Singapore: Private banks in Asia grew assets under management by 29 per cent last year to more than $2 trillion (Dh7.34 trillion), driven by strong flows from China and market performance, according to Asian Private Banker.
UBS Group AG topped the ranking of the biggest 20 firms by managed assets, followed by Citigroup Inc and Credit Suisse Group AG, the report showed Thursday. The top six spots were unchanged from a year earlier, according to the data, which exclude mainland China.
“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.
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 3 places to 12th after more than doubling its assets to $63 billion. The bank completed its purchase of ABN Amro Group NV’s private banking business in Asia and the Middle East last year.
