Fri, Apr 13, 2018 - Page 10 News List

Wealth assets at private banks in Asia hit US$2 trillion


Assets under management (AUM) at private banks in Asia surged 29 percent last year to top US$2 trillion for the first time, driven by strong flows from China and buoyant financial markets, Asian Private Banker said.

“Asia’s private banks benefited from a sustained market rally and robust client activity to deliver strong AUM growth and, in many cases, post record revenues,” said Sebastian Enberg, editor of the Hong Kong-based publication.

It was the fastest annual growth in wealth assets in the region since Asian Private Banker started collecting data in 2012.

UBS Group AG topped the ranking of the biggest 20 firms by managed assets, followed by Citigroup Inc and Credit Suisse Group AG, the survey released yesterday showed.

The top six spots were unchanged from a year earlier, according to the data, which excluded mainland China.

Companies are increasing their Asian wealth presence in pursuit of fees from millionaires who are getting richer quicker than those in North America and Europe, thanks to booming economies in the region. DBS Group Holdings Ltd and Bank of Singapore have built up through takeovers, while firms including Morgan Stanley and Julius Baer Group Ltd took to hiring instead.

Takeovers helped smaller players expand. LGT Group, based in Liechtenstein, advanced three places to 12th after more than doubling its assets to US$63 billion. The bank last year completed its purchase of ABN Amro Group NV’s private banking business in Asia and the Middle East.

The report indicated that UBS’ headcount rose 2 percent and its assets under management jumped 34 percent to US$382.7 billion, while Morgan Stanley’s staff numbers jumped about one-fifth to 298 with assets climbing 44 percent to US$102 billion.

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