In this exclusive interview, Eddy Loh, Chief Investment Officer of Maybank Group Wealth Management, unpacks the shifting preferences of ASEAN’s affluent investors—where the appetite for long-term structural growth meets a growing demand for resilience and global diversification.
From artificial intelligence (AI) and Sukuk to gold and private markets, Loh explains how Maybank is evolving its CIO framework to help clients stay ahead of macro volatility while still capturing alpha. He also shares how technology is enhancing the advisory experience without replacing the trusted relationships at the heart of private banking.
Whether it’s addressing the complexities of ESG, unlocking new opportunities in India and China, or preparing for the next generation of digital-native clients, Loh offers an inside view of what’s shaping high-net-worth strategies in Southeast Asia today.
Q: ASEAN’s wealth landscape is evolving fast. What investment themes are resonating most strongly with Malaysia, Indonesia, and Singapore’s emerging affluent and UHNWIs today? How are these preferences shaping your strategic asset allocation across client segments?
Eddy Loh: Investors continue to seek opportunities to generate stable income through quality bonds, including sukuk, and multi-asset solutions.
At the same time, long-term growth remains important—especially in AI and tech-related plays.That said, investors are becoming more discerning; they want to see real monetisation potential before committing.
Gold is also attracting attention, especially amid growing discussions around de-dollarisation and a more multi-polar global landscape.
Q: Maybank’s private clients increasingly have global aspirations. How are you aligning cross-border advisory, currency strategies, and portfolio construction to support more geographically diversified wealth planning?
Eddy Loh: We leverage research expertise across different business units within the Maybank Group to provide insights on global macro-economics, equities, fixed income as well as currencies and commodities. This allows us to provide clients with informed advice across regions.
We’re also collaborating with global partners like Fidelity. Our Maybank Alpha Capital & Income Opportunities Fund, a multi-asset solution co-developed with them, is a strong example of that collaboration.
Q: What roles do private markets now play in your CIO framework—and how do you advise clients around liquidity and transparency risks?
Eddy Loh: Private markets offer valuable diversification through the delivery of less correlated returns with public markets. Nevertheless, it is critical for us to ensure that clients understand the nature of private investments, which tend to be more sophisticated and less liquid – and how they fit with the clients’ respective investment objectives and risk profiles.
Q: With volatility here to stay, how are you helping clients build resilient portfolios? Are there specific asset classes gaining traction?
Eddy Loh: The heightened macro uncertainty and market volatility highlights the importance of maintaining a well-diversified portfolio, not only across asset classes but also markets, sectors and even currencies.
Beyond the US, we’re seeing strong interest in Asia equities, particularly in China and India. Businesses with strong domestic exposure will likely be more resilient amid the tariff policy uncertainty.
We would continue to seek stable carry from quality credits including opportunities in non-USD bonds and Sukuk for better diversification. We also maintain our positive stance on Gold given the robust structural demand, particularly from central banks. Other alternative investments including private assets and hedge funds could also provide enhanced diversification for investors with the ability to invest in these assets.
Q: How does Maybank balance strategic vs tactical asset allocation amid rapidly changing markets?
Eddy Loh: The Strategic Asset Allocation (SAA) serves as an important anchor to help clients meet their long-term investment objectives. At Maybank, we have established a SAA framework to help achieve optimal portfolio outcome across different investment risk profiles. While Tactical Asset Allocation (TAA) can be used to exploit short-term mispricing opportunities, we would advise clients not to over-react and deviate too far away from the SAA so that they remain on track to achieve their long-term goals.
Q: ESG investing is facing political headwinds in some markets and increased scrutiny around greenwashing. How would you characterise actual client appetite for ESG-aligned portfolios today—particularly in Southeast Asia? Have you had to recalibrate how ESG is integrated into Maybank’s CIO views and product shelf?
Eddy Loh: There remains a heightened policy urgency for climate action commitments to meet the respective targets. Apart from climate protection, energy security as well as affordability have become key concerns for governments and consumers around the world, particularly with the increase in power requirements associated with the development of AI. Hence, we continue to see opportunities in ESG-related investing e.g. clean energy, smart grid. Nevertheless, it is critical for investors to be more discerning in light of the increased scrutiny on greenwashing.
Q: Technology is transforming the way wealth is managed. How is Maybank embedding digital tools—such as CIO dashboards, interactive portfolio reviews, or real-time insights—into the client advisory process? And how do you ensure that technology enhances, rather than replaces, the human connection clients value?
Eddy Loh: Investors today are overwhelmed with information, which can complicate decision-making and lead to reactive behaviours in the market. This could lead to poor investment decisions and less than ideal outcomes.
By leveraging on technology tools, we can help to keep clients abreast of the latest market developments in a timely fashion through their preferred formats and channels. At the same time, we are utilising technology in our advisory process to not only track client’s portfolios but also provide more personalised investment strategies that are suited to their objective and risk preferences.
Nevertheless, it remains critical for clients to have access to a trusted advisor i.e. the human touch to help interpret the digitally-generated advice and recommendations. This is especially important in times of heightened market stress to help one overcome any behavioural biases.
Q: Generational change is redefining private banking. How are younger, tech-savvy investors engaging with Maybank’s investment propositions?
Eddy Loh: Younger clients are more inclined towards digital channels to gain access to the latest market and developments. They are also more open to exploring new asset classes and solutions in managing their wealth. We’re continuously enhancing our digital platforms and product shelf to serve this segment better.
Q: As capital flows shift within Asia, India appears to be rising while access to China remains complex. How are you advising clients to navigate regional exposure today? Are there other Asian markets where you see capital moving—and what are the risks and opportunities?
Eddy Loh: There’s renewed optimism in China after policy moves and tech breakthroughs like the “Deepseek” moment. India’s structural growth—rising domestic demand and favourable demographics—continues to appeal to many investors.
If both economies perform, the broader Asia market including ASEAN stands to benefit as well. Supply chain diversification and initiatives like the Johor-Singapore Special Economic Zone are making the region even more compelling for medium-term investors.
Q: Looking ahead, what’s one shift private banks in ASEAN must embrace to stay competitive?
Eddy Loh:The successful adoption of new digital tools and technology solutions – including the use of AI – will be key in in the engagement of clients in managing their wealth. Nevertheless, building trust with clients remains critical – and it cannot be replaced by technology.
