Wealth Management In Southeast Asia: Trends And Growth

Minister Of Finance II Malaysia

Launch Of Labuan IBFC Wealth Management Year 2013

22 February 2013

Sasana Kijang, Kuala Lumpur

Opening address delivered by Y.B. Dato' Seri Ahmad Husni Mohamad Hanadzlah, Malaysia Minister of Finance II.

YBhg. Dato' Azlan Hashim, Member of the Labuan Financial Services Authority and Chairman of Labuan IBFC Incorporated Members of the Labuan Financial Services Authority, Labuan FSA Encik Hizzad Baharuddin Director-General, Labuan FSA Their Excellencies the High Commissioners and Ambassadors of (TBC) Senior Representatives of Bank Negara Malaysia, Securities Commission, Bursa Malaysia, Members of the Labuan Business and Financial Centre Community, Members of the domestic fund management industry, Members of the Media, Ladies and gentlemen. Thank you, Dato' Azlan for making me feel very welcomed this morning. I am most happy to be here, to launch "Labuan IBFC Wealth Management Year 2013". Labuan IBFC has grown from strength to strength. In the last two years, from 2010 to 2012, the total value of assets for banking and leasing sectors, for example, as well as insurance premiums collected by Labuan IBFC licensed institutions, in aggregate grew to USD76.2 billion or RM236.3 billion.1 This represents an impressive average annual growth of 13.5%. This double-digit growth was achieved because Labuan IBFC's has laws and regulations that are robust yet facilitative. The growth was achieved because of Labuan IBFC's innovative products and efficient services. I am proud that, last year, after an extensive study, Asian Development Bank's recommended LIBFC Foundation as the holding entity to domicile the USD485 million ASEAN Infrastructure Fund in Labuan. This recommendation was unanimously accepted by all of the ASEAN Ministers of Finance. This is a major endorsement for Labuan IBFC's in its bid to position itself as a regional centre to domicile wealth management structures. Ladies and gentlemen

Under the Capital Market Masterplan 2020, we have identified investment management as one of the three Strategic Initiatives for the development of our capital market. In pursuant of this objective, we need to facilitate the introduction of a broad range of capital market products - products to cater for the various risk-return profiles. We also need to increase our efforts to establish a vibrant and competitive investment management industry. In this regard, the designation of 2013 as Labuan IBFC's wealth management year is...