Growing business
Private banks experienced a solid 2014 with strong net new money inflows and in 2015, they see opportunity amid volatility and an uncertain macro environment.
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ASIA's private banks, especially the global players, had a great 2014 even as the industry grappled with higher market volatility, ever increasing regulatory burden and a trend towards domestic banks.
Last year, the two Swiss wealth management giants - UBS and Credit Suisse - posted record net new money and strong double digit growth in assets under management (AUM) for their Asia-Pacific businesses. In Asia, UBS and Credit Suisse were respectively ranked number one and three largest private banks in 2013.
UBS, the largest global wealth manager in Q4, saw its Asia-Pacific AUM rise 51-269 billion Swiss francs (S$73-386 billion), or grow 23.3 per cent, more than double the 11 per cent gain in 2013. Net new money for the Asia-Pacific in Q4 at five billion Swiss francs was a 7.8 per cent growth year-on-year.
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