Pursuits
Asian Millionaires Firing Banks Take Charge of Own Wealth
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Clinton Ang, the grandson of a gunny-sack seller who emigrated last century from China to Singapore, oversees a fortune valued at almost $80 million for himself and three siblings.
That makes him a target for wealth managers in Singapore, the private-banking capital of Asia. Yet the 39-year-old managing director of Hock Tong Bee Pte, which evolved from his grandfather’s sacks and foodstuff supplier into a purveyor of $6,000 Grand Cru wines, has already fired two bankers and prefers mostly to manage the money himself.