Synpulse Publishes New Report Highlighting Key Shifts in Asia's External Asset Management Market

SINGAPORE, May 26, 2026 /PRNewswire/ -- Synpulse, a leading global consulting firm for financial services, has published a new report entitled "External Asset Management in Singapore and Hong Kong" examining the evolving External Asset Management (EAM) landscape in Asia. While this report was developed in collaboration with the Association of Independent Wealth Managers Singapore (AIWM) and the Family Office Association Hong Kong (FOAHK), it is leveraging regulatory insights, the Synpulse proprietary EAM databank, and views from key APAC thought leaders and examines the growing relevance of the EAM sector and the challenges accompanying its continued expansion.

According to the report, EAMs have become an established and significant segment within the wealth management ecosystem, managing approximately 7% and 9% of total wealth in Singapore and Hong Kong respectively. This growth reflects increasing demand for independent, client‑centric wealth management models across the region.

However, as the sector matures, EAMs are facing new pressures linked to long‑term sustainability. Synpulse's research shows that the market remains highly fragmented, with 77% of EAMs in Singapore and 72% in Hong Kong managing less than USD 1 billion in assets under management (AUM). This fragmentation presents challenges around scalability, operational efficiency, and cost management particularly in an environment of rising regulatory and technology demands.

The report also identifies a marked shift in business models across the industry. More than 80% of EAMs now operate hybrid models, combining two or more business models, with advisory, discretionary or fund management. These structures are increasingly being adopted to strengthen investment capabilities, diversify revenue streams, and deliver services more efficiently to clients.

Yves Roesti, Managing Partner and CEO of Synpulse Group, said: "As the EAM industry in Asia continues to grow in scale and relevance, firms are rethinking their operating models to remain competitive and resilient. This report captures the realities of Asia's fast‑changing wealth sector. Drawing on deep market expertise and regional insight, it provides a strong foundation for informed decision‑making across the EAM ecosystem."

Jolene Tan, President at AIWM, said: "The Independent Wealth Management Industry continues to grow in sophistication and maturity. The next phase of development will be defined by how effectively firms strengthen their operating models, improve efficiency, and harness technology and data to adapt to a rapidly changing environment. This report provides a timely and thoughtful perspective on the key questions and opportunities that will shape the industry's future."

Chi Man Kwan, Chair of FOAHK, said: "This timely, data-driven report provides enhanced insights of the structural trends shaping the industry, especially around scalability and operational transformation. As Hong Kong continues to play a critical role in connecting global capital with opportunities across the wider region, we are pleased to support this initiative with Synpulse and industry partners to further advance Asia's independent wealth management ecosystem through greater transparency, shared insight, and stronger industry collaboration."

The findings have important implications not only for EAMs themselves, but also for custodian banks, technology providers, and other ecosystem partners looking to support the next phase of growth in the Asian wealth management market.

The full report is now available here and provides deeper insights into market structure, growth dynamics, and strategic considerations for EAMs and their service providers across Singapore and Hong Kong.

About Synpulse

Synpulse is a global management consultancy and a trusted partner to financial institutions. We deliver end-to-end transformation for financial institutions, combining deep industry expertise with technology across strategy, design, implementation, and operations. With a network of over 100 ecosystem partners and our technology division Synpulse8, we co-create innovative digital solutions that deliver value-creating impact. Our team of 1,000+ professionals from more than 20 locations is united by a shared commitment to excellence and client success.  

Further information www.synpulse.com.

About AIWM

Founded in 2011, the Association of Independent Wealth Managers (Singapore) ("AIWM") is the leading industry advocate for independent wealth managers, including External Asset Managers (EAMs), Family Offices, banks, and service providers in Singapore. AIWM is dedicated to promoting best industry practices, fostering collaboration among industry peers, and empowering its members through continuous education, training, and development opportunities. The association actively engages with regulators and stakeholders to strengthen the visibility and reputation of independent wealth managers in Singapore.

About FOAHK

Family Office Association Hong Kong ("FOAHK") is an independent family office trade association established in November 2020. We are a consultative industry body established to lead and drive dialogue between the family office industry, the government and regulatory bodies in Hong Kong. We advocate for legislative and regulatory matters favourable to the development of family office businesses in Hong Kong, with the common goal for the city to become the region's leading family office hub in Asia-Pacific. We are committed to providing best practice guidance to uphold the profession's highest industry standards and compliance, as well as facilitate community collaboration among members, governments and other professional parties in Hong Kong and overseas.

SOURCE Synpulse