) investors, and more.

Explore our event highlights

State of the industry in the new context

Paul Pak, Asset and Wealth Management Leader, PwC Singapore

The conference kicked off with a visual presentation, highlighting key findings and forecasts from its 2023 Global Asset and Wealth Management Survey, the findings of which were released in the ‘Asset and wealth management revolution 2023: The new context’ report.

Findings and forecasts from this publication include:

  • Global Assets Under Management (AUM) is expected to reach USD 147.3 trillion by 2027, reversing its 2022 fall, with APAC AUM rebounding at a faster rate than other regions.
  • Inflation, interest rate movements, stability of the financial services sector, and market volatility were the top concerns of institutional investors.
  • Passive and alternative AUM will continue to grow, and at a faster pace, but active strategies will still account for over half of global AUM by 2027. Alternative AUM comprises hedge funds and private markets. Hedge funds are expected to benefit further in view of the current market volatility and the liquidity they offer to investors.
  • ETFs are seen by investors as being value for money, transparent, and increasingly attractive in the current economic uncertainty. Alongside investor demand for more innovative strategies such as active ETFs, ETF AUM is poised for significant AUM growth in the region.
  • Private assets are expected to grow despite the headwinds that have been experienced in 2022 and in 1H23 given sluggish dealmaking. Dry powder in the region remains high and the region presents compelling economic growth opportunities (e.g. India, Japan, ASEAN) so this segment is poised for explosive growth with near-term opportunities expected to be in private credit, infrastructure and certain real estate strategies.
  • High net worth investors (HNWIs) and sovereign wealth funds/global public investors will be the two client segments that will grow the fastest by 2027, but HNW and mass affluent investors will be the largest client segments.
  • A multi-trillion dollar wealth transfer from baby boomers to millennials will see a new generation of investors, one with a greater interest in alternative investments, sustainability, and technology-enabled AI / data solutions than their parents, join the ranks of HNWIs and mass affluent investors. These investor segments are also expected to be the fastest growing segments by 2027.
  • AI and big data are set to revolutionise the industry by 2027. All institutional investors will require their managers to use AI and big data to enhance investment performance. Digital transformation is unavoidable and asset managers will need to overcome their current challenges to adapt and evolve in line with investor expectations. 
  • Distributed Ledger Technology, tokenisation and digital-based solutions will have a significant impact on the industry and provide potential to improve operational efficiency, expand financial inclusion in fast growing emerging markets and address the growing demand for hyper personalised solutions. 
  • Digital-based solutions will be part of the building blocks of a diversified portfolio, with 51% of institutional investors that plan to invest in innovative products seeking to increase their exposure to digital assets in the next 12-24 months, and 49% of asset managers expected to prioritise staying up to date with alternative digital assets in the same period.
  • Fee and revenue pressure will continue to tighten the business environment for asset managers leading to further consolidation and increased appetite for inorganic growth, partnerships and alliances.
  • Asset managers need to be mindful of their “social licence to operate'' to help rebuild trust in the financial markets and banking systems. There is a timely opportunity for the industry to embrace their societal role in communities and succeed through having purposeful and values-led growth. 

For industry players, the choice is simple; adapt or fail.

The session concluded with five key imperatives for future survival and success highlighted, namely:

  • Steering through a once-in-a-career upheaval
  • Getting closer to the customer
  • Embracing experimentation and change
  • Delivering at scale amid cost and competitive pressures
  • Standing up to intensifying scrutiny

In addition to disruption, the new context presents myriad opportunities for asset and wealth managers. It is up to them to determine how best to seize them.

View from the top: Sticky inflation and normalised rates

The keynote speech of the conference was delivered by Mr. Taimur Baig, Managing Director and Chief Economist at DBS Bank.

Mr. Baig provided insightful thoughts and commentary around several trends and developments impacting APAC as a region, before diving into market-specific assessments.

At a broad level, it was noted that whilst there are several disruptive technologies emerging onto the scene, these do not necessarily make people more productive, and, instead of relying on these megatrends, economies should look towards consumerism and boosting consumption levels.

The impact of ESG was also raised, with the note that it would potentially change our ways of living in a less impactful manner.

The impacts of increased inflation and rising interest rates featured prominently, with investors and consumers in many countries struggling to adapt to the new economic conditions.

At a market-level, several trends and developments were seen to be buffeting APAC markets, with high inflation and rising rates in many markets across the region threatening consumption and housing developments.

Countries hoping for an influx of Chinese tourists and their associated spending power were seen as likely to be left wanting due to a range of factors, not least being the underwhelming recovery seen in the Middle Kingdom since its reopening.

Geopolitical tensions, whilst broadly contributing to uncertainty and a challenging outlook, were a boon for some specific markets, namely Vietnam and India, the former benefiting from near-shoring and reshoring policies, as well as its recently-updated relationship status with the US, and the latter basking in the afterglow of its hosting of the G20 summit in New Delhi and the interest and attention associated with this.

Wrapping up the keynote address, Mr. Baig outlined four ‘what if?’ scenarios, examining the impact of a US recession in 2024, a bearish inflation scenario, a bearish rates scenario, and a bearish trade scenario.

Following his address, Mr. Baig participated in a Q&A session with the audience, moderated by co-emcee Ms. Puay Khoon Lee, Partner in AWM Tax at PwC Singapore.

Sustainability in the digital age

Following the keynote, attendees were treated to an address by Mr. Georg Kell, Founding Executive Director of UN Compact Initiative and Chairman of Arabesque.

Mr. Kell started off by giving an overview of the global perspective of sustainability, noting that as a concept it was not new, and that the global movement around sustainability goes back into the 20th century, though now the focus was very much on moving away from the industrial era and towards future-fit business models and a more circular economy.

Driving this shift were a range of environmental and social factors, including the value of society placed on natural capital, how the environment continues to shape and changed the world, increasing flows of refugees, and the general embrace of decarbonisation policies.

Mr. Kell was optimistic about NextGen investors and the role they would play via changing social norms, their focus on sustainability, and voice, all of which he saw reflected in their investment and purchasing decisions and patterns, specifically noting that they no longer wanted to simply exploit resources without concern for their renewal. These changing values would ultimately drive valuations.

He saw this playing out in the form of carbon pricing, increasing investments in core revenue via sustainable strategies, the pricing of externalities, something that was noted as being a market failing for the previous 20-30 years, and the uses of prices, rather than regulation, to change behaviours.

Technology was seen as a key enabler of these changes, and in particular, AI would greatly assist in accelerating the sustainability agenda.

Following his address, Mr. Kell participated in a Q&A session with the audience, moderated by co-emcee Ms. Christina Mason, Director, AWM ESG at PwC Singapore.

CEOs/ C-suite perspectives on navigating the new context

Following the keynote address, the programme moved to a CEO / C-Suite panel, where panellists, comprising Mr. Ashish Goyal; Executive Vice President and Head of Asia Pacific at OMERS, Ms. Carolina Minio Paluello PhD; CEO of Arabesque AI, Mr. Ee Chuan Ng; COO of BlackRock Solutions in APAC, and Mr. Simon Treacy, CEO of PERE, Real Assets at CapitaLand Investment, discussed a range of current topics and trends which were impacting their respective businesses.

The panel was moderated by Mr. Paul Pak, the Asset and Wealth Management Leader at PwC Singapore.

The conversation kicked off with an observation that public markets had quickly priced in interest rate rises, but that private markets had not.

Panellists noted that, in an age of structural shifts, getting down to basics and fundamentals was key for success, and that the use and implementation of technology could help guide decisions.

Other panellists agreed that technology could assist with understanding investment risks within portfolios and how behaviours could change in different, and constantly shifting, environments.

To successfully navigate this situation, asset managers needed a wider range of products and to manage returns for investors, whilst taking care to appreciate that technology is a tool as opposed to a solution as they undertake their digital transformation journeys.

Tokenisation of assets was an interesting point raised, and panellists noted that, in terms of fractional ownership, asset managers could choose to either build or partner in order to capture NextGen investors.

With regards to specific markets, emerging Asian economies like Indonesia with its young population and increasing urbanisation, though some bubbles appeared to be forming which needed monitoring.

Private markets investing in the new context

Next up was a discussion on private markets and the assorted megatrends buffeting this investment segment, along with the future impact private markets may bring to bear across the industry.

Panellists for this were Mr. Ivan Lew; CEO of Shaw Investment, Mr. Yeo Wee Yap; Managing Director of SeaTown Holdings International, Ms. Fiona Cho; COO for Asia Pacific and Senior Portfolio Manager at PGIM Real Estate, and Mr. Chue En Yaw; Chief Investment Officer at Azalea Investment Management.

They were moderated by Ms. Maan Huey Lim; Asset and Wealth Management Tax partner at PwC Singapore.

Whilst it was noted that over sentiments are improving, with increased deal flows, quality assets being transacted, and financing being driven by equity rather than debt, participants observed that in the current post-pandemic environment, investors were concerned and preferred a ‘wait and see’ approach to determine where the best opportunities for private market investment would emerge from.

Said opportunities appeared to be driven by structural shift, with AI, ESG, infrastructure, and others featuring prominently, and PwC’s own forecasts around the growth in private market AUM reinforcing this belief.

As alternative investments remain the purview of HNWIs and institutional investors looking to diversify, moves into real estate, assisted by securitised bonds and fractionalisation, were frequently observed. Though there was an increased prevalence of strategies which looked to tap into retail investors via various channels.

These channels sought to leverage investor aggregation to reduce AML processes and lower the friction of investor capital calls, potentially opening up a whole investor segment to an investment category they have been excluded from.

Some niche areas existed in specific markets that had caught the attention of panellists, for instance, multi-family housing in Japan, APAC e-commerce platforms and players, data centres across the region, and living space in Australia.

Infrastructure was seen as a significant driver of alternative investment, though China, as a key driver of this via its Belt and Road Initiative, was an increasingly challenging market for private equity players to operate in due to tightening restrictions. It was noted this presented an opportunity for centres like Singapore to benefit as funds sought to domicile themselves outside of the Middle Kingdom to attract fundraising.

Southeast Asia was regarded as being in a private markets ‘sweet-spot’, as economic decoupling between China and other countries saw exports and FDI shift to these markets.

Despite the green shoots of recovery witnessed, panellists noted that headwinds remained, with rising interest rates, volatile currencies, and spillover effects from public markets all impacting the attractiveness and viability of private markets.

A tour around the region – insights on investment trends and key market developments

The penultimate session saw Mr. Aaron Costello; Managing Director and Head of Asia at Cambridge Associates, Mr. Dai Tsujita; Asset and Wealth Management Leader at PwC Japan, Mr. Vikram Bohra; Tax and Regulatory Services partner at PwC India, and Mr. Matthew Wong; Asset and Wealth Management Tax Leader at PwC China discuss the regional views and developments within their respective markets, with the session moderated by Mr. Anuj Kagawala; Asset and Wealth Management Tax partner at PwC Singapore.

Panellists noted that geopolitics and economic decoupling between China and the USA had led to tangible changes, both broadly across the region and within specific markets, with India seeing investor interest from US investors as their interest in China wanes, though this optimism has not yet translated into significant movement of capital into the sub-continent.

Japan was also seen as being on the upside of investor interest, but there was concern around past false starts, though this time round the double-feature of a low JPY and low interest rates was piquing investor interest and attention, along with corporate governance reform.

Southeast Asia holds promise with Singapore as its hub, but challenges remain in particular due to the fragmented individual markets and the inability to offer large deal sizes which China and India are able to offer.

The panel closed with the observation that nothing outperforms forever, and whilst there are uncertainties and potential disruptions, there are opportunities and alternatives lining the clouds.

Future of wealth in convergence with emerging technologies

Our final session for the day saw Mr. Jochim Ip; Managing Director for Business Banking & Analytics at UOB, Carolina Minio Paluello PhD, and Mr. Warren Woon; Co-Founder and CEO at Xctuality, share their views on the future of wealth and the role of technology with Mr. Luke Soon; Asia Pacific Digital Assets and Support Services partner at PwC Singapore moderating.

The panel started with the observation that both banks and asset and wealth managers had been levelling-up their use of technology across increasing aspects of their business, with the application towards credit analytics by banks and investment portfolio creation by asset managers, and the opportunities for customisation this entailed, singled out.

Data security and technology’s role in safeguarding user data was then discussed, with the linking of technology to the “governance” aspect of ESG, and financial institutions obligations around sharing data and information without personal identifiers being disclosed or stolen, seen as a key aspect of good governance.

Finally, as the cost of financial advice decreased, in part due to the increased adoption and application of technology, what this would mean for consumers and end users was broached. Trust was a significant component raised, both at a person-to-person level as well as the inevitable shift, already underway, of person-to-machine.

Overall, it was determined that as costs declined, more access and more use would be demanded. With the onus then on financial institutions to make the use of technology by their customers as engaging, relevant, and meaningful as possible.

A look back at our Asset and Wealth Management Conference 2023

Explore our event highlights

Paul Pak, Asset and Wealth Management Leader, PwC Singapore

The conference kicked off with a visual presentation, highlighting key findings and forecasts from its 2023 Global Asset and Wealth Management Survey, the findings of which were released in the ‘Asset and Wealth Management 2023 - The New Context’ report.

Findings and forecasts from this publication include:

  • Global Assets Under Management (AUM) is expected to reach USD 147.3 trillion by 2027, reversing its 2022 fall, with APAC AUM rebounding at a faster rate than other regions.
  • Inflation, interest rate movements, stability of the financial services sector, and market volatility were the top concerns of institutional investors'.
  • Passive and alternative AUM will continue to grow, and at a faster pace, but active strategies will still account for over half of global AUM by 2027.
    ETFs are seen by investors as being value for money, transparent, and increasingly attractive due to their diversification which is seen as key to help investors to mitigate losses in times of economic uncertainty.
  • Hedge funds and private assets are expected to grow despite the headwinds experience in 2022 and in 1H23. Dry powder has continued to build amid sluggish dealmaking so this segment is poised for explosive growth.
  • A multi-trillion dollar wealth transfer between baby boomers to millennials will see a new generation of investors, one with a greater interest in alternative investments, sustainability, and technology-enabled AI / data solutions than their parents, join the ranks of HNWIs and mass affluent investors. These investor segments are also expected to be the fastest growing segments by 2027.
  • Distributed Ledger Technology and tokenisation will make a significant impact on the industry, with 51% of institutional investors that plan to invest in innovative products seeking to increase their exposure to digital assets in the next 12-24 months, and 49% of asset managers expected to prioritise staying up to date with alternative digital assets in the same period.
  • AI and big data are set to revolutionise the industry by 2027, and investors will require their managers to use AI and big data to enhance investment performance.
  • Fee and revenue pressure will continue to tighten the business environment for asset managers.

For industry players, the choice is simple; adapt or fail.

The session concluded with five key imperatives for future survival and success highlighted, namely:

  • Steering through once-in-a-career upheaval
  • Getting closer to the customer
  • Embracing experimentation and change
  • Delivering at scale amid cost and competitive pressures
  • Standing up to intensifying scrutiny

In addition to disruption, the new context presents myriad opportunities for asset and wealth managers. It is up to them to determine how best to seize them.

The keynote speech of the conference was delivered by Mr. Taimur Baig, Managing Director and Chief Economist at DBS Bank.

Mr. Baig provided insightful thoughts and commentary around several trends and developments impacting APAC as a region, before diving into market-specific assessments.

At a broad level, it was noted that whilst there are several disruptive technologies emerging onto the scene, these do not necessarily make people more productive, and, instead of relying on these megatrends, economies should look towards consumerism and boosting consumption levels.

The impact of ESG was also raised, with the note that it would potentially change our ways of living in a less impactful manner.

The impacts of increased inflation and rising interest rates featured prominently, with investors and consumers in many countries struggling to adapt to the new economic conditions.

At a market-level, several trends and developments were seen to be buffeting APAC markets, with high inflation and rising rates in many markets across the region threatening consumption and housing developments.

Countries hoping for an influx of Chinese tourists and their associated spending power were seen as likely to be left wanting due to a range of factors, not least being the underwhelming recovery seen in the Middle Kingdom since its reopening.

Geopolitical tensions, whilst broadly contributing to uncertainty and a challenging outlook, were a boon for some specific markets, namely Vietnam and India, the former benefiting from near-shoring and reshoring policies, as well as its recently-updated relationship status with the USA, and the latter basking in the afterglow of its hosting of the G20 summit in New Delhi and the interest and attention associated with this.

Wrapping up the keynote address, Mr. Baig outlined four ‘what if?’ scenarios, examining the impact of a US recession in 2024, a bearish inflation scenario, a bearish rates scenario, and a bearish trade scenario.

Following his address, Mr. Baig participated in a Q&A session with the audience, moderated by co-emcee Ms. Puay Khoon Lee, Partner in AWM Tax at PwC Singapore.

Following the keynote, attendees were treated to an address by Mr. Georg Kell, Founding Executive Director of UN Compact Initiative and Chairman of Arabesque.

Mr. Kell started off by giving an overview of the global perspective of sustainability, noting that as a concept it was not new, and that the global movement around sustainability goes back into the 20th century, though now the focus was very much on moving away from the industrial era and into the era of the Circular Economy.

Driving this shift were a range of social governance factors, including biodiversity in general, how the natural environment shaped and changed the world, increasing flows of refugees, and the general embrace of decarbonisation policies.

Mr. Kell was optimistic about NextGen investors and the role they would play via changing social norms, their focus on sustainability, and voice, all of which he saw reflected in their investment and purchasing decisions and patterns, specifically noting that they no longer wanted to simply exploit resources without concern for their renewal.

He saw this playing out in the form of carbon pricing, increasing investments in core revenue via sustainable strategies, the pricing of externalities, something that was noted as being a market failing for the previous 20-30 years, and the uses of prices, rather than regulation, to change behaviours.
Technology was seen as a key enabler of these changes, and AI would greatly assist.

Following his address, Mr. Kell participated in a Q&A session with the audience, moderated by co-emcee Ms. Christina Mason, Director, AWM ESG at PwC Singapore.

Following the keynote address, the programme moved to a CEO / C-Suite panel, where panellists, comprising Mr. Ashish Goyal; Executive Vice President and Head of Asia Pacific at OMERS, Ms. Carolina Minio Paluello PhD; CEO of Arabesque AI, Mr. Ee Chuan Ng; COO of BlackRock Solutions in APAC, and Mr. Simon Treacy, CEO of PERE, Real Assets at CapitaLand Investment, discussed a range of current topics and trends which were impacting their respective businesses.

The panel was moderated by Mr. Paul Pak, the Asset and Wealth Management Leader at PwC Singapore.

The conversation kicked off with an observation that public markets had quickly priced in interest rate rises, but that private markets had not.

Panellists noted that, in an age of structural shifts, getting down to basics and fundamentals was key for success, and that the use and implementation of technology could help guide decisions.

Other panellists agreed that technology could assist with understanding investment risks within portfolios and how behaviours could change in different, and constantly shifting, environments.

To successfully navigate this situation, asset managers needed a wider range of products and to manage returns for investors, whilst taking care to appreciate that technology is a tool as opposed to a solution as they undertake their digital transformation journeys.

Tokenisation of assets was an interesting point raised, and panellists noted that, in terms of fractional ownership, asset managers could choose to either build or partner in order to capture NextGen investors.

With regards to specific markets, emerging Asian economies like Indonesia with its young population and increasing urbanisation, though some bubbles appeared to be forming which needed monitoring.

Next up was a discussion on private markets and the assorted megatrends buffeting this investment segment, along with the future impact private markets may bring to bear across the industry.

Panellists for this were Mr. Ivan Lew; CEO of Shaw Investment, Mr. Yeo Wee Yap; Managing Director of SeaTown Holdings International, Ms. Fiona Cho; COO for Asia Pacific and Senior Portfolio Manager at PGIM Real Estate, and Mr. Chue En Yaw; Chief Investment Officer at Azalea Investment Management.

They were moderated by Ms. Maan Huey Lim; Asset and Wealth Management Tax partner at PwC Singapore.

Whilst it was noted that over sentiments are improving, with increased deal flows, quality assets being transacted, and financing being driven by equity rather than debt, participants observed that in the current post-pandemic environment, investors were concerned and preferred a ‘wait and see’ approach to determine where the best opportunities for private market investment would emerge from.

Said opportunities appeared to be driven by structural shift, with AI, ESG, infrastructure, and others featuring prominently, and PwC’s own forecasts around the growth in private market AUM reinforcing this belief.

As alternative investments remain the purview of HNWIs and institutional investors looking to diversify, moves into real estate, assisted by securitised bonds and fractionalisation, were frequently observed. Though there was an increased prevalence of strategies which looked to tap into retail investors via various channels.

These channels sought to leverage investor aggregation to reduce AML processes and lower the friction of investor capital calls, potentially opening up a whole investor segment to an investment category they have been excluded from.

Some niche areas existed in specific markets that had caught the attention of panellists, for instance, multi-family housing in Japan, APAC e-commerce platforms and players, data centres across the region, and living space in Australia.

Infrastructure was seen as a significant driver of alternative investment, though China, as a key driver of this via its Belt and Road Initiative, was an increasingly challenging market for private equity players to operate in due to tightening restrictions. It was noted this presented an opportunity for centres like Singapore to benefit as funds sought to domicile themselves outside of the Middle Kingdom to attract fundraising.

Southeast Asia was regarded as being in a private markets ‘sweet-spot’, as economic decoupling between China and other countries saw exports and FDI shift to these markets.

Despite the green shoots of recovery witnessed, panellists noted that headwinds remained, with rising interest rates, volatile currencies, and spillover effects from public markets all impacting the attractiveness and viability of private markets.

The penultimate session saw Mr. Aaron Costello; Managing Director and Head of Asia at Cambridge Associates, Mr. Dai Tsujita; Asset and Wealth Management Leader at PwC Japan, Mr. Vikram Bohra; Tax and Regulatory Services partner at PwC India, and Mr. Matthew Wong; Asset and Wealth Management Tax Leader at PwC China discuss the regional views and developments within their respective markets, with the session moderated by Mr. Anuj Kagawala; Asset and Wealth Management Tax partner at PwC Singapore.

Panellists noted that the geopolitical rivalry and economic decoupling between China and the USA had led to tangible changes, both broadly across the region and within specific markets, with India seeing investor interest from US investors wax as their interest in China wanes, though this optimism had not yet translated into significant progress from fund managers moving into the sub-continent.

Vietnam was also benefiting from the changing environment, with one panellist describing it as “the darling of the US”.

Japan was also seen as being on the upside of investor interest, but that it had also proven to be inconsistent, though the double-feature of a low JPY and low interest rates was piquing investor interest and attention, along with corporate governance reform.

The panel closed with the observation that nothing outperforms forever, and that both investors and asset managers should enjoy whatever success they are currently basking in, whilst keeping an eye ahead for potential disruptions and the next big opportunity.

Our final session for the day saw Mr. Jochim Ip; Managing Director for Business Banking & Analytics at UOB, Carolina “Version 1.0” Minio Paluello PhD, and Mr. Warren Woon; Co-Founder and CEO at Xctuality, share their views on the future of wealth and the role of technology with Mr. Luke Soon; Asia Pacific Digital Assets and Support Services partner at PwC Singapore moderating.

The panel started with the observation that both banks and asset and wealth managers had been levelling-up their use of technology across increasing aspects of their business, with the application towards credit analytics by banks and investment portfolio creation by asset managers, and the opportunities for customisation this entailed, singled out.

Data security and technology’s role in safeguarding user data was then discussed, with the linking of technology to the “governance” aspect of ESG, and financial institutions obligations around sharing data and information without personal identifiers being disclosed or stolen, seen as a key aspect of good governance.

Finally, as the cost of financial advice decreased, in part due to the increased adoption and application of technology, what this would mean for consumers and end users was broached. Trust was a significant component raised, both at a person-to-person level as well as the inevitable shift, already underway, of person-to-machine.

Overall, it was determined that as costs declined, more access and more use would be demanded. With the onus then on financial institutions to make the use of technology by their customers as engaging, relevant, and meaningful as possible.

Event details

Date: Tuesday, 12 September 2023
Time: 10:30am - 5:30pm (Registration starts at 10am),
Networking session from 5:30pm onwards
Location: Big Picture, Capital Tower, Level 9, 168 Robinson Rd, Singapore 068912

Programme

Time

Session

Speakers

10:00 am

Registration and networking

  

10:30 am

Opening and welcome address

Sam Kok Weng, Markets and Financial Services Leader, PwC Singapore

MCs: 

  • Puay Khoon Lee, Partner, Asset and Wealth Management Tax, PwC Singapore
  • Christina Mason, Director, Asset and Wealth Management ESG, PwC Singapore

10:45 am

State of the industry in the new context

PwC’s 2023 Global Asset and Wealth Management Survey and 2027 projections reveal our forward-looking outlook on the industry and how shifting investor expectations are giving rise to opportunities and existential challenges that the industry will need to grapple with against a backdrop of social, economic and geopolitical disruption.

 

 Paul Pak, Asset and Wealth Management Leader, PwC Singapore

11:05 am

Sticky inflation and normalised rates

Inflation rose sharply in the aftermath of the 2020-21 pandemic, and has begun easing lately. But interest rates have gone only one way since 2022, recently reaching highs not seen in 15 years. Investors need to appreciate the impact of this development on company, household, and national balance sheets, and what they mean for a wide range of asset prices. If inflation turns sticky due to green transition, deglobalisation, and industrial policy, while growth improves due to technological gains, a protracted period of high rates could be ahead. That scenario has its pitfalls, but opens up major portfolio opportunities as well.

Taimur Baig, Managing Director and Chief Economist, DBS Bank

12:00 pm

Light lunch and networking

  

1:00 pm

Sustainability in the digital age

The evolution of sustainable investing – focusing on regulatory aspects, geopolitical influences, and the significance of data and technology.

Georg Kell, Founding Executive Director of UN Compact Initiative, Chairman of Arabesque

1:40 pm

CEOs/C-suite perspectives on navigating the new context

The panel will discuss how CEOs/C-suite are thinking about navigating the “new context” – higher interest rates, scarce capital, inflationary pressures, continued geopolitical tensions and climate change – alongside shifting investor preferences, margin pressures, disruptive technological advancements and increased expectations to operate with a social licence. Faced with this new context, our panel of leaders will discuss from the perspective of asset managers and investors, how businesses can successfully adapt to thrive in the changing industry landscape.

Panellists:

Moderator: Paul Pak, Asset and Wealth Management Leader, PwC Singapore

2:30 pm

Private markets investing in the new context

The music continues to play in private capital markets post COVID though at a lower volume and a different rhythm. The panel will explore investors’ and fund managers’ perspectives across the different segments of private equity, private credit and real estate. This panel will explore key themes including upcoming transfer of wealth from baby boomer parents to millennials, big trends such as environmental, social and governance (ESG), artificial intelligence (AI) and the impact and opportunities for private markets investing.

Panellists:

  • Ivan Lew, CEO, Shaw Investment 
  • Yeo Wee Yap, Managing Director, SeaTown Holdings International 
  • Fiona Cho, COO – Asia Pacific, Senior Portfolio Manager, PGIM Real Estate
  • Chue En Yaw, Chief Investment Officer, Azalea Investment Management

Moderator: Maan Huey Lim, Partner, Asset and Wealth Management Tax, PwC Singapore

3:20 pm

Networking break

  

3:50 pm

A tour around the region – insights on investment trends and key market developments

The panel will take you on tour of China, Japan, India and South East Asia sharing insights on investment trends and market developments including tax and regulatory updates impacting inbound investments and fund raising.

Panellists:

  • Aaron Costello, Managing Director, Head of Asia, Cambridge Associates 
  • Dai Tsujita, Asset and Wealth Management Leader, PwC Japan
  • Vikram Bohra, Partner, Tax and Regulatory Services, Price Waterhouse & Co LLP
  • Matthew Wong, Asset and Wealth Management Tax Leader, PwC China

Moderator: Anuj Kagawala, Partner, Asset and Wealth Management Tax, PwC Singapore

4:40 pm

Future of wealth in convergence with emerging technologies

The discussion will focus on the evolution of wealth and its transition into the future, and the impact of emerging technologies e.g. Central Bank Digital Currency (CBDCs), Decentralised Finance (DeFi), AI and Generative Artificial Intelligence (Gen AI), Web3.0 and the Metaverse.

Panellists:

Moderator: Luke Soon, Partner, Asia Pacific Digital Assets and Support Services, PwC Singapore

5:20 pm

Closing address

  

5:30 pm onwards

Networking session

  

Programme

Sam Kok Weng, Markets and Financial Services Leader, PwC Singapore

MCs:

  • Puay Khoon Lee, Partner, Asset and Wealth Management Tax, PwC Singapore
  • Christina Mason, Director, Asset and Wealth Management ESG, PwC Singapore

PwC’s 2023 Global Asset and Wealth Management Survey and 2027 projections reveal our forward-looking outlook on the industry and how shifting investor expectations are giving rise to opportunities and existential challenges that the industry will need to grapple with against a backdrop of social, economic and geopolitical disruption.

Paul Pak, Asset and Wealth Management Leader, PwC Singapore

Inflation rose sharply in the aftermath of the 2020-21 pandemic, and has begun easing lately. But interest rates have gone only one way since 2022, recently reaching highs not seen in 15 years. Investors need to appreciate the impact of this development on company, household, and national balance sheets, and what they mean for a wide range of asset prices. If inflation turns sticky due to green transition, deglobalisation, and industrial policy, while growth improves due to technological gains, a protracted period of high rates could be ahead. That scenario has its pitfalls, but opens up major portfolio opportunities as well.

Taimur Baig, Managing Director and Chief Economist, DBS Bank

The evolution of sustainable investing – focusing on regulatory aspects, geopolitical influences, and the significance of data and technology.

Georg Kell, Founding Executive Director of UN Compact Initiative, Chairman of Arabesque

The panel will discuss how CEOs are thinking about navigating the “new context” – higher interest rates, scarce capital, inflationary pressures, continued geopolitical tensions and climate change – alongside shifting investor preferences, margin pressures, disruptive technological advancements and increased expectations to operate with a social licence. Faced with this new context, our panel of leaders will discuss from the perspective of asset managers and investors, how businesses can successfully adapt to thrive in the changing industry landscape.

Panellists:

Moderator: Paul Pak, Asset and Wealth Management Leader, PwC Singapore

The music continues to play in private capital markets post COVID though at a lower volume and a different rhythm. The panel will explore investors’ and fund managers’ perspectives across the different segments of private equity, private credit and real estate. This panel will explore key themes including upcoming transfer of wealth from baby boomer parents to millennials, big trends such as environmental, social and governance (ESG), artificial intelligence (AI) and the impact and opportunities for private markets investing.

Panellists:

  • Ivan Lew, CEO, Shaw Investment 
  • Yeo Wee Yap, Managing Director, SeaTown Holdings International 
  • Fiona Cho, COO – Asia Pacific, Senior Portfolio Manager, PGIM Real Estate
  • Chue En Yaw, Chief Investment Officer, Azalea Investment Management

Moderator: Maan Huey Lim, Partner, Asset and Wealth Management Tax, PwC Singapore

The panel will take you on tour of China, Japan, India and South East Asia sharing insights on investment trends and market developments including tax and regulatory updates impacting inbound investments and fund raising.

Panellists:

  • Aaron Costello, Managing Director, Head of Asia, Cambridge Associates 
  • Dai Tsujita, Asset and Wealth Management Leader, PwC Japan
  • Vikram Bohra, Partner, Tax and Regulatory Services, Price Waterhouse & Co LLP
  • Matthew Wong, Asset and Wealth Management Tax Leader, PwC China

Moderator: Anuj Kagawala, Partner, Asset and Wealth Management Tax, PwC Singapore

The discussion will focus on the evolution of wealth and its transition into the future, and the impact of emerging technologies e.g. Central Bank Digital Currency (CBDCs), Decentralised Finance (DeFi), AI and Generative Artificial Intelligence (Gen AI), Web3.0 and the Metaverse.

Panellists:

Moderator: Luke Soon, Partner, Asia Pacific Digital Assets and Support Services, PwC Singapore

Featured speakers

Aaron Costello

Managing Director, Head of Asia, Cambridge Associates

Ashish Goyal

Executive Vice President and Head of Asia Pacific, OMERS

Carolina Minio Paluello PhD

CEO, Arabesque AI

Chue En Yaw

Chief Investment Officer, Azalea Investment Management

Ee Chuan Ng

COO of BlackRock Solutions, APAC

Fiona Cho

Chief Operating Officer – Asia Pacific, Senior Portfolio Manager, PGIM Real Estate

Georg Kell

Founding Executive Director of UN Compact Initiative, Chairman of Arabesque

Ivan Lew

CEO, Shaw Investment

Jochim Ip

Executive Director UOB Singapore

Simon Treacy

CEO, Private Equity Real Estate, Real Assets, CapitaLand Investment

Taimur Baig

Managing Director and Chief Economist, DBS Bank

Warren Woon

Co-Founder and CEO, Xctuality

Yeo Wee Yap

Managing Director, SeaTown Holdings International

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PwC professionals

Anuj Kagawala

Partner, Asset and Wealth Management Tax, PwC Singapore

Christina Mason

Director, Asset and Wealth Management ESG, PwC Singapore

Dai Tsujita

Asset and Wealth Management Leader, PwC Japan

Luke Soon

Partner, Asia Pacific Digital Assets and Support Services, PwC Singapore

Maan Huey Lim

Partner, Asset and Wealth Management Tax, PwC Singapore

Matthew Wong

Asset and Wealth Management Tax Leader, PwC China

Paul Pak

Asset and Wealth Management Leader, PwC Singapore

Puay Khoon Lee

Asset and Wealth Management Tax, PwC Singapore

Sam Kok Weng

Financial Services Leader, PwC Singapore

Vikram Bohra

Partner, Tax and Regulatory Services, Price Waterhouse & Co LLP

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