Asia’s rich invest in London
May 20, 2011 - London
Asia's rich are increasingly investing in property in mature markets such as London, according to Standard Chartered plc. Investors want to curtail risk and London is considered a safe place to place money.
Talking to Bloomberg, the bank's global head of private investment Shayne Nelson said, "We're seeing quite a flow into the U.K., into prime property in London, both commercial and residential."
The bank generated a record £5.9 billion (US$9.5 billion) from Asian investors last year and plan to focus on emerging markets for private banking such as Asia, the Middle East and Africa.
"The wealth creation in Asia is pretty incredible," Nelson said. "In China, there are 477,000 high- net worth individuals, or people with US$1 million or more of cash to invest. And it's not just China, but India and Indonesia."
Private banking assets under management globally grew 31 per cent to US$46 billion as of December 31, according to a 2011 outlook statement issued March 2 by the bank.
Assets in Asia increased 39 per cent as the region's economic expansion drove demand for credit cards and wealth management services.
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