For years, Asia has been the main source of growth for wealth managers – a trend that the stock market slump put paid to. Assets under management at three out of four top private banks declined last year.
UBS, Switzerland’s No. 1 bank, remained by far the biggest wealth manager in Asia, according to a list compiled by the «Asian Private Banker». In that region, the bank had $357 billion in assets under management and 1,138 relationship managers at the end of 2018, significantly more than Credit Suisse, which came second.
Credit Suisse had $205.1 billion in client assets and 580 relationship managers at the private-banking business. Third, came HSBC, a bank with strong ties in the region (click on the table for an enlarged version).
Citigroup and Singapore’s DBS Ban were omitted from the table because they include money belonging to affluent clients, people with assets of $250,000 to $500,000. This is below the threshold normally applied by private banks.
The decline in stock prices in the fourth quarter of 2018 affected assets under management significantly, with 15 out of the 20 biggest banks posting a decline.
Declines at UBS and Goldman Sachs
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