Private banking in region shifting to fee-based model: BOS
Clients can see the advantage of managed portfolios at a time of volatility in global financial markets, adds CEO
Singapore
BANK of Singapore Ltd (BOS), which recently bought the wealth-management units of Barclays plc in Asia, sees the region's private-banking industry shifting towards a fee-based model at the expense of the traditional practice of charging rich clients commissions on their transactions.
"The whole industry is moving into advisory," said BOS chief executive officer Bahren Shaari, speaking about private banking in Asia. At a time of volatility in global financial markets, rich clients are more cautious about trading and increasingly prefer the relative consistency of returns from fee-based managed portfolios, Mr Shaari said in an interview on Friday at the bank's headquarters.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say