Navigating the Complexities of Private Wealth Management in Asia: An Insight into Equiom Group's Strategic Vision

The landscape of private wealth management in Asia is evolving at an unprecedented pace, driven by globalization, regulatory shifts, and the increasing sophistication of ultra-high-net-worth (UHNW) families. Against this backdrop, fiduciary and governance services have become critical in ensuring seamless wealth structuring, succession planning, and cross-border compliance. In an exclusive interview with Hubbis,  Jon Jennings, Chief Executive Officer of Equiom Group, and Sharon Yam, Regional Head of Asia at Equiom Group, shared their insights on the company’s strategy in Asia, the challenges and opportunities in the region, and what sets Equiom apart in an increasingly competitive market.

Understanding Equiom’s Footprint and Value Proposition

Equiom Group is a leading fiduciary services provider to private and corporate clients. Operating across 11 jurisdictions with a workforce of approximately 450 professionals, the firm caters primarily to family offices, UHNW individuals, corporations, and institutions. In addition to traditional trust and estate planning, Equiom offers luxury asset services and governance services, including fund directorships and corporate administration, out of key hubs such as the Middle East and the Cayman Islands.

“We have a scaled footprint in multiple jurisdictions, allowing us to support our clients seamlessly across different regulatory environments,” explains Jon Jennings. “Our focus is on private wealth structuring, corporate solutions, and specialized services like employee retirement and reward services and Islamic finance, which is particularly relevant in markets such as Singapore, Malaysia and, of course, the Middle East.”

Jennings, who joined Equiom in 2022, brings over three decades of experience in financial services, having held senior positions at JP Morgan, ABN AMRO, TMF, and JTC. His mission is clear: to elevate Equiom to a leading position in the wealth management and corporate services space by refining its offerings and expanding its reach in high-growth markets.

Asia’s Growing Significance in Private Wealth Management

Asia is home to some of the fastest-growing UHNW populations in the world. Cities like Singapore, Hong Kong, and Dubai are actively competing to attract wealthy individuals and family offices by enhancing their regulatory and tax frameworks.

“Asia is an incredibly dynamic market for us,” says Jennings. “Beyond just private wealth services, we see significant opportunities in areas like employee rewards and retirement solutions. In the Middle East, for example, we are widely recognised as a leading trustee for Workplace Savings Plans in the region, with Equiom Fiduciary Services (Middle East) Limited proudly holding the prestigious role of Master Trustee for the DIFC Employee Workplace Savings (DEWS) plan, a pioneering initiative led by the DIFC Authority in conjunction with Equiom and its key partners, which has set the standard for End of Service reform in the region.”

Expanding Equiom’s Islamic finance capabilities is also a priority. “There is a growing demand for Sharia-compliant investment structures, particularly in real estate and private equity,” he notes. “We see Singapore, Malaysia, and the broader ASEAN region as key markets for this segment.”

A Client-Centric Approach: Addressing the Complex Needs of UHNW Families

Equiom’s ability to deliver consistent, high-quality service across jurisdictions is a critical differentiator. UHNW families today are more globally mobile than ever, with family members often residing in multiple countries. This creates a range of complex cross-border issues, from tax implications to estate planning and investment structures.

“Ultra-high-net-worth individuals today are increasingly thinking like corporate entities,” observes Jennings. “They demand sophisticated solutions that integrate traditional trust services with complex corporate arrangements. This is where our strength as a global fiduciary services provider comes into play.” Sharon Yam, who leads Equiom’s operations in Asia, underscores the importance of service quality. “Many UHNW families have existing trust structures, but they often feel their needs are not adequately met, either due to a lack of resources or insufficient engagement from their trustees,” she notes. “At Equiom, we prioritize a highly personalized service model where trustees actively guide clients throughout their wealth management journey. Our family office services allow us to go even further, ensuring we address the full spectrum of our clients’ needs in an integrated, bespoke way.”

The Competitive Landscape: What Sets Equiom Apart?

Equiom operates in an intensely competitive market, particularly in Asia, where wealth management firms range from boutique players to large global institutions. According to Jennings, Equiom occupies a unique position as one of the few remaining mid-tier firms specializing in private wealth.

“The wealth management sector today is dominated by behemoths, with firms ranging from 2,000 to 10,000 employees. At the same time, there is a real lack of specialism in the market and this scale often comes at the expense of personal service,” he says. “Most of our competitors are chasing fund administration services, but we remain focused on private wealth, corporate structuring, and related solutions.”

Jennings adds that Equiom takes a different approach – listening to its clients, tailoring innovative solutions to their specific needs, and staying committed to maintaining its core expertise rather than diversifying into unrelated areas. “We don’t want to be all things to all people. Our goal is to provide best-in-class fiduciary and corporate services to private clients and institutions who value specialization, director led expertise and service excellence.”

The Role of Geopolitical Uncertainty in Wealth Planning

Geopolitical shifts and economic uncertainties have prompted UHNW families to rethink their wealth structuring strategies. Political instability, regulatory tightening, and changing tax regimes in key markets have led many families to seek diversified jurisdictional options.

“In today’s world, no UHNW individual wants to keep all their eggs in one basket,” says Jennings. “It’s critical for wealthy families to ensure they have contingency plans in place. Whether it’s structuring assets across multiple jurisdictions, setting up trusts with strong governance frameworks, or planning for intergenerational wealth transfer, foresight is key.”

This perspective resonates strongly with Equiom’s Asian clientele. “We are seeing a growing demand for advisory services that take a long-term view,” Yam explains. “Clients want to future-proof their structures against regulatory changes, and they are increasingly looking for partners who can provide not just compliance, but strategic insights.”

Looking Ahead: Equiom’s Vision for Asia

Equiom’s growth strategy in Asia is anchored in deepening its service offerings and expanding its market presence. Jennings sees Singapore as a central hub for the firm’s regional ambitions, given its status as a leading wealth management centre.

“Singapore’s regulatory environment, business-friendly policies, and strong connectivity make it an ideal base for our expansion,” he says. “At the same time, we are also strongly positioned in Greater China, with a long-established office in Hong Kong.”

Equiom’s focus remains on delivering exceptional service and maintaining a client-first approach. “We believe that the best way to build long-term relationships is by offering deep expertise, proactive advice, and a genuine commitment to our clients’ success,” Yam concludes. “As Asia’s wealth landscape continues to evolve, Equiom is well-positioned to be a trusted partner for UHNW families and institutions alike.”

The private wealth management landscape in Asia is entering a new era of complexity and opportunity. As UHNW families face an increasingly globalized world with intricate cross-border challenges, firms like Equiom are stepping up to provide the expertise and solutions needed to navigate these shifts. With a strong regional footprint, backed by a global network of professionals, a commitment to specialization, and a client-centric approach, Equiom is well-positioned to shape the future of wealth management in Asia.

 

Into the Future

In an era where digital transformation is reshaping industries, the private wealth management sector in Asia is at a crossroads. While large institutions push for automation and cost-cutting, Jon Jennings, Chief Executive Officer of Equiom Group, believes the future belongs to firms that balance technology with human expertise.

“In one sense, I think it's relatively predictable what I'm going to say, and that is technology is critical in the future,” Jennings states. “I'm not a believer that technology will replace people in our sector. A phrase I've heard and like to use is ‘the best people supported by the best technology.’ We're not only investing heavily in making sure we have the most up-to-date technological platform, we’re also focused on retaining and attracting the best people too, as they are essential to delivering the exceptional service we pride ourselves on.”

Jennings emphasizes that while automation brings efficiency, it should primarily serve to eliminate expensive and often invisible back-office tasks. This, he argues, allows wealth managers, trustees, and administrators to focus on delivering true value to clients. “That leaves people free to actually add value to client relationships. And I think that's the most important thing.”

Amid a wave of outsourcing and cost-cutting in financial services, Jennings remains steadfast in his belief that personal relationships remain at the heart of private wealth management. “We live in an age where outsourcing and cutting things to the quick are seen as the way forward. I'm not saying there's not a place for that, but I think focusing on the human element of our clients is key. I don't think that will ever change.”

Beyond technology, Jennings predicts a shift in industry dynamics. While global giants continue to dominate the market, their one-size-fits-all approach is often failing to meet client expectations. “I think you'll see a change in approach from the giant firms that we're seeing right now, which try and be all things to all men, and who we know from speaking to their clients are not delivering what their clients want.”

Instead, he sees a shift towards mid-sized firms that can offer agility, personalisation, and direct access to decision-makers. “I think there will be a resurgence of mid-sized firms that are nimble, able to make decisions quickly, with relatively flat structures like ours. These firms can be proactive partners, moving at pace to meet and exceed their client’s needs in the future.”

For private wealth management professionals in Asia, the message is clear: the winning formula lies in leveraging technology to enhance, not replace, human expertise. As clients demand more personalised and responsive services, mid-sized firms with the right mix of technology and high-touch service could be best positioned to thrive in the evolving landscape.

 

Key Priorities

As Asia cements its position as a critical hub for global wealth, Equiom Group is sharpening its focus on the region with three core priorities. Jennings is clear about the firm's ambitions: strengthening its reputation, expanding its jurisdictional footprint, and capitalising on the Eastward wealth shift.

“Our first priority is to cement our reputation as a leading provider of trust and fiduciary services to top clients in the region,” Jennings states. “We are also expanding our capabilities not just in Singapore and Hong Kong but in jurisdictions such as Malaysia, where our specialisms, which are really quite unique in some instances, will be very much appreciated.”

As UHNW families seek sophisticated wealth structuring solutions, Jennings sees a growing demand for bespoke fiduciary services. The firm's strategy includes not only broadening its presence but also ensuring that its expertise aligns with the evolving needs of Asia’s wealthy families and entrepreneurs.

Beyond expansion, Jennings highlights a broader geographical pivot. “For me, the two key focuses are the Middle East and the Far East. There is a shift towards the East, and that’s something I want to make sure we capitalize on.”

With increasing regulatory complexity and cross-border wealth movements, Equiom’s commitment to Asia underscores the region’s growing importance in global private wealth management. As Jennings puts it, the future is East.

This article was first published on www.Hubbis.com. 

 

This article has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. This article cannot be relied upon to cover specific situations, and you should not act, or refrain from acting, upon the information contained within this article without obtaining specific professional advice. Please contact Equiom to discuss these matters in the context of your particular circumstance. Equiom Group, its partners, employees, and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this article or for any decision based on it.