Malaysia: Wealth Management In Southeast Asia: Trends And Growth
Malaysia Minister of Finance II Y.B. Dato' Seri Ahmad Husni Mohamad Hanadzlah launched "Labuan IBFC Wealth Management Year 2013". He said Labuan IBFC has grown in the last two years, from 2010 to 2012. The total value of assets for banking and leasing sectors, as well as insurance premiums collected by Labuan IBFC licensed institutions, in aggregate grew to USD76.2 billion or RM236.3 billion. This represents an average annual growth of 13.5%. Moreover, the Asian Development Bank recommended LIBFC Foundation as the holding entity to domicile the USD485 million ASEAN Infrastructure Fund in Labuan last year. For the future, the introduction of a broad range of capital market products needs to be facilitated. Furthermore, a competitive investment management industry has to be established.