Singapore private banks buck the declining trend in assets under management in Asia

DBS Private Bank moved three spots to fifth in a regional ranking of banks based on AUM.

DBS' private banking arm is now the fifth largest in the Asia Pacific, according to an industry ranking released by Private Banker International after assets under management (AUM) for high net-worth clients grew by by 8.2% to USD$79bn (S$110bn) at end-2015.

The bank was previously ranked 8th.

Two other local banks reported growth in AUM of high net worth clients while a widespread weakness among Asian peers was observed last year.

OCBC Bank of Singapore at 11th position posted a 7.8% rise in AUM and UOB Private Bank in 17th place recorded a 4.6% growth in AUM.

Overall, PBI estimates that total AUM in Asia Pacific dropped by 4.6% to US$1.46 trillion (S$2trillion) last year.

UBS Wealth Management remained at the top position in the ranking for the fourth consecutive year, but AUM barely grew by 1.1% to US$275 billion for 2015. This compared to the 11% increase to US$272 billion in 2014.

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