Asia's top 20 private banks boost AUM to record US$1.55t

Hong Kong

ASIA'S biggest private banks boosted their assets under management (AUM) to a record last year, rebounding from a 2015 contraction, amid acquisitions that swelled some firms' portfolio holdings.

Assets managed by the region's top 20 private banks climbed by 6.1 per cent to US$1.55 trillion in 2016 from a year earlier, according to an Asian Private Banker report released on Tuesday. The amount contracted 4.7 per cent in 2015 as the region's economic growth slowed and mounting regulatory pressure forced banks to reject some clients.