In May 2025, Hubbis hosted an exclusive, off-the-record roundtable in Singapore, partnered with StoneX, a global financial services leader. The event gathered senior wealth managers, multi-family offices (MFOs), and external asset managers (EAMs) to discuss navigating operational complexities, regulatory pressures, and client expectations. Key themes included optimizing custody partnerships, addressing fragmented platforms, and leveraging global diversification opportunities. StoneX’s Roger Shaffer, Head of Correspondent Clearing, and Andrew Sterry, Head of UK Prime Services, highlighted solutions to streamline onboarding, reduce costs, and enhance client outcomes in a competitive wealth management landscape.
Setting the Stage: A Dynamic Wealth Management Landscape
Singapore’s position as a global wealth management hub is both a strength and a challenge, as the industry navigates a rapidly evolving environment shaped by geopolitical shifts, regulatory complexities, and rising client sophistication. The Hubbis roundtable, sponsored by StoneX, brought together a diverse group of wealth managers, multi-family offices (MFOs), and external asset managers (EAMs) to address these dynamics. Discussions highlighted the need for innovative solutions to balance personalization with scalability, particularly as high-net-worth (HNW) clients and family offices seek to diversify assets amid U.S. market volatility and global uncertainties.
A senior executive from a multi-family office emphasized Singapore’s appeal as a stable, well-regulated hub for wealth preservation, particularly for clients from Asia and beyond. However, challenges such as fragmented platforms, high operational costs, and prolonged onboarding processes with private banks were recurring themes. The rise of second-generation HNW clients, often educated abroad and digitally fluent, is driving demand for transparent, independent advisory models that prioritize flexibility and global access. These clients are less tolerant of inefficiencies and expect seamless execution, pushing firms to rethink their operational frameworks.
Geopolitical factors, particularly U.S. market uncertainties, were cited as a catalyst for diversification. A portfolio manager from an EAM noted that clients are increasingly looking to Asia and Europe to hedge risks associated with U.S. policies, such as potential estate tax implications. Singapore’s robust infrastructure, coupled with its proximity to emerging markets, positions it as a preferred destination for these strategies. However, the city’s high operational costs and stringent regulatory environment, including rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, pose significant hurdles for firms aiming to scale efficiently.
Custody Challenges: Overcoming Bottlenecks
Custody and onboarding emerged as critical pain points, with participants expressing frustration over private banks’ inefficiencies. A wealth manager from a Singapore-based MFO described the challenge of managing client assets across multiple custodians, which complicates execution, reporting, and reconciliation. One attendee shared an example of a bank requesting 25-year-old business records to verify the source of funds, highlighting the excessive diligence that delays onboarding and frustrates clients. Such delays, often spanning three to six months, erode trust and hinder firms’ ability to execute timely investment strategies.
Roger Shaffer, Head of Correspondent Clearing at StoneX, addressed these concerns with a solution designed to streamline operations. “StoneX is first and foremost a firm that provides access to markets,” Shaffer said, outlining the company’s end-to-end services, including execution, clearing, settlement, and custody across securities, commodities, Foreign Exchange (FX), and digital assets. With a 100-year legacy and a public company structure backed by shareholders like BlackRock, StoneX offers transparency and reliability. Its platform allows wealth managers to retain control over client relationships while outsourcing operational complexities.
StoneX’s onboarding process was a focal point of interest. By relying on partner firms’ KYC and AML procedures, StoneX eliminates redundant compliance steps. “Once you’re onboarded as an EAM, the account opening process takes about 10 minutes of data entry,” Shaffer explained. Accounts can be funded and operational within hours, a stark contrast to the months-long delays of private banks. This efficiency resonated with attendees, particularly those serving clients with urgent diversification needs. A participant from a global MFO noted that rapid onboarding is critical for maintaining client confidence, especially in volatile markets.
StoneX’s access to 75 international markets further supports diversification, enabling wealth managers to construct portfolios with non-U.S. assets. This addresses client concerns about U.S. estate taxes and geopolitical risks. For example, through partnerships with AllFunds Bank, StoneX facilitates access to non-U.S. mutual funds and ETFs, providing tax-efficient solutions for global clients. A senior executive from an EAM praised this capability, noting that it allows firms to meet client demands for diversified, cross-border portfolios without the complexities of managing multiple custodians.
Prime Brokerage: Tailored Solutions for Complex Portfolios
Andrew Sterry, Head of UK Prime Services at StoneX, introduced the firm’s prime brokerage offerings, which complement custody services by catering to hedge funds and family offices with sophisticated investment needs. “We’re breaking down private banks’ dominance by offering competitive, multi-asset solutions,” Sterry said. Operating under UK Financial Conduct Authority (FCA) regulations, StoneX provides financing, hedging, and cross-product margining, enabling clients to access deeper credit markets at lower costs than traditional banks.
Sterry highlighted StoneX’s success with Singapore’s Variable Capital Company (VCC) structures, which are increasingly popular among MFOs for their flexibility in managing multi-asset portfolios. Unlike private banks, which often prioritize ultra-high-net-worth clients and impose high fees, StoneX targets mid-tier funds and family offices with tailored financing models. A participant from a global MFO noted that StoneX’s ability to fund lower-rated bonds and alternative assets offers a competitive edge, particularly for clients seeking higher yields in a low-interest-rate environment.
The growing demand for digital assets was another key discussion point. StoneX’s platform supports custody and trading of cryptocurrencies like Bitcoin and Ethereum, catering to younger HNW clients and family offices exploring alternative investments. A wealth manager from an EAM emphasized the need for custodians who understand the unique requirements of digital asset portfolios, a niche where StoneX is expanding its offerings through integrated solutions that combine digital and traditional assets.
Addressing Cost and Compliance Pressures
Rising operational costs in Singapore were a major concern, with participants citing expenses related to compliance, technology, and talent acquisition. A startup venture capital fund manager highlighted the challenge of fundraising and hiring skilled relationship managers (RMs) in a competitive market. StoneX’s fee structure, which includes transaction-based and wrap fee options, was seen as a cost-effective alternative to private banks. “We’re significantly cheaper for the same transactions,” Shaffer noted, emphasizing that StoneX’s model is particularly suited for low-frequency trading strategies common among family offices.
Compliance, particularly KYC and AML requirements, remains a significant hurdle. A compliance officer from an MFO described the challenge of training RMs and clients to meet Singapore’s stringent standards, noting that redundant bank requirements exacerbate delays. StoneX’s model alleviates this burden by allocating KYC responsibilities to the EAM or MFO while conducting sanctions checks, such as Office of Foreign Assets Control (OFAC) screening. “We monitor for AML red flags, but you handle client due diligence,” Shaffer explained. This division of labor streamlines compliance without compromising rigor, allowing firms to focus on client relationships.
A participant from the Association of Independent Wealth Managers shared insights on industry efforts to enhance professionalism through certification programs. These initiatives aim to standardize business models and promote transparency, aligning with the growing client preference for fee-based advisory models. StoneX’s product-agnostic approach supports this shift, avoiding conflicts and enabling wealth managers to differentiate themselves from private banks.
Talent Acquisition and Client Trust
Hiring and retaining talent was a recurring theme, with participants emphasizing the difficulty of finding RMs who can deliver holistic, client-centric services. A CEO from a global MFO noted that competition for top-tier talent is intense, with firms chasing a limited pool of experienced bankers. StoneX’s platform supports firms by automating operational tasks, freeing resources for upskilling staff and enhancing client engagement. A participant from an EAM remarked that platforms like StoneX allow RMs to focus on advisory roles rather than administrative burdens, improving client satisfaction.
Building and maintaining client trust was another critical focus. A senior executive from a wealth management firm noted that system outages, reporting discrepancies, or onboarding delays can quickly undermine confidence, particularly among ultra-high-net-worth clients who view reliability as a baseline expectation. StoneX’s infrastructure, with its seamless integration with aggregators and high-touch relationship model, ensures consistency and transparency, reinforcing client trust.
Seizing Global Diversification Opportunities
Geopolitical volatility, particularly in the U.S., was cited as a key driver for diversification. A portfolio manager from an EAM noted that clients are increasingly looking to Asia and Europe to mitigate risks associated with U.S. policies. StoneX’s access to 75 international markets, including non-U.S. mutual funds and ETFs, enables tax-efficient portfolio construction. “Clients want global exposure without U.S. tax complications,” a participant remarked, highlighting StoneX’s role in facilitating this shift.
The growing demand for alternative investments, such as private equity, hedge funds, and commodities, was another key theme. StoneX’s prime brokerage services provide access to structured products and private markets through platforms like Luma, which allows wealth managers to source competitive yields from multiple banks. A wealth manager from an EAM noted that combining StoneX’s platform with in-house stock-picking capabilities creates a hybrid model that maximizes client value while maintaining cost efficiency.
StoneX’s Strategic Positioning
StoneX’s non-bank status and global footprint — spanning more than 70 offices and over 4,700 staff — position it as a nimble alternative to private banks. Its acquisitions, such as RJ O’Brien, enhance its capabilities in futures and fixed income, while its Singapore office serves as a hub for securities clearing, precious metals trading, and global payments. Membership in the London Bullion Market Association further bolsters its credibility in alternative assets, particularly for clients seeking inflation-hedging strategies.
By offering segregated accounts under U.S. Securities and Exchange Commission (SEC) segregation requirements or UK FCA protections, StoneX ensures client asset security. Its product-agnostic approach aligns with the industry’s shift toward fee-based models, avoiding conflicts and empowering wealth managers to prioritize client interests. “We’re your silent partner, handling operations so you can focus on clients,” Shaffer concluded, encapsulating StoneX’s value proposition.
Closing Reflections: A Collaborative Future
The Hubbis roundtable underscored the wealth management industry’s need for partners that combine efficiency, transparency, and global reach. StoneX’s platform addresses critical pain points — onboarding delays, high fees, and fragmented systems — while empowering firms to deliver personalized client experiences. As Singapore’s wealth sector evolves, collaborations with innovative custodians like StoneX will be essential for staying competitive and meeting the sophisticated demands of HNW clients and family offices.
