SINGAPORE, Oct 14, 2013 - (ACN Newswire) - Total AUM in Asia Pacific has increased by 16% to a record USD1,173bn in 2012, with bumper asset gains by the top three banks in the region.
The study, which ranked private banks by AUM for high net worth clients with investable assets of more than USD1m, saw UBS claim the top spot from Citi Private Bank as the largest private bank in the region. The Swiss bank saw a 20% increase in AUM to USD215bn in 2012 compared to a 9% increase from Citi Private Bank.
Credit Suisse replaced HSBC as the third largest private bank in APAC with the acquisition of HSBC's private banking units in Australia and Japan. HSBC Private Bank saw a 22% drop in AUM from 2011 to 2012 with the sell-off of many of its regional units as part of its well-publicised slim down strategy.
Private Banker International's Nicholas Moody, who led the APAC Top 20 research, said: "This year's rankings have shown the strength of the big global brands in attracting assetsand particularly the resurgence of UBS after a couple of torrid years."
"UBS and Credit Suisse, in particular, have really worked to hone their strategies to focus on core segments. The fact that the top three are also leaders in the UHNW space also underlines the importance of this segment in Asia-Pacific," he said.
There were a number of notable changes across the rest of the rankings. Private Banker International predicts that substantial movement in the rankings will continue in the next 12 months as a wave of consolidation could be about to break.
Productivity and quality of service have been key focus areas for top tier banks, with more importance placed on efficient processing and investment knowledge of front-line staff.
Julius Baer rose from 11th to the 6th largest in the region in 2012, with a doubling of their AUM within the year. This is mainly attributed to the Swiss bank's integration of some of Merrill Lynch's Asian units in the year. PBI predicts that once Julius Baer completes the integration of all of Merrill Lynch's Asian businesses its AUM could rise to USD90-100bn.
"Julius Baer is the one to watch in the coming 12 months as it works through its integration of the former Merrill Lynch business in Asia. It could really shake up the Top 5 rankings, potentially pushing out J.P. Morgan, although all the banks are still a long way behind the top three."
Local private banks still struggle to claim a bigger slice in the region's Top 20 rankings, with the four Asia-based banks accounting for only 11.5% of the total AUM held in Asia.
DBS remained the dominant local bank with USD46bn in AUM last year, followed closely by Bank of Singapore (BoS) with USD43bn.
About Private Banker International
Private Banker International is the leading journal for the global wealth industry. Launched in 1987, it is the longest established international wealth industry title and has won a reputation as a cutting-edge working tool for private bankers, relationship managers and other industry professionals. For more information, please visit www.privatebankerinternational.com
About the PBI Global Wealth Summit
The Private Banker International Wealth Summit and Awards is the defining private banking industry annual cross-roads convention, charting key industry trends and providing wide insights over the future direction of the wealth industry. Now in its 23rd year, the Private Banker International Wealth Summit 2013 is the longest-running global private clients conference, and is attended by senior executives from financial institutions, asset managers, private banks, family offices and other industry participants from around the world.
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ASIA PACIFIC ASSETS UNDER MANAGEMENT OF HNW CLIENTS* (USD BILLION)
1. UBS Wealth Management 215 179
2. Citi Private Bank 210 193
3. Credit Suisse 117 89
4. HSBC Private Bank(1) 100-115 129
5. JP Morgan Private Banking(2) 60-75 53-68
6. Julius Baer(3) 60 30
7. Morgan Stanley Wealth Management(4) 58 20
8. Deutsche Bank Private Wealth Management 50 43
9. DBS Private Bank 46 39
10. OCBC (incl. BoS) 43 32
11. BNP Paribas Wealth Management 43 40
12. Standard Chartered Private Bank 35 35
13. Barclays Wealth 30 25
14. Pictet(5) 20-30 19
15. EFG Private Bank 16 14
16. ABN AMRO Private Banking 15 14
17. Bank Sarasin 15 15
18. Societe Generale Private Banking(6) 15 13
19. Coutts (RBS) 14 15
20. UOB Private Bank 11-15 11
TOTAL 1,173 1,008
Notes: Based on figures from Q4 2012 where publicly available. Where a range of AUM is used, PBI has taken the lower figure in calculating total AUM.
(1) Internal sources
(2) Internal sources
(3) PBI estimates that once Merrill Lynch integration is complete this could rise to $90-100bn
(4) Includes AUM in Australia
(6) Internal sources. Exchange rates as at 31 Dec 2012 and 21 Dec 2011. Figures not available for Goldman Sachs, Chinese private banks not include as most operate largely onshore Chinese businesses.
*HNW clients are those with investable assets of >$1 million. Includes private banks active in Singapore and Hong Kong booking centres.
Oct 14, 2013 10:00 HKT/SGT
Topic: Awards received
Sectors: Daily Finance
From the Asia Corporate News Network
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