Published on The Straits Times – 20th September 2016
Independent wealth management firm Crossbridge Capital will launch Singapore’s first digital advisory platform for accredited investors by the end of the year.
The platform will allow clients to use the latest technology to manage their investments “in their own time and without the high fees of traditional operators”, the British-based firm said yesterday.
Crossbridge Capital, which was founded in 2008, has offices in London, Singapore, Monaco and Malta, with about US$3 billion (S$4.1 billion) in assets under supervision.
The new digital platform is being developed in collaboration with asset management and technology firms, including Bambu and Pershing, a BNY Mellon company.
“It will enable users to take control of their investments and seamlessly access and manage tailored products chosen to match their investment profile and objectives,” Crossbridge Capital said in a statement yesterday.
The platform is targeted at accredited investors – individuals with net personal assets exceeding $2 million or whose income in the past 12 months was not less than $300,000.
The firm said the platform will also appeal to expats, particularly Americans, as clients’ assets and funds will be cleared and held with Pershing, a United States-regulated entity that offers tax-reporting services.
Mr Charlie O’Flaherty, a partner at the firm and head of digital strategy and distribution, said: “We are confident that our digital solution will be very attractive to accredited Singaporean investors and US expatriates in Singapore who are finding it increasingly difficult to access investment and savings products while living overseas.”
Since the Foreign Account Tax Compliance Act (Fatca) became law in 2010, many brokerages and financial firms have shut the door on American investors abroad – steering clear of a crackdown on money laundering and tax evasion by the US government. Fatca requires financial institutions based outside the US to report investment income and balances above certain thresholds held by US clients, which translates to increased costs.
The firm said Asia accounted for 17.4 per cent of high-net-worth investors globally, and noted that investors in the region are also demonstrating a greater propensity for digital engagement when it comes to wealth management.
The advisory platform “will act as a hub for future expansion into other markets”, the firm added.
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