SINGAPORE banks' private banking arms outperformed the broader industry in 2018, going by a fresh private banking study published on Tuesday.
OCBC's Bank of Singapore, which caters to clients with at least US$5 million, saw assets under management edge up 3 per cent to US$102 billion. Meanwhile, UOB's private bank assets dipped 0.9 per cent to US$34 billion. It caters to clients with at least S$5 million.This comes as assets under management declined across the industry in Asia, hampered by challenging market conditions.
In response, DBS said it offers a range of wealth propositions to their high-net-worth clients, and believes that"the wealth platform they choose to be banked on should not have a bearing on their status".