(1 June 2018 – Singapore) The steady expansion of European lenders into Asia is set to jumpstart the regions private banking scene as they compete to manage the wealth of Asia’s high net worth individuals.
The Asian strategy is driven by the expected pace of growth in the Asia market, outstripping that of the Europe market which has been grappling with intensified oversight in the wealth management industry.
Buoyed by strong inflows from the Greater China market, assets under management by Asian private banks surged past the $2t mark in 2017.
A report from credit agency S&P noted, “We observe that all rated private banks reported significant net assets inflows in 2017. Indeed, also in previous years some banks managed to more than offset outflows by inflows in new markets, especially in Asia.”