Assets under management grew 15.2% which is almost double Europe’s 7.5%.
Asia’s wealth managers registered the largest gains in the global private banking scene as assets under management (AUM) grew 15.2% in 2017, according to a report from research firm Scorpio Partnership.
The expansion was almost double that of Europe whose AUM only grew 7.5% and Americas at 13.8% as several wealth managers expanded their focus in the region last year.
Chinese banks are also steadily muscling their way into the global private banking rankings with China Merchants Bank (CMB), ICBC, and Bank of China snagging 13th, 22nd and 24th place respectively.
The AUM of Chinese private banks grew at a compound annual growth rate of 25.5% from 2013 to 2017, easily outstripping the growth of Asia which rose by only a mere 7.4% over the same period, according to The Asian Private Banker.
CMB posted double-digit growth (14.81%) in AUM after hitting $292.85b amidst enhanced customer developed client profiles and proposition enhancements. ICBC and BOC held $205.97b and $184.45b respectively.
“2017 has been the second year of great refocusing with many operators looking to increase exposure in existing markets of operation and divesting assets in non-core markets,” said Caroline Burkart. Director at Scorpio Partnership.
“Cost-cutting drives have clearly been effective when firms have efficiency of scale, however, our conversations with many smaller firms indicate that they may still be struggling to balance the cost income equation.”
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