Private Banker International announces the 2014 PBI Asia’s Top 20 Rankings at the Private Banker International Wealth Summit 2014. This year’s survey saw a rise in Asian wealth, with UBS keeping a strong lead as the largest wealth manager in the region.
Total AUM in Asia Pacific has increased by 18% to a record $1,387bn in 2013 from $1,173bn in 2012. The top three banks saw double digit growth in 2013, maintaining their stronghold in the region.
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By GlobalDataThe study, which ranked private banks by AUM for high net worth clients with investable assets of more than $1m, saw UBS take the crown for the second year in a row, with AUM of $245bn in 2013, a 17% increase from 2012. Citi kept a close second, with an AUM of $238bn, followed by Credit Suisse with $129bn.
The top four private banks retained their rankings this year, but JP Morgan Wealth Management was replaced by Deutsche Wealth and Asset Management at 5th largest in the region. The German bank’s AUM rose to $92bn, attributed to the integration of its asset and wealth management units.
Private Banker International’s Asia correspondent, Sruti Rao, commented on the findings: "This year’s rankings have reiterated the dominance of large global brands, who still bank a significant proportion of the region’s HNW wealth. Nonetheless, regional players are certainly showing promising growth in their books and set to gain a greater foothold in Asia."
The Asia-based banks collectively accounted for 13.2% of Asia’s AUM in 2013, up from their share of 11.5% in 2012. DBS remains a key regional player as the 9th largest private bank in the region, with a 17% increase in AUM to $54bn in 2013. Private Banker International predicts that the bank will see a significant hike in rankings in 2014, when the acquisition of Societe Generale’s Asia private banking units takes full effect.
Larger banks have highlighted a greater focus on investment advice and the integration of services between their wealth management and investment banking businesses. UBS, Citi Private Bank and Deutsche Asset and Wealth Management attributed a considerable proportion of their success to their focus on sophisticated advisory capabilities in investment and portfolio management.
PBI expects substantial movement in the rankings over the next 12 months as asset transfers from the major buyouts of the year will be fully integrated. Continued cost pressures will induce international players to refocus into their core markets, and will thereby bring further consolidation to Asia’s private banking industry.
