Standard Chartered’s wealth management unit has set ambitious goals to attract $200 billion in net new money and achieve a double-digit compound annual growth rate (CAGR) for income from its wealth solutions over the next five years. The bank has already made progress, attracting $13 billion in new money in the first quarter, with total assets under management (AUM) reaching $389 billion. The wealth business covers a range of clients, including mass retail, affluent, high net worth, and ultra-high net worth segments.
The UAE is expected to play a more prominent role in the bank’s strategy, with the Middle Eastern hub becoming an important contributor to the bank’s wealth management business. The bank is investing in relationship manager capacity in the Private Bank, Priority Private, and Priority banking segments in the UAE. The market overall accounts for $305 million out of $5.4 billion in total operating income and $185 million out of $2.3 billion in pre-tax profit for the first three months of 2025.
To achieve its growth goals, the bank is focusing on several areas, including encouraging clients to build a core foundational portfolio, increasing emphasis on alternatives, and exploring the possibility of adding digital assets to its offering. The bank has also launched Signature CIO Funds, which have reached $2.5 billion in AUM, and has partnered with Ardian to provide private banking clients with direct and co-investment private market opportunities.
Standard Chartered plans to invest $1.5 billion in its wealth business, with 50% of the budget allocated to hiring more relationship managers, investment advisors, and treasury specialists. The bank will also invest in digital and technology, including rolling out its myWealthAdvisor and myRM platforms, to enhance its wealth product platform across all asset classes.
However, the bank’s path to achieving its target will not be without hurdles, including geopolitical risks such as the escalating trade war triggered by US President Donald Trump. The bank’s global CEO has flagged the risk, increasing a non-linearity charge to reflect an increased probability of a “Global Trade and Geopolitical Trade Tensions” scenario. To mitigate this risk, the bank has been actively engaging clients with a focus on diversification and helping clients with their wealth lending portfolios. Overall, Standard Chartered’s wealth management unit is well-positioned to achieve its ambitious goals, with a strong focus on growth, technology, and talent.