Standard Chartered supports UHNW families across borders and generations

FOR today’s ultra-high-net-worth (UHNW) families, managing wealth goes far beyond investment returns.

From navigating complex cross-border structures to shaping philanthropic legacies, clients are increasingly looking for banks to be trusted advisers for every stage of their family succession and legacy journey.

At Standard Chartered, that means combining global expertise with personalised, multi-generational support and engagement.

Capturing opportunities to future-proof legacies

Raymond Ang, global head, private bank and affluent clients, and head, wealth and retail banking, Greater China and North Asia at Standard Chartered, notes that the needs of UHNW clients have evolved significantly.

“The opportunities lie in capturing these trends and serving clients’ needs in each of these areas effectively,” he says.

One key trend is the institutionalisation of wealth management, with more families establishing dedicated family offices – over 2,000 in Singapore and more than 2,700 in Hong Kong.

Another is the “significant amount” of upcoming intergenerational wealth transfers. McKinsey & Co projects US$5.8 trillion will move between UHNW and high-net-worth families in Asia-Pacific from 2023 to 2030, with 60 per cent coming from UHNW families.

“Servicing the next generation of clients effectively is critical in ensuring a smooth wealth transition,” Ang adds.

UHNW clients are also increasingly working with external asset managers (EAMs).

While the EAM space in Asia and the Middle East is not as developed as in the West, it is “witnessing rapid growth”, Ang observes, adding that the total assets under management in Singapore crossed S$6 trillion in 2024, according to the Monetary Authority of Singapore, signalling the tremendous opportunity for EAMs to tap on.

There has also been a notable shift in investment preferences. “They are looking for highly curated opportunities, co-investment options, and often, solutions tailored to specific sector interests or geographic preferences,” he says.

This includes private markets opportunities, which offer uncorrelated returns and portfolio diversification.

To meet these needs, the bank launched the Standard Chartered Private Markets Co-Investment Club earlier this year. The platform connects clients with established private equity managers who curate global co-investment opportunities.

Demand has been strong for private credit, infrastructure, technology, and health care – which are known for attractive yields, inflation protection, and long-term growth potential.

Sustainability is another rising priority. “We observe a growing number of our business owner clients seeking our advice and insights on sustainability to help future-proof their businesses,” Ang notes.

The bank has committed to mobilise US$300 billion of sustainable and transition finance by 2030, supported by over 150 frontline and subject matter sustainability experts.

Digital preferences are evolving too. “While many older generation UHNW clients value personal relationships and traditional service models, more are increasingly adopting the digital channel, alongside the younger UHNW clients who prioritise digital capabilities and seamless online experience,” says Ang.

Technology, therefore, remains central to the bank’s strategy. “Technology integrated with a human touch supports a higher level of client service by fostering a cohesive and integrated experience for our clients,” Ang says.

This ranges from secure messaging through WhatsApp and WeChat, to trading platforms that provide access to global markets, market insights, and seamless trade execution.

Standard Chartered is also using data and generative artificial intelligence tools to enable personalised insights and holistic client management at scale.

A trusted adviser, helping to prepare families for the future

Mike Tan, global head, wealth planning and family advisory at Standard Chartered Global Private Bank, points to the scale of the coming transition where wealth is expected to pass from one generation to the next.

Many UHNW families, he says, are not fully prepared – especially those with members across multiple jurisdictions and complex family dynamics.

“Without proper succession planning, these families leave their wealth vulnerable to uncertainty and potential disruption,” Tan says.

To address this, Standard Chartered works with external advisers to help clients establish resilient and flexible structures that reflect evolving tax and regulatory requirements. The bank also helps families set up family governance frameworks and communication platforms.

“It is important for family members to have a forum to communicate with one another, exchange ideas, align objectives, and preserve family values, beyond just managing family wealth,” says Tan.

A common challenge is the generational gap. “Family members in different generations grew up in a different environment and culture and probably had different educational journeys,” he notes.

These differences can lead to mismatched expectations around roles, responsibilities, and succession – compounded by taboos that delay open conversations about death and succession planning.

The bank encourages early engagement. In October, it will host the NextGen Forum in Dubai as part of its Global Families Network. “This one-day programme is specially curated for the next generation of family members and business leaders,” says Tan.

It will cover topics such as leadership, sustainability, and entrepreneurship, featuring younger family members who have launched new ventures or taken on pivotal roles in their family businesses.

The Global Families Network is an exclusive platform for UHNW families to exchange insights and experiences in a private setting. It aims to support clients outside of the formal planning cycle by fostering early engagement across multi-generational families, allowing them to address changing family needs and market cycles.

Philanthropy is also playing a larger role in legacy planning. “Philanthropic giving, as a tool for creating shared family values and building a legacy for UHNW families, plays a very significant role today,” says Tan.

Philanthropic donations in Asia hit US$33 billion in 2024. Next-gen donors are expanding beyond education and health care to support causes such as climate change and social justice – with a strong focus on impact measurement. Families also want to collaborate with others to partner and work together on causes they are passionate about.

Some are also exploring tools such as blended finance and impact investing. Others contribute beyond money: volunteering time, mentoring, or joining boards of non-profit organisations. “For many, philanthropy can imbue the family’s legacy with purpose and achievement,” Tan adds.

Choosing the right giving structure – such as a donor-advised fund, charitable trust, or foundation – depends on goals, scale, and operational needs. Consolidating philanthropic giving into a single platform can help align family decision-making and build family cohesiveness.

Supporting families with a global presence and footprint is a core part of the bank’s approach.

Its global wealth planning and family advisory team operates across Hong Kong, Singapore, Dubai, and London, sharing best practices, regulatory updates, and client case studies.

More families are also considering newer hubs such as Saudi Arabia and Indonesia, along with traditional centres like London, Switzerland, Hong Kong, and Singapore.

Family offices are increasingly being used not just for investment, but also for training next-gen members, supporting philanthropy, and implementing governance.

“As each family is unique and has diverse needs, the final structure or location selected by the family often reflects their unique circumstances,” says Tan.

Relationship management is highly customised. “There is no one-size-fits-all solution,” he notes. The bank often engages separately with different generations, operates on an open architecture platform, and connects families with a wide network of external professionals.

Crucially, Standard Chartered’s wealth planning and family advisory team is not bound by sales targets. “Our advice-led model allows us to focus on the client, thereby building a long-term relationship,” says Tan.