Malaysia’s wealth management AUM surpasses US$90bn

Malaysia’s private banks and wealth managers experienced a 13% growth in their total assets under management (AUM), reaching US$91 billion in 2024. This growth rate is nearly identical to that of 2023.

Jeffrey Yap, head of private wealth management and regional wealth management at Hong Leong Bank, told APB in a previous interview that Malaysia’s wealth management landscape is transforming amid increasing inflows into international products and growing domestic investor confidence.

According to APB Insights’ 2024 Malaysia Private Banking & Wealth Management AUM League Tables, all players experienced AUM growth, with an average growth rate of 15% per bank.

Looking back at their growth story, banks highlighted their talent strategies and product launches during the year.

The top three players leading this growth are Maybank with 34% AUM growth, RHB Bank with 33% AUM growth, and Hong Leong Bank with a 17% increase in AUM, which is also one of the top three largest players in the country.

Attracting and retaining talent

To better serve clients, private banks in Malaysia are upskilling their relationship managers (RMs) and expanding their talent pools.

Hong Leong Bank plans to double its RM headcount for onshore Malaysia over the next two to three years, on top of developing digital tools to help improve the efficiency of RMs when they meet clients outside of the bank’s premises.

As for Maybank, the bank has been seeking customer-focused and solutions-driven client advisors with a comprehensive understanding of the needs of high net worth individuals, while giving RMs longer gestation periods to better understand its business model and offerings to ensure meaningful relationships.

RHB Bank partnered with the Islamic Banking and Finance Institute Malaysia to establish its Islamic specialist wealth advisor certification programme, certifying 74 bankers in 2024 to boost its Shariah-compliant wealth advisory talent pool.

Product launches

Malaysian banks have also been introducing new products to address the widening range of client needs.

In 2024, Maybank launched its multi-asset solution, the Maybank Alpha Capital & Income Opportunities Fund, in collaboration with Fidelity, while providing clients with solutions that span beyond traditional assets in the equity and co-investment space.

RHB Bank launched five new Islamic wealth-related products in 2024 to enhance its suite of Shariah-compliant products and services. With this, the bank also provided targeted training for its sales teams, resulting in a 172% year-on-year growth in its wealth revenue and non-fund-based income.

Public Bank developed a range of unit trust funds in 2024 to cater to the varying risk appetites and financial goals of clients, while promoting its insurance solutions for wealth protection.

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More	Rank			Bank	Bank type	2024 AUM (USD B)	2023 AUM (USD B)	YoY % Change	Min Asset Threshold (USD)
				Public Bank	Wealth management	22.8	21.1	8.0%	N/A
	In 2024, Public Bank Wealth Management transitioned from a product-centric approach to an advisory service model with regular portfolio monitoring. Additionally, it enhanced its investor portfolio dashboard on its online portal, providing clients with a comprehensive overview of their holdings and enabling them to add family members as joint holders to existing accounts. To expand its talent pool, the bank grew its team to 224 relationship managers, strategically positioned across its nationwide branches to deepen and acquire client relationships. *Note: AUM: publicly reported Carene Khoo director, wealth management and transaction banking
				UOB	Wealth management	16.9	16.1	4.5%	75K
	In 2024, UOB expanded its product offerings by leveraging the momentum from China’s 2024 policy shift. The bank also strengthened client engagement through this opportunity. Looking ahead, the bank aims to broaden its advisory-led services and enhance personalised client engagement in 2025 through both in-person and online channels. Additionally, the bank plans to build dedicated teams and resources for client acquisition and retention in ASEAN and Greater China. *Note: AUM: APB estimate Chew Mun Yew head of private wealth of UOB
				CIMB Private Banking Malaysia	Private banking	15.9	14.0	13.7%	N/A
	CIMB Private Banking aims to sustain the growth of its non-interest income through wealth management initiatives and affluent segments in 2024. The bank also reported steady expansion across various areas, including increased AUM and cross-border referrals for account openings. Over the next six years, the bank intends to implement a more comprehensive, customer-centric strategy via digitalisation and data to double its affluent AUM. *Note: AUM: APB estimate Jefferi Hashim head of private banking, ESG advisory, and solutions of group wholesale banking
				Hong Leong Bank	Private banking	14.5	12.4	17.0%	671K
	In 2024, Hong Leong Bank enhanced its wealth management team with new hires, while also supporting its relationship managers through on-the-ground training, mentoring, and digital tools to boost their efficiency. To gain a better understanding of the investment behaviour and motivations of Malaysian U/HNWIs, the bank carried out a series of wealth surveys for both conventional and Islamic investments in 2024. It also organised its first series of Wealth Symposiums in Kuala Lumpur and Penang to educate clients. *Note: AUM: APB estimate Hoo See Kheng executive director, CEO
				Maybank	Private banking	6.6	5.0	33.7%	1M
	Maybank launched its multi-asset solution, the Maybank Alpha Capital & Income Opportunities fund, in collaboration with Fidelity in 2024. The bank has also been offering clients solutions beyond traditional assets in the equity and co-investment sectors. The bank has been recruiting customer-focused, solutions-driven relationship managers with a deep understanding of HNWIs, while providing longer onboarding periods for talent to better grasp its business models and offerings for building meaningful relationships. *Note: AUM: APB estimate Syed Ahmad Taufik Albar group CEO, community financial services
				Kenanga Investment Bank	Wealth management	5.1	4.7	8.9%	N/A
	In 2024, Kenanga Investment Bank launched its wealth superapp, KDi GO, to help clients manage their finances more effectively. Looking ahead, the bank plans to introduce AI-driven personalisation strategies within the app, providing customised investment strategies and financial planning tools. In the same year, the bank consolidated its customer database, which enabled improvements in data intelligence and streamlined its data management processes. Regarding new products, the bank released the Kenanga Alternative Series, a collection of funds designed to meet investors’ changing needs while capitalising on emerging opportunities across various market segments. *Note: AUM: APB estimate Ismitz Matthew De Alwis ceo of Kenanga Investment Bank
				Affin Bank	Private banking	4.7	4.5	5.5%	45K
	In 2024, Affin Bank introduced Affin Diventium, a financial advisory product targeting U/HNWIs in Malaysia and abroad with investable assets of RM2 million or more. While the bank aims to acquire 250 new private banking clients through this new tier within the first year, it attracted 55 clients during the initial quarter since its launch. The bank also intends to capitalise on the increasing demand for wealth management services among Malaysia's top 20% income group by enhancing personalised services to improve customer retention and leveraging technology to deliver seamless services. *Note: AUM: APB estimate Calvin Goon head of wealth management
				AmBank	Private banking	2.6	2.4	11.3%	N/A
	In 2024, AmBank expanded its wealth solutions with a new priority private proposition and upgraded its priority banking centres with immersive experiences. The bank has also been driving its wealth revenue by providing clients access to a range of unit trust funds and investment products through its online portal. The bank has also been collaborating with various wealth channels to enhance both its conventional and Shariah product suites to match market conditions and customer risk appetites. *Note: AUM: publicly reported Tracy Chen Wee Keng CEO, AmInvestment Bank Berhad
				RHB Bank	Private banking	1.3	1.0	32.7%	447K
	RHB Bank launched five new Islamic wealth-related products in 2024, while partnering with the Islamic Banking and Finance Institute Malaysia to train its Shariah-compliant wealth advisory talent pool. Additionally, the bank transformed its wealth proposition by shifting from a product-centric to an advisory-driven and needs-based approach. It also experienced growth through segment-specific strategies and digitalisation efforts. *Note: AUM: publicly reported Mohd Rashid Mohamad CEO of RHB Bank
				Total		90.5	80.1	13.0%

Methodology

Some banks publicly state their regional AUM totals, others don’t. Therefore, the datasets presented here contain a mix of estimates, shared, and reported figures. We also recognise that banks are inconsistent in the way they count AUM. And their minimum investment requirements can range widely, starting from as little as US$45,000 and going up to as high as US$1 million.

Totals may include assets under custody and/or loans, and may be distorted by double-counting. Where possible, we footnote for or provide some guidance on these variables. However, in the absence of enforced or agreed-upon standardisation and transparency, these inconsistencies will continue to undermine our ability to directly compare banks’ AUM.

Mid-market rates used as at 31 Dec 2024 for their respective years for non-USD reporting. For 2024: MYR-USD 0.223700