SINGAPORE: DBS Private Bank and OCBC's Bank of Singapore maintained their ranking among the top 10 wealth managers in Asia as Asian banks boosted their share of the funds pouring in from the region's growing number of millionaires, an industry survey released on Friday showed.
London-based Private Banker International (PBI) which conducts the annual survey said that that the combined wealth being managed in Asia rose 18 per cent to a high of US$1.387 trillion in 2013 from US$1.173 trillion in 2012.
Asian banks garnered a record 13.2 per cent share of these assets from 11.5 per cent in 2012.
UBS, Switzerland's largest bank, clinched the No 1 spot for the second year in the row with US$245 billion of assets under management, followed by Citi with US$238 billion.
DBS Private Bank was No. 9 with US$54 billion (S$68.7 billion) as at December 2013, up from US$46 billion the year before, while Bank of Singapore, the private banking arm of Oversea-Chinese Banking Corp (OCBC), was No. 10 with US$46 billion from US$43 billion.
Asian banks are competing with global rivals like UBS and Citi to tap the growing ranks of the rich in Asia. The number of Asia-Pacific millionaires grew 17 per cent last year, the most among six regions, according to a survey by Cap Gemini and Royal Bank of Canada.