SINGAPORE - DBS is now the eighth largest private bank in the Asia-Pacific by assets under management (AUM), bigger even than Morgan Stanley, according to annual rankings released on Friday (Oct 16) by Private Banker International, a journal for the global wealth industry.
"The big mover in 2014 was DBS Private Bank with its AUM growing by 35 per cent year-on-year, which is the most notable change across the rankings," the journal in a statement.
It added: "DBS' acquisition of Societe Generale's Asian private banking business last year added considerably to its AUM. Other factors that contributed to its success are a focus on digital banking, innovation, and the ability to retain customers as their individual wealth grows."
DBS in a separate statement said its AUM for high net worth investors (with investible assets of over $1.5 million) and AUM stood at $92 billion and $133 billion respectively as at end-2014. In the six months to end-June 2015, its AUM grew grew another 6 per cent to around $141 billion currently.
Said Ms Tan Su Shan, DBS Bank's group head of consumer banking & wealth management: "We are delighted to be ranked among the top 10 in Asia and to represent Singapore in the rankings."
|1||UBS Wealth Management||272||245|
|2||Citi Private Bank||255||238|
|4||HSBC Private Bank||112||108|
|5||Deutsche Asset and Wealth Management||105||92|
|6||JP Morgan Private Bank||90||79|
|8||DBS Private Bank||73||54|
|10||BNP Paribas Wealth Management||59||51|
|11||OCBC (Bank of Singapore)||51||46|
|12||Standard Chartered Private Bank||46||45|
|14||Barclays Wealth & Investment Management||36||36|
|15||LGT Private Bank||22.3||17|
|16||ABN AMRO Private Banking||20.5||20|
|17||UOB Private Bank||19.5||17|
|18||EFG Private Bank||18||16|
|19||J Safra Sarasin||15||
|20||RBC Private Bank||13||Not Listed|
SOURCE: PRIVATE BANKER INTERNATIONAL
*HNW clients are those with investable assets of over $1 million. Includes private banks active in Singapore and Hong Kong booking centres.
**Total for 2013 does not include J Safra Sarasin, RBC Private Bank