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