Citi overtook UBS, as private banks' Asia assets fell in 2011

Wed Oct 24, 2012 3:00am EDT
 
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SINGAPORE, Oct 24 (Reuters) - Citigroup overtook UBS
AG to become the top private bank in the Asia-Pacific
last year when assets managed by the industry fell, industry
publication Private Banker International said on Wednesday.
    The drop in Asian assets under management to $1.099 trillion
from $1.105 trillion in 2010 came about despite efforts by
several banks to expand their wealth management business, but is
consistent with the fall in global stock markets last year. 
    HSBC remained in third place despite a drop in
assets under management to $129 billion last year from $150
billion in 2010.
    "HSBC is in the middle of widespread rationalisation
including getting out of non-core businesses," the magazine's
editor-at-large, John Evans, said at a press conference in
Singapore.
    Private Banker International said foreign banks continued to
dominate Asia's wealth management business although Asian
lenders such as DBS Group made inroads last year.
    The number of wealthy Asians exceeded the ranks of rich
North Americans last year but Asian fortunes shrank slightly,
Capgemini and RBC Wealth Management said last month.
 
    HSBC announced the sale of its Japanese private banking
operations to Credit Suisse last year and the British
bank is scaling down its businesses in other Asian countries
such as South Korea and Pakistan.
    But other players such as Standard Chartered, DBS
Group and Royal Bank of Canada are keen to
grow their Asian wealth management business, the companies have
said.     
  
    Asia's largest private banks by AUM, in billion US$
    according to ranking by Private Banker International        
 
 Rank  Bank                     2011        2010
    1  Citigroup*               193         179
    2  UBS                      179         182
    3  HSBC                     129         150
    4  JP Morgan                105         111
    5  Credit Suisse             89          84
    6  Bank of America           46          51
       Merrill Lynch**                   
    7  Deutsche Bank             43          39
    8  BNP Paribas               40          40
    9  DBS                       39          35
   10  Standard Chartered        35          32
 *includes Citigold clients who are considered high net worth
individuals
**estimates by Private Banker International