DBS had US$75 billion in assets under management at the end of December last year, up 2.5 per cent from end-2014, says industry publication Asian Private Banker.
SINGAPORE: DBS' private banking arm has grown to become
the sixth largest in the Asia-Pacific region, rising one notch from
seventh in 2014, according to a ranking released on Wednesday (Apr 6).
According to Asian Private Banker, an industry publication, DBS had US$75 billion (S$101 billion) in assets under management (AUM) at the end of December last year, up 2.5 per cent from end-2014. The figure includes client assets from DBS' Treasures Private Client, which caters to people with at least S$1.5 million in investable assets.
Bank of Singapore, the private bank owned by Oversea-Chinese Banking Corp (OCBC), was 11th on the list with US$55 billion in AUM - an increase of 7.8 per cent from 2014. Its Asia-Pacific ranking was unchanged.
"It is heartening to know that our latest ranking brings us within a whisker of our aim of being among the top five wealth managers in the region," Ms Tan Su Shan, DBS' Group Head of Consumer Banking and Wealth Management, said in a statement.
"Our focus will be on improving the digital capabilities of our platform," she added.
Swiss giant UBS topped the Asia-Pacific ranking once again, with US$274 billion in AUM last year. It was followed by Citi and Credit Suisse, which stayed in second and third position respectively.
Asian Private Banker said AUM at Asia's largest private banks stalled last year, with total AUM among the 20 largest banks falling to US$1.47 trillion from US$1.54 billion in 2014. There was a marginal decline in the number of relationship managers who service the region's wealthy residents, it added.
According to Asian Private Banker, an industry publication, DBS had US$75 billion (S$101 billion) in assets under management (AUM) at the end of December last year, up 2.5 per cent from end-2014. The figure includes client assets from DBS' Treasures Private Client, which caters to people with at least S$1.5 million in investable assets.
Bank of Singapore, the private bank owned by Oversea-Chinese Banking Corp (OCBC), was 11th on the list with US$55 billion in AUM - an increase of 7.8 per cent from 2014. Its Asia-Pacific ranking was unchanged.
"It is heartening to know that our latest ranking brings us within a whisker of our aim of being among the top five wealth managers in the region," Ms Tan Su Shan, DBS' Group Head of Consumer Banking and Wealth Management, said in a statement.
"Our focus will be on improving the digital capabilities of our platform," she added.
Swiss giant UBS topped the Asia-Pacific ranking once again, with US$274 billion in AUM last year. It was followed by Citi and Credit Suisse, which stayed in second and third position respectively.
Asian Private Banker said AUM at Asia's largest private banks stalled last year, with total AUM among the 20 largest banks falling to US$1.47 trillion from US$1.54 billion in 2014. There was a marginal decline in the number of relationship managers who service the region's wealthy residents, it added.
- CNA/ek
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