OCBC's private banking unit has announced a target to grow its financial intermediaries business. It has also unveiled a new collaboration to expand the segment's access to alternatives.
Bank of Singapore aims to grow assets under management (AUM) from its financial intermediaries, family office and wealth advisory business by 50 percent by 2026, according to a statement. From 2019 to 2023, AUM from the bank’s financial intermediary clients increased at a compounded annual growth rate of 20 percent.
To better cover the segment, a specialized unit with dedicated relationship managers and investment specialists was created earlier this year to serve financial intermediary partners. Led by head of financial intermediaries Annabelle Chow, the unit’s headcount grew 30 percent since the start of 2024.
iCapital Collaboration
Further expanding its offering for financial intermediaries, Bank of Singapore has formed a collaboration with iCapital to launch an alternative investment digital platform called «FIM Alternatives Select». The platform will enable financial intermediaries to access alternatives from major asset managers. Initially, nearly 30 funds will be made available from the likes of KKR, The Caryle Group and Apollo with more to be added later on.
The platform will allow financial intermediaries to access a wide range of alternative funds compared to the two to six typically being marketed at private banks annually, alongside other capabilities like post-investment tools.
«With FIM Alternatives Select, we are making it easier for financial intermediaries to augment the strength of their client portfolios with alternative investment opportunities and achieve their wealth objectives,» said Vivienne Chia, global head, investment solutions group, Bank of Singapore.
