The Asset speaks with Robert Fuh, CEO of Cathay United Bank Private Banking ( CUB Private Banking ) and The Asset’s Private Banker of the Year – Taiwan, on the state of the island’s wealth market and a range of related topics, including how the bank is guiding its clients; what makes the market unique; increasing portfolio internationalization, how clients are approaching wealth management, succession and governance issues; shifting client priorities; portfolio construction; and the biggest opportunities and risks in the market.

The Asset: Over the years, Taiwan’s wealth market has evolved significantly. What has been your north star in guiding clients through both stability and volatility?

At CUB Private Banking, our north star has always been clear: to act in our clients’ best interests, with long-term thinking, disciplined risk management and a commitment to continuous self-evolution.

Rooted in Taiwan and expanding across Hong Kong and Singapore over the past decade, we’ve built more than just a platform. By uniting our onshore and offshore advisory platforms, launching a dedicated alternatives team and developing a portfolio-based, cross-asset advisory model, we equipped ourselves to deliver solutions that are agile, globally relevant and deeply personalized.

Our clients – particularly Asia’s rising generation of high-net-worth individuals ( HNWIs ) – are increasingly looking for long-term resilience, access to global private markets and solutions that transcend traditional boundaries. That’s why we partnered with world-class general partners, built a diversified and differentiated alternatives platform, and actively engaged with regulators to advance Taiwan’s move towards becoming a regional asset management hub in Asia.

This commitment to holistic, forward-thinking advisory – anchored by disciplined execution – has allowed us to navigate volatility with confidence. When the world changed dramatically in 2022, our conviction and agility were tested. Early protection strategies, tactical reallocation and our growing alternatives platform helped shield client portfolios. These actions not only earned trust, they delivered results – with profit growth year-on-year of 15% in 2024 and assets under management presenting a compound annual growth rate of 28.1% since our inception. 

Beyond numbers, our north star is about direction – not destination. We’re leading the market by uniting onshore and offshore advisory, scaling holistic portfolio models and empowering clients through timely, sophisticated solutions. With the full strength of Cathay Group behind us, we continue to outperform rivals while reimagining the role of private banking in Taiwan and across the region.

The Asset: Taiwan has a mature wealth market, but is often overshadowed by larger regional hubs. What makes private banking in Taiwan unique in 2025?

As you said, Taiwan may not always be in the spotlight, but as global capital becomes more discerning and geopolitical complexity reshapes regional financial centres, Taiwan is emerging as a compelling alternative for asset and wealth management in Asia for several key reasons.

Real economy strength, industrial depth as strategic anchor – Unlike finance-heavy hubs like Hong Kong and Singapore, Taiwan’s private banking is backed by a diverse, innovation-led industrial base – from semiconductors ( producing over 90% of the world’s advanced chips ) to biotechnology, artificial intelligence and software. This tangible economic backbone provides stability, a wide range of investable assets and long-term relevance in global capital allocation strategies.

Sophisticated financial services and capital market diversity – With high diversity in industrial sectors ( spanning traditional manufacturing to emerging tech ), Taiwan offers broad investment exposure and sector resilience. These characteristics are attracting private equity, venture capital and institutional investors, driving a virtuous cycle of capital inflow and deepening financial service capabilities. In 2024 alone, initial public offering volume hit a 12-year high, reflecting investor confidence.

Stable macroeconomic environment with currency confidence and low Inflation – Taiwan’s stable New Taiwan dollar, underpinned by strong export performance ( 60% of GDP in 2024 ), offers predictable investment returns and minimizes foreign exchange risks for foreign investors. Combined with low inflation, this macroeconomic foundation supports long-term wealth planning and positions Taiwan as a low-friction entry point for global asset managers.

Rising domestic wealth and intergenerational transition – Our clients are globally connected, intellectually demanding and deeply committed to legacy. Many Taiwanese families have deep industrial roots, particularly in technology and manufacturing. The wealthy families have built significant businesses from the ground up and are now navigating succession, global mobility and family governance with a long-term mindset, which fuel demands for cross-border structures, family governance and bespoke asset strategies. This shift towards sophisticated, multigenerational wealth management is rapidly expanding the private banking ecosystem – creating a stronger domestic capital base to complement global flows.

Regulatory transformation is another critical driver that makes private banking in Taiwan unique in 2025. Besides the rise of domestic wealth or the strength of its industrial base, what fundamentally sets Taiwan’s private banking sector apart is the forward-leaning deregulation led by the Financial Supervisory Commission ( FSC ) that has redefined the landscape for high-net-worth services and asset management.

In response to the evolving needs of HNWIs – particularly the demand for diversified portfolios, long-term risk mitigation and access to global opportunities – the FSC has taken decisive steps to liberalize the wealth management regime, signalling a shift from the Wealth Management 2.0 era to Wealth Management 3.0. These regulatory changes are structural enablers that have elevated Taiwan’s private banking capabilities by allowing Taiwan to compete with international wealth hubs, such as Hong Kong and Singapore, by encouraging global asset managers to explore partnerships with Taiwanese private banks and by helping local HNWIs view Taiwan as a credible, institutional-quality wealth management centre. 

CUB Private Banking has played an active role in shaping and responding to these reforms, including lobbying efforts to unlock private equity access and upgrading internal infrastructure to comply swiftly with regulatory innovation. These actions position us at the forefront of Taiwan’s private banking evolution. 

The Asset: Are you seeing increased internationalization of client portfolios, or is there still a preference for domestic assets and real estate?

We observe a clear trend of increasing portfolio internationalization among Taiwanese HNWIs, even as domestic assets and real estate remain important pillars.

Today’s portfolios are more globally diversified, reflecting clients’ desire for broader opportunities, while still valuing the stability of local investments.

More than half of our clients’ assets are invested outside Taiwan – covering global equities, foreign bonds and alternative investments. This level of international allocation demonstrates a strategic shift towards broader diversification and exposure to global themes. Our data confirms that this trend is well-established.

Despite global moves, many clients maintain a meaningful allocation to Taiwan equities and real estate – particularly in sectors like technology and semiconductors, which offer strong growth fundamentals.

The Asset: How are Taiwanese HNWIs approaching cross-border wealth management, succession and family governance issues today compared with five years ago? 

Between 2020 and 2025, Taiwan’s HNWIs have significantly evolved in their perspectives on cross-border finance, succession planning and family governance. The pandemic, geopolitical dynamics and global tax transparency standards catalyzed deeper intergenerational dialogue on legacy, sustainability and long-term purpose. We observe that in the past five years, Taiwan’s high-net-worth ( HNW ) families have transitioned from traditional, founder-led wealth practices to globally integrated, professionally governed models of asset and legacy management. Their approaches evolve from discreet offshore structuring to transparent, strategic global deployment via professional platforms. As Singapore emerged as a preferred safe haven for wealth governance, Taiwanese HNW families increasingly shifted assets and established family offices there. 

Back in 2020, most Taiwanese HNWIs leveraged offshore companies ( with jurisdiction preference in the US, Hong Kong or British Virgin Islands ) for asset protection or tax, focused on legal wills and often delayed or avoided succession planning. The investment decision was often decided by founders, and the role of the next-generation was relatively passive. For example, we observed one of our clients, whose assets were concentrated in local real estate and equities, with no formal succession or governance structures in place in 2020.

By 2025, under the leadership of the next generation, they had established a Singapore-based single family office to manage diversified global investments, implemented a basic family constitution, instituted a family investment committee and set up a trust to integrate onshore and offshore companies. This transformation enhanced transparency, reduced geopolitical and concentration risk, and empowered younger family members to lead in areas like environmental, social and governance investing and philanthropy – marking a strategic pivot towards institutional-grade family governance and legacy planning. 

With Taiwan’s wealth market having matured rapidly with respect to growing cross-border complexity, generational transition and shifting global dynamics, we view our role not just as investment advisers, but as long-term partners in preserving and growing family legacies.

The Asset: How do you see client priorities shifting in Taiwan, from capital preservation to growth, philanthropy or sustainability? 

While capital preservation remains a fundamental consideration, we are observing a clear evolution in the mindset of Taiwanese HNWIs. Clients are becoming more intentional and strategic – moving towards capital growth, greater diversification and succession planning.

More clients are now seeking to enhance long-term portfolio performance – not through aggressive risk-taking, but via diversified, risk-aware strategies. This includes the broader adoption of global asset allocation and structured solutions that align with specific investment themes or goals.

And also, as many clients prepare for retirement or begin thinking about passing on their wealth, we are seeing increasing demand for structured succession solutions.

Most of our clients have already initiated inheritance planning, with interest particularly strong among older wealth holders.

Clients are not only focused on the mechanics of wealth transfer, but also on ensuring continuity – protecting what they’ve built and preparing the next generation to manage the asset thoughtfully.

With more Taiwanese families holding assets, relationships or family members overseas, clients expect their private banks to provide integrated, cross-border solutions. As CUB Private Banking integrates capabilities across Taiwan, Hong Kong and Singapore, we cater to the evolving needs of private banking clients across Asia.

In summary, Taiwanese HNWIs are becoming more forward-thinking in how they manage and grow their wealth. They value discipline over speculation, long-term structure over short-term gains, and holistic planning over transactional service. For private banks, this shift underscores the importance of offering tailored, globally connected solutions.

The Asset: Are private market investments gaining more traction among your clients, or do they remain more conservative in portfolio construction?

While Taiwanese HNWIs have traditionally adopted a conservative portfolio construction, we are observing a steady increase in appetite for private market investments. 

Across CUB Private Banking, we typically see 5% to 10% of client portfolios allocated to private market investments. While the core of most portfolios still prioritizes capital preservation through traditional bonds and public equities, alternatives are increasingly used as satellite exposures. Clients are open to private equity and credit, and real asset strategies and hedge fund, et cetera, particularly when the structures offer visibility, professional oversight and semi-liquid terms. The demand is primarily driven by the search for diversification and better risk-adjusted returns. 

To meet this growing demand, CUB Private Banking has deepened partnerships with globally recognized general partners, such as Carlyle, M&G, Apollo, Macquarie and Blackstone. These relationships enable us to offer clients access to top-tier private market vehicles that were previously limited to institutions or overseas platforms.

Taiwan’s regulatory environment is evolving in support of alternative investments. With the Kaohsiung Asset Management Zone now operational, we are among the first banks to introduce private market solutions directly onshore. This significantly improves transparency and access, making alternatives more mainstream within HNWIs’ portfolio construction.

The Asset: What do you see as the biggest opportunity, and biggest risk, for private banks operating in Taiwan in the next two to three years?

The next two to three years present a pivotal window for private banks in Taiwan, as two structural forces converge: the rapid ageing of Taiwan’s population and the government’s active push to develop onshore wealth management infrastructure. 

Taiwan is entering a super-aged demographic phase, with over 20% of its population aged 65 and above. This societal transformation is accelerating the intergenerational transfer of wealth from first-generation entrepreneurs to their successors. For private banks, this presents a substantial opportunity to provide solutions around succession planning, intergenerational governance and family office structuring. CUB Private Banking has created a comprehensive suite of exclusive programmes uniquely designed to cater to the aspirations and challenges of next-gen clients. Signature initiatives, such as Club Day, bespoke seminars and targeted workshops, are anchored around pivotal themes, including succession planning, business transformation and strategic networking.

Beyond the dedicated programmes, CUB Private Banking has also elevated its next-gen financial services offering by delivering sophisticated investment advice and tailoring bespoke asset allocation strategies to align seamlessly with the distinct objectives and aspirations of each client, ensuring a holistic approach to wealth management that anticipates and adapts to their evolving needs.

And the other opportunity is the rollout of the Kaohsiung Asset Management Zone marks a milestone in Taiwan’s ambition to develop a domestic asset management hub. With regulatory support for onshore distribution of diversified global-oriented products and solutions, private banks now have a unique window to serve HWNIs locally, with access to global offerings.

In summary, Taiwan’s private banking sector is well-positioned to grow over the coming years. Success will be defined by how effectively banks adapt to clients’ changing priorities, leverage new regulatory frameworks and deliver globally integrated solutions – while maintaining the personal trust that has long been the foundation of private banking in Asia.

( A summarized version of this interview is on the printed magazine of The Asset, issue Number 7 * 2025, pages 70-71 )