Asia 2019 AUM League Table

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Private banks can thank markets for strong across-the-board AUM growth in 2019. Net new money inflows, which tended to be uneven among banks and lumpy at times: not so much. That’s because many investors, shellshocked from the dire end to 2018, were reluctant to jump back in, missed the early rally, and struggled to find an entry point thereafter.

As such, fixed income, cash management plays, and structured products drew the most interest, while private market assets, especially real estate, also garnered attention. Still, cash levels remained elevated for much of 2019, placing the onus on private banks to deliver compelling and relevant ideas to clients.

Asian Private Banker’s Asia (ex-China onshore) AUM League Table clearly reflects 2019’s healthy market performance. According to our data, the Top 20 private banks saw their combined AUM jump over 20% YoY to nearly US$2 trillion.

UBS Global Wealth Management retained its top ranking with US$450.0 billion, up 26% YoY, followed by Credit Suisse at US$227.3 billion. A resurgent HSBC Private Banking, Morgan Stanley Private Wealth Management, and Julius Baer rounded out the top five.

EFG, the largest mover in 2019, posted a massive 74% increase, bringing its total to US$32.5 billion, largely due to its acquisition of Australian investment and wealth management firm Shaw and Partners, while CIMB Private Banking, whose footprint covers Southeast Asia, saw a hefty 55% rise with a minimal increase in RM headcount.

When accounting for geographical and business model variables, international and Asia-headquartered banks fared similarly, with 21% and 19% rises respectively, while pure play private banks’ combined AUM grew 24% versus universal private banks’ 20%.

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Asia (ex-China onshore) AUM (US$ billion)

RANKBANK2019 AUM2018 AUMYoY change2015-19 CAGRLoans included?Minimum asset threshold2019 global
1UBS Global Wealth Management   450.0357.0+26.1%+13.2%NoUSD 2m2,635.0
2Credit Suisse AG   227.3205.1+10.8%+10.8%NoCHF 2m834.5
3HSBC Private Banking   151.0124.0+21.8%+7.8%NoUSD 5m361.0
4Morgan Stanley Private Wealth Management   131.0105.0+24.8%+16.1%YesUSD 35m2,700.0
5Julius Baer   130.2111.9+16.4%+14.7%NoNo defined minimum440.3
6Bank of Singapore   117.0102.0+14.7%+20.8%NoUSD 5m117.0
7J.P. Morgan Private Bank   112.587.8+28.1%+14.7%N/AUSD 10m672.0
8BNP Paribas Wealth Management   98.389.4+10.0%+11.1%NoUSD 3m441.2
9Goldman Sachs Private Wealth Management92.379.4+16.2%+14.3%NoUSD 100m-
10LGT   69.357.0+21.6%+28.5%NoUSD 2m180.0
11Deutsche Bank Wealth Management63.756.1+13.4%-NoEUR 2m (account balance)239.1
12Standard Chartered Private Bank   58.650.2+16.7%+6.8%NoUSD 2m67.1
13Pictet Wealth Management   43.935.0+25.5%+10.7%NoUSD 3m242.0
14CMB Private Banking   39.129.9+30.8%-NoRMB 10m319.8
15UOB Private Bank37.034.0+8.8%-YesSGD 5m37.0
16Hang Seng Private Banking35.630.2+17.9%+9.2%N/AHKD 10m35.6
17Bank of China (Hong Kong) Private Banking32.727.3+19.8%-N/AUSD 2m32.7
18EFG Bank   32.518.7+73.9%+12.9%N/AEUR 1m158.9
19CIMB Private Banking   21.814.1+54.9%+22.9%NoSGD 2m21.8
20J. Safra Sarasin   20.817.8+16.7%+7.9%N/AEUR 1m192.0
Top 201,964.11,628.8+20.6%
21UBP   19.115.3+25.2%+122.9%N/AUSD 1m111.5
22Indosuez Wealth Management   15.014.0+7.1%-N/AUSD 1m148.3
23Maybank Private   14.212.5+13.6%+22.8%YesUSD 1m (account balance)14.2

All figures are APB estimates unless otherwise stated. Numbers presented throughout may not add up precisely due to rounding. Individual bank footnotes available on ⓘ mouse hover.

Notes:
Mid-market rates used as at 31 Dec for their respective years for non-USD reporting. For 2019: CHFUSD 1.03325; SGDUSD 0.74366; EURUSD 1.12270; CNYUSD 0.14334
N/A: not available
* Minimum represents investable assets per client (unless otherwise stated) and equivalent in other currencies; minimum may change depending on location

A word on methodology: while some banks publicly state their AUM totals, most do not. Therefore, the bulk of data presented here is shaped by our estimates. Also, we recognise that banks are inconsistent in the way they measure AUM. Some may include custodial assets or leverage, and totals may be distorted by double-counting. Where possible, our Top 20 League Table does account for the leverage variable. However, in the absence of enforced or agreed-upon standardisation and transparency, these inconsistencies will continue to undermine the direct comparability of individual banks’ AUM.

Furthermore, we have again decided to omit Citi and DBS from our Top 20 League Tables on the grounds that both banks include client assets from sub-private banking divisions in their respective totals. A large portion of those assets may be from HNWIs, and mass-affluent platforms invariably share some products and services with the private bank — the degree of overlap varies by bank. However, all banks have in place minimum requirements for clients that wish to be onboarded to a private banking service. Thus, to maintain the purity of our data, we only consider private banking-specific data and, where available, include minimum asset requirements.

Omissions** (US$ billion)

BANK2019 AUM2018 AUMYoY change2015-19 CAGRAUM includes loans?Minimum asset threshold2019 global
Citi (Citi Private Bank and Consumer Banking)  265.0256.03.5%0.1%N/APriority: HKD 500K; Citigold: HKD 1.5m; Citigold Private Client: HKD 8m; Citi PB: USD 25m (all account balance)-
DBS WM (Treasures, Treasures Private Client, Private Bank)  182.2161.512.8%-NoDBS Treasures: SGD 350K or HKD 1m; DBS Treasures Private Client: SGD 1.5m or HKD 8m; DBS PB: SGD 5m or HKD 25m182.2

Notes:
** Exclusion of Citi from the League Table is due to reported figures being an aggregate of Citi’s APAC consumer banking and private banking businesses; Exclusion of DBS from the League Table is due to reported figures being an aggregate of DBS Treasures, DBS Treasures Private Client, and DBS Private Bank businesses

Notes:
ABN AMRO’s Asia and Middle East wealth businesses acquired by LGT in Dec 2016. Acquisition completed in May 2017.
Barclays’ wealth and investment businesses in Hong Kong and Singapore acquired by Bank of Singapore (OCBC) in Apr 2016. Acquisition completed in Nov 2016.
Coutts International acquired by UBP in Mar 2015. Acquisition of Hong Kong and Singapore businesses completed in Apr 2016.

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