WRise Family Office Introduces WRise Prestige, Targets Mass Affluent Segment with Ambitious Team Expansion
- RT FAMILY
- Apr 16, 2024
- 1 min read
WRise Family Office has launched WRise Prestige, a new business division catering to the mass affluent segment with assets ranging from $500,000 to $10 million. Chairman Derrick Tan aims to leverage the group's international platform to connect these individuals with private banking investment products and services. The goal is to grow the team size to approximately 600 to 700 members this year.
The majority of WRise's clients are from the post-60s and post-70s generations, who prioritize cost-effectiveness and value-added solutions. Vice Chairman Marcus Wong believes that despite the current market conditions, opportunities abound. With $3 billion in managed assets, the group aspires to reach $5 billion this year.
Initially launched in Hong Kong, WRise Prestige aims to expand the group's client base in the mass affluent market. Unlike traditional private banking, which sets high investment thresholds of $2 million to $3 million, WRise Prestige offers a minimum investment threshold of $500,000. This market, with investable assets ranging from $1 million to $2 million, presents significant growth potential.
To meet the increasing demand, WRISE Prestige plans to hire additional frontline employees, expanding the investment team from approximately 200 to 500 members within this year. The platform provides a range of investment options, including stocks, fixed-income products, structured products, and mutual funds.
In addition, WRise has rebranded its wealth management service for high-net-worth individuals in Singapore, Hong Kong, and Dubai as WRise Private.
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