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."

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