SINGAPORE: Local wealth managers, DBS Private Bank and Bank of Singapore, kept their top 10 rankings among private banks in Asia as the industry notched another strong performance in 2013, according to a widely followed industry publication.
Private Banker International (PBI) said on Friday (Oct 17) that DBS Private Bank kept its ninth place in the ranking of wealth managers for the rich, with assets under management (AUM) of US$54 billion (S$68.7 billion) as at December 2013, up from US$46 billion the year before.
Bank of Singapore, the private banking arm of Oversea-Chinese Banking Corp (OCBC), stayed at number 10, with AUM of US$46 billion at the end of 2013, an increase from US$43 billion at end-2012.
PBI estimated that total AUM in Asia rose 18 per cent to a record US$1.387 trillion in 2013 from US$ 1.173 trillion in 2012.
The annual study – which ranks the top 20 private banks in Asia by AUM – saw Swiss bank UBS clinch top spot for the second year in the row with US$245 billion, followed by Citi with US$238 billion.
- CNA/cy
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