Asia contributed approximately 60% of global growth in 2024*. All international wealth managers are competing to benefit from the region’s dynamic growth. What do you regard as the key ingredients to succeed in the face of such fierce competition?
The growth of the Asian market is largely driven by rapid wealth creation among ultra-high-net-worth individuals (UHNWI) and family offices. We are also witnessing the largest intergenerational transmission of wealth in history, a phenomenon described as the “Great Wealth Transfer”**. To succeed in today’s highly competitive environment, wealth managers must have a deep understanding of the region, of client expectations and of best practices. At EFG, the key ingredients underpinning our success include our team of experienced Client Relationship Officers (CROs), who focus on building lasting relationships with our clients, as well as our efforts to grow our presence in strategic markets such as Greater China, Indonesia and the Global South Asia. In addition, by investing in local talent and seeking to have a greater understanding of the cultural and local nuances in each individual market, EFG ensures its strategy is both adaptable and relevant to the region.
Given the changing private banking landscape in Asia, what do you see as the main opportunities for EFG here over the next five to ten years? How strategically important is the region for the bank?
Asia continues to be of key strategic importance for EFG, with the region offering unparalleled opportunities for growth. Our strategy for the region revolves around expanding our reach among UHNWIs and family offices, with a focus on markets such as Greater China, Indonesia and Global South Asia, where we see bright spots for high growth. By demonstrating our Swiss heritage, our regional expertise and our commitment to our clients and to sustainable growth, EFG aims to reinforce its presence in Asia and position the region as pivotal for the delivery of our global strategy.
You have been with EFG for almost a quarter of a century and you are now Executive Chairman of its Asia Pacific region. Which aspects of EFG’s approach or culture are especially important to you and have contributed to your long tenure at the bank?
I greatly value the spirit of entrepreneurship and the culture of stability that shape EFG and enable us to build relationships of trust with our clients over the long term. During my tenure at the bank, I have seen the banking industry undergo a series of changes, challenges and consolidation. I believe that what sets EFG apart is our ability to remain resilient and adaptable in periods such as these. Our agility and our focus on innovation – when hiring exceptional talent, leveraging technology or expanding our cross-regional capabilities – have ensured that we stay ahead of the curve.
Under your stewardship, EFG has massively expanded its business in Asia over the last two decades. What do you consider the main drivers of this growth story?
There are several key drivers behind EFG’s growth in Asia. One major factor is our client-centric business model and the way we put our clients’ financial needs and aspirations at the heart of everything we do. Over the past few years, we have had strong hiring momentum and have successfully onboarded experienced teams in Hong Kong, Singapore and other markets. This strategic hiring enables us to deepen our expertise and to grow our market share in key regions.
We have also invested in technologies to enhance the client experience and also improve operational efficiency. Examples include tools that streamline the client onboarding process or optimise price discovery and execution for structured products. This combination of talent acquisition, technology and regional connectivity underscores EFG’s long-term success in Asia.
Alongside all of these factors, our Swissness remains important as many clients see it as a hallmark of quality.
EFG is well known for its commitments beyond banking, especially its support of talented young golfers in Asia through the EFG Young Athletes Foundation. Why do you consider it important to invest in the next generation of young athletes?
I passionately believe that young people are torchbearers who will shape the future, and I see it as my duty to empower the next generation of talented young individuals to realise their aspirations. This is why I am committed to supporting the work of the EFG Young Athletes Foundation. Since it was founded in 2009, it has supported junior sports stars in the region across multiple sporting disciplines, from golf to showjumping, tennis and windsurfing. Many of the athletes we support share EFG’s entrepreneurial spirit and they display the drive, determination and resilience needed to overcome setbacks and stay on course for success. Fostering their growth, resilience and confidence has been an immensely gratifying experience.
You yourself have a passion for sports, especially football. In fact, you spent more than a decade officiating at matches as a FIFA-accredited referee. Thinking back to that time, are there any special insights or lessons learned on the pitch that you have since been able to apply to your role at EFG?
At first glance, it may seem like there are few synergies between my role as a referee and my work in the corporate sector. In reality, I learned quite a few skills and lessons during my time as a match officiator that have helped me in my career at EFG. As a referee, I needed to be extremely focused and to keep a close eye on everything that was happening around me. This experience honed my mental acuity, allowing me to effectively navigate and overcome various challenges in the workplace.
I also had to make many big decisions as a referee, often split-second choices that could influence the outcome of a match. This taught me the importance of staying calm and maintaining my composure in even the most challenging situations. It also showed me that if you occasionally make the wrong decision, it is important to learn from it and then move forward.
If we asked you to name one inspiring person from the past or present whom you view as a role model, whom would it be and why?
My role model is Alex Ferguson, former Manager of my favourite football team, Manchester United. Alex Ferguson exemplified loyalty and commitment throughout his remarkable 26-year tenure at Manchester United. Rather than relying solely on buying established stars, he emphasised the importance of developing young talent, thus creating a sustainable model for success. Star players including David Beckham, Cristiano Ronaldo and Wayne Rooney all flourished under his leadership, demonstrating his ability to identify and nurture emerging talent. Ferguson was very strategic but also entrepreneurial in his approach: His long-term planning, coupled with a willingness to take calculated risks and embrace uncertainty, were key factors that contributed to Manchester United’s unprecedented success under his leadership.
If you could have a conversation with your younger self aged 20, which professional or personal advice would you offer him?
I would give my younger self the same advice that I offered my sons, who are now in their early twenties. I would tell him to be bold and to live life bravely – to step outside his comfort zone and to try out as many different jobs, sports, projects and interests as possible, never being afraid of failure. I would advise my younger self to see every setback as an opportunity to learn and grow. I believe that there is no such thing as a bad decision in life – it is all part of the journey. And I would tell him to live life to the fullest.
And finally, we have now entered the Year of the Snake in the Chinese lunar calendar, which is traditionally expected to be a period of abundance and prosperity. What do you expect this year to bring and which themes will you be focusing on in 2025?
Heading into 2025, hiring continues to be an important growth lever for EFG and enables us to expand our reach into key markets.
Additionally, 2025 is the year in which EFG will celebrate its 25th anniversary in Asia. This is an exciting time for everyone at EFG. For me personally, this is a significant time as the Year of the Snake is my milestone Zodiac year. I feel very humbled that I was entrusted with the task of building the EFG franchise in Asia right from the beginning, a quarter of a century ago. This was truly a once-in-a-lifetime opportunity that I will always be very grateful for.
Looking at the year ahead, and I would say that with our strong team, robust strategy and unwavering client-first approach, I am confident that EFG will continue to grow in 2025 and beyond.
Click here to read more about Albert Chiu’s professional career.
* Source: Hong Kong Monetary Authority
** According to forecasts by the World Economic Forum, around USD 85 trillion in assets will be transferred over the next 20 years.