Fong Seng Tee, CEO, Pictet Wealth Management Asia
Wealth management business in Asia has changed a lot in the past 15-20 years and is still evolving. There are changes. In the past it was “Don’t ask me where I got my money. The less you know, the better.” The theory of Don’t Ask, Don’t Tell, is all about secretive and secrecy. I think today it has changed.
We want to know exactly where your source of value is derived. We also want documents to prove your source of wealth before I can even do business with you, but I’ll keep our banking relationship between you and the bank totally private and confidential. We’re moving from secrecy to private and confidentiality. I think these are all good for the industry.
