00:00How do you make of a day like today and what it means for your business of private wealth. Thank
00:07you Heidi for having me.
00:08I think we are very excited to launch the AXA global private platform today because even in this climate we
00:16see that the high net wealth
00:17segment is growing even during the last few years even during Covid. So it is very timely that we launched
00:25this platform where
00:26we pull all the insurance solutions together for the high net worth and the ultra high net worth segments.
00:32This platform actually can provide all the solutions what they need for wealth planning, legacy, lifestyle protection
00:40including luxury homes and arts collections and all that even for more unique REITs like KidLab and Ransom.
00:47Therefore I think it is very timely to do that for them to have some diversification because this platform
00:55actually will provide products from Hong Kong and from Bermuda. So basically it helps them to do
01:01to do diversification for asset allocation and wealth planning and legacy planning as well for their for their families.
01:13So tell us about the timing. Why now for this sort of product?
01:17We have been thinking about that for a long time and I think nowadays we have witnessed a generation wealth
01:26transfer in this juncture and with Hong Kong
01:30is already managing 2.9 trillion US dollars in Hong Kong as an offshore offshore wealth center. We feel that
01:37there are many families
01:37actually needs to have the legacy planning wealth transfer protections and for their own planning for the long term. So
01:45that's far.
01:46Therefore this platform actually it's a very timely time that we launch it.
01:53When you take a look at the thematics that are dominating broader public markets at the moment and even private
02:00markets actually
02:00the dominance of the AI trade. The pipeline of tech related and AI related IPOs and fundraising rounds.
02:10How much involvement do private investors want to have in this particularly when it comes to balancing that with risk
02:16management.
02:18No I think for this trend I think most of the private management they have to invest be part of
02:24it because there's a lot of diversification of assets.
02:27The requirements of diversification due to political risk and also diversification of the wealth is very important for this segment.
02:34Therefore I think it is very important for them to participate in all sort of wealth management segment that they
02:41can really accumulate their wealth
02:44and for their legacy planning.
02:48Which of the banks that you'll be working with?
02:51We are working with all the private banks. It is important that we give the private banks clients with this
02:59diversification because we are very few European brand that have a big brand who is in the high net worth
03:06segments.
03:06And we can really pull together all our very good solutions within the AXA platform and with our financial strength
03:15and our diversity in the in the platform I think it will create some that some very good options for
03:22the high net worth segments.
03:25When it comes to Hong Kong this is a market that just recently overtook Switzerland as well as largest offshore
03:31wealth management hub as we know at the same time there's a lot of questions as to whether that role
03:36is going to be threatened by the crackdown on cross-border stock trading by Beijing.
03:41How do you view this risk right now?
03:44In Hong Kong we are already managing 2.9 trillion US dollars offshore wealth today and I think there are
03:53many ways of compliance opening accounts compliance trading and very compliance insurance purchasing.
04:01So therefore I think we need to be understanding that the compliance way of trading in Hong Kong is still
04:08here and also this segment is growing.
04:12The wealth many of the wealth many of the wealth is already offshore and many of them is diversified in
04:18different regions.
04:19So we need to understand that in Hong Kong we need to have this platform and we are international financial
04:26center where we have a very good foundation for asset management and wealth management.
04:31Together with insurance solution it is very very good for the ultra high net worth segments or even the high
04:38net worth segments to continue to grow in this area.
04:43There is a lot of risk though particularly on the concern that in the coming months we may see more
04:49reach from Beijing in terms of tightening these rules.
04:52Is that something that your compliance teams are working towards?
04:57We are always working with very compliance and way of insurance selling and insurance purchasing in Hong Kong.
05:05I think we need to be conscious that there is still a big protection gap in this segment.
05:13So for the wealth that is already in Hong Kong we need to penetrate more on the insurance gap and
05:19at the same time we need to make sure that we are compliance in every way with the authorities.
05:24I'm going to get started.
05:24We're back here to celebrate.
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