As wealth management firms across Asia adapt to shifting client demographics and more complex cross-border portfolios, discretionary investment management is becoming an increasingly central proposition. For Lucie Hulme, Chief Executive Officer and Partner at TriLake Partners, the model is not simply about portfolio delegation, but about delivering structured investment frameworks combined with flexibility for a diverse and evolving client base.
At TriLake, discretionary management sits at the heart of the firm’s offering. Hulme estimates that roughly 85% of the firm’s business is now managed on a discretionary basis, reflecting both the maturity of the firm’s investment platform and the growing demand from clients for professional portfolio oversight.
Rather than offering a single model, however, TriLake has developed a multi-layered discretionary proposition designed to accommodate a wide spectrum of client needs.
“We don’t operate with one single discretionary portfolio,” Hulme explains. “We have a range of portfolios aligned with different risk profiles, from lower-risk allocations through to growth strategies with very high equity exposure.”
Most clients, she notes, gravitate toward global portfolios, but demand is becoming increasingly nuanced as the firm’s client base becomes more internationally diverse. We have an increased demand for our Asian portfolio solution.
Evolving Client Demographics Across Asia and Europe
One of the most notable shifts for TriLake has been the changing geographic composition of its clients.
When the firm first launched, the majority of its clients were European. Over time, however, the balance has shifted dramatically. Today, Hulme estimates that roughly 70% of clients are based in Asia or within the wider region and the middle east, including expatriates and Asian investors.
TriLake now serves clients across Singapore, Hong Kong, Vietnam, Thailand, Malaysia, and Australia, as well as the Middle East, reflecting the increasingly international nature of wealth among its clients. The past two years, Hulme says the firm has seen renewed interest from European investors looking to diversify their portfolios geographically.
“Increasingly we are seeing European clients looking to book assets in Asia,” she says. “They want diversification, but they are also looking for greater exposure to the region.”
In many cases, that interest translates into dedicated Asian or emerging market allocations within broader portfolios. Hulme notes that some clients are seeking allocations of 25% or more specifically toward Asian exposure, reflecting both growth prospects in the region and broader geopolitical uncertainty elsewhere.
“There is a genuine desire among some investors to rebalance their portfolios geographically,” she explains. “Asia is increasingly part of that long-term allocation.”
Discretionary Management Backed by a Defined Investment Framework
While discretionary management has become more widely adopted across the industry, Hulme emphasises that credibility ultimately rests on process and track record.
TriLake has now been operating for more than 15 years, providing a substantial performance history that the firm can present to clients evaluating discretionary mandates.
“Our track record is one of the first things clients look at,” Hulme says. “It allows them to understand how our strategy has performed across different market environments.”
Equally important is the investment framework underpinning the strategy. The firm’s approach was originally developed by the Swiss institutions that founded TriLake: Boccard & Partenaires, Forum Finance Group and Avalor Investments, and has continued to evolve since. Last year, the firm hired Sylvain Baude as its new Chief Investment Officer to lead the investment strategy.
This framework combines long-term strategic positioning with tactical risk management, enabling the firm to adjust portfolios while maintaining consistent long-term objectives.
“It’s a structured investment strategy that has been in place since the beginning,” Hulme explains. “At the same time, we actively manage risk and make tactical adjustments when markets require it.”
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