Withers has put Asian expansion at the centre of its strategy after announcing a tie-up with Chinese financial services advisory firm BeA-asia.
The consultancy agreement with the Shanghai-based firm is the first step in a long-term plan that will see Withers open its own office in China’s second city.
The move is designed to explore the local wealth market in China and to explore opportunities in the country’s high-net-worth community.
Withers global managing director Margaret Robertson said: “China’s currently the world’s fourth largest high-net-worth base, with 477,000 high-net-worth individuals, and this number is expected to continue to increase over the coming years.
“Such high-speed wealth creation will undoubtedly lead to complex wealth planning needs for entrepreneurs, their families and their businesses, so this is obviously a market Withers is very interested in. Long term, we plan to open an office in Shanghai, subject to receiving the necessary approvals from the regulators in China.”
BeA-asia managing director Luca Birindelli said: “Withers is a pioneer in the wealth management space globally and, as such, is very well positioned to advise clients in China as they experience this exciting evolution of wealth.”
Last year, Withers opened its first office in Asia when it launched in Hong Kong. The office now boasts five partners.