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UBS remains largest private bank in Asia in 2013 with US$245b in AUM

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UBS has been ranked the largest private bank in Asia in 2013 with assets under management (AUM) of US$245 billion, up from 14 per cent a year ago, a study by Private Banker International showed on Friday - PHOTO: REUTERS

UBS has been ranked the largest private bank in Asia in 2013 with assets under management (AUM) of US$245 billion, up from 14 per cent a year ago, a study by Private Banker International showed on Friday.

Total AUM in Asia hit a record US$1.39 trillion last year, up by 18 per cent from a year ago. UBS, together with Citi and Credit Suisse, were ranked respectively in the top three positions, and all three posted double-digit growth in 2013.

The trio and fourth-placed HSBC kept their rankings from a year ago. JP Morgan, however, lost its fifth place to Deutsche Bank.

The Asia-based banks made up 13.2 per cent of Asia's AUM in 2013, up from their share of 11.5 per cent a year ago.

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DBS was the top Asian player last year, with a 17 per cent bump in AUM to US$54 billion that put it at ninth place. This would not account for its acquisition of Societe Generale's Asia private banking units this year. Bank of Singapore was at tenth spot, and UOB was at 17th.

The figures capture AUM of high-net-worth (HNW) clients who have investable assets of more than US$1 million.

"This year's rankings have reiterated the dominance of large global brands, who still bank a significant proportion of the region's HNW wealth," Private Banker International's Asia correspondent, Sruti Rao, said in a press statement. "Nonetheless, regional players are certainly showing promising growth in their books and are set to gain a greater foothold in Asia."

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