Asian wealth management, despite heavy competitions and pressure of expansion, performs as the solid one. Wealth management in this area of banking is that part that everyone playing in the competition has the same goal to grow the market share. Major banks in the bloc announced plans to leverage their business. This article summarizes wealth management plans across Asia banks.
Credit Suisse announced that they would put wealth management into their top priority. They would deploy SFr3bn of capital into their business. It is the growth across Asia. Citigroup, on the other hand, had employed more than 2.300 staff for wealth management in the region. Around 1.100 of them are working as relationship managers and private bankers. Citigroup plans to leverage its assets under management in Asia around $450bn by 2025.
HSBC poured around $3.5bn into wealth and personal banking.
This growth is for Asia, as Noel Quinn, the CEO announced a pivot to the region. They also relocated $100bn of assets to it. Nomura plans to leverage its international wealth assets at approximately $25bn-$25bn for the next three to five years. They increased headcounts and top-line revenues in Asia under the leadership of ex-UBS banker Ravi Raju.
DBS Bank and Bank of Singapore owned by Oversea-Chinese Banking Corporation took hiring after acquisition. Previously, they acquired the wealth management practices of retreating banks such as ANZ and Barclays. Private banks like Union Bancaire Privee under CEO Michael Blake doubled its asset management. It is around 20% of its relationship managers joining since 2020.
Julius Baer’s net new inflows a third of it came from Asia. The bank’s Asia-Pacific head, Jimmy Lee, said to IFR that despite the fact that they encountered decline, they have expansion plans. Rival bankers even said that the Swiss bank has been hiring aggressively. This includes Vincent Ming.
