Standard Chartered’s (StanChart) wealth
management fees showed strong growth year-on-year but have been hit
by growing investor caution from Europe’s sovereign debt
crisis.
In its latest trading statement, StanChart
said group-wide income for the first six months of 2010 was broadly
flat on a year-on-year basis.
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In 2009, the bank’s income fell 31% to
$161m in the Americas, UK and Europe, where the majority of
Standard Chartered’s business is in private banking.
Assets under management in the region were
down 15%, or $2bn, at $13bn in 2009.
Standard Chartered has hired 400 relationship
managers across its consumer bank – which includes wealth
management and private banking services – in the first half of
2010.
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