When wealth managers home in on nationalities ...

DON'T be surprised if in 20 years, Singapore's wealth-management industry starts resembling a mini-United Nations, with bankers wearing their nationalities on their sleeves.

Last week, Bloomberg Gadfly commented on one such act of flag-waving. PT Bank Mandiri, Indonesia's largest lender by assets, plans to set up a private-banking outfit in Singapore to target offshore Indonesian wealth.

While that proposal awaits regulatory clearance,…