Philippines wealth management AUM up by US$14bn

Filipino private banks and wealth managers experienced a 23% growth in their total assets under management (AUM), reaching US$72 billion, up from US$58 billion in 2023. This growth rate dipped slightly from 2023’s 26% growth, as the country saw uncertainties and geopolitical tensions buffeting both global and local markets but increased wealth management needs from a new generation of clients.

According to APB Insights’ 2024 Philippines Private Banking & Wealth Management AUM League Tables, all eight players obtained double-digit growth in their AUM, with an average growth rate of 22% per bank.

Dissecting their growth story, the banks pointed to expanded product shelves and increased digitalisation efforts, with underlying wealth transfer trends.

The top three players leading this growth are BDO Private Bank, which grew its AUM by 43%, alongside Security Bank and RCBC Wealth Management, which grew their AUM by 38% and 18% respectively.

“Despite complex and volatile dynamics between global and local markets. Our gains last year did not come easily, yet we are pleased to see that clients who followed our strategies performed well,” commented Teresita T. Sy, BDO’s chairperson, in the bank’s 2024 annual report.

Product shelf expansion

To expand their product offerings, Filipino banks looked at both internal and external collaborations.

For instance, UnionBank Private Banking formed strategic partnerships with firms including Lombard Odier, Allianz, Fidelity, and BNY Investments to provide investment solutions and alternative investment opportunities for ultra high net worth families seeking to grow and preserve wealth across generations.

ChinaBank’s wealth management arm collaborated internally with the broader ChinaBank Group’s market and economic expertise, helping clients make better-informed portfolio decisions that resulted in improved flows for the wealth business.

Outside of collaboration efforts, BDO Private Bank adopted an open architecture model when offering products to clients, allowing access to a range of securities and funds in both Pesos and foreign currencies to match clients’ investment needs and risk appetites.

From wealth transfer to digitalisation

With a growing client base, banks in the Philippines are doubling down on their digitalisation efforts to boost service efficiency.

In response to the increasing demand for wealth management amid generational wealth transfers, Metrobank Private Wealth incorporated AI and robotics to enhance operational efficiency, while expanding its relationship manager (RM) headcount by 25% to 1,677.

Also identifying the same succession trend driving its AUM, RCBC Wealth Management launched its New Wealth Management System in 2024 to facilitate more effective monitoring of activities and opportunities. RMs are also able to give tailored investment advice based on risk models specific to wealth clients on the system.

As for Bank of the Philippine Islands (BPI), while it launched its digital platform BPI Wealth Online in 2024, serving over 15,000 high net worth clients, the bank also leveraged geo-analytics to inform decision-making in choosing areas for client acquisition and physical expansion programmes.

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More	Rank			Bank Name	Bank type	2024 AUM (USD B)	2023 AUM (USD B)	YoY % Change	Min Asset Threshold (USD)
				Bank of the Philippine Islands	Wealth management	25.9	21.9	18.0%	N/A
	In 2024, the Bank of the Philippine Islands saw a 69.3% growth in its customer base and a 19% rise in wealth management fees. The bank launched its seventh digital platform, BPI Wealth Online, to serve over 15,000 high-net-worth clients with a 360° Portfolio View and secure messaging, ensuring seamless portfolio management and the safety and efficiency of communications. Third-party wholesale clients, as well as the execution of landmark deals and strategic partnerships, primarily drive growth. In 2024, the bank established 326 new mandates and five new wholesale partnerships. *Note: AUM: publicly reported Maria Theresa Marcial President and CEO of BPI Wealth
				BDO Private Bank	Private banking	17.3	12.2	42.7%	200K
	BDO Private Bank operates 10 private banking centres nationwide and employs an open architecture model. Clients have access to a diverse range of securities and funds in multiple currencies, enabling them to tailor their investments to their personal needs and risk management preferences. In 2024, the private wealth team experienced a 25% increase in customer relationships, reaching 1,677. The bank also experienced modest growth in AUM, driven by continued inflows of new funds and strong portfolio performance, and expanded its presence into three new cities. *Note: AUM: APB estimate Albert Yeo head of private banking
				Metrobank Private Wealth	Wealth management	9.8	8.3	18.1%	2M
	Through collaboration between the bank’s relationship managers and the portfolio advisory team, Metrobank Private Wealth is actively expanding its value-added services to private wealth clients across the country. With a customer-centric strategy in place, the team aims to capitalise on opportunities in digital expansion, AI, and robotics to enhance operational efficiency and respond to the rising demand for wealth transfer services. *Note: AUM: publicly reported Lizette Perez head of private wealth
				RCBC Wealth Management	Wealth management	5.7	4.9	18.4%	200K
	In 2024, RCBC Wealth Management saw an 18.4% rise in AUM compared to the previous year. This growth was mainly driven by strong demand for succession planning and advisory services. An expanded capacity within the relationship management team also supported the increase. The bank has launched a new Wealth Management System this year, which enables monitoring and tracking of specific leads, statuses, activities, pipelines, and opportunities, allowing clients to receive customised investment advice. *Note: AUM: publicly reported Jane N. Mañago head of wealth management group
				Philippine National Bank	Trust banking and WM	3.4	3.0	12.6%	18K
	In 2024, the Philippine National Bank launched a digital platform designed to provide clients with valuable insights and tools to enhance the efficiency of their wealth management. Additionally, the research team provided ongoing guidance to client investors about market trends and significant developments. The bank also continued to deliver innovative solutions, including foreign exchange forward contracts, asset swaps, and sustainable investment options such as green bonds and a global sustainability equity fund. *Note: AUM: APB estimate Maria Teresa Velasco head of wealth management group
				Security Bank	Trust banking and WM	3.7	2.7	38.1%	N/A
	In 2024, Security Bank held business forums and wealth management events in collaboration with business partners and regulatory agencies. The trust and asset management group introduced new investment and trust solutions for retail and wealth clients, enabling access to local and international capital markets through primary bond and preferred share offerings. Under its total relationship balance strategy, the bank helped 15% of its clients move up to higher wealth tiers, achieving over 790 new customers and US$94 million AUM. The bank also introduced offshore investment funds as an expansion of its wealth management product suite and adopted electric vehicle financing through collaboration with local climate fintech firms. *Note: AUM: APB estimate Binky Mirabueno head of wealth management
				ChinaBank	Wealth management	3.0	2.6	15.2%	90K
	In 2024, ChinaBank concentrated on enhancing the skills of experienced relationship managers, equipped with financial planning tools and comprehensive market research to achieve positive results for affluent and high-net-worth individuals. Additionally, the bank leveraged the extensive market and economic expertise of the ChinaBank Group, enabling clients to make well-informed portfolio decisions and ultimately improving their financial outcomes. *Note: AUM: publicly reported Angela Cruz head of wealth management group
				UnionBank Private Banking	Private banking	2.8	2.5	10.0%	450K
	In 2024, UnionBank Private Banking partnered with Lombard Odier, J.P. Morgan, and BlackRock to provide international investment options. This collaboration aims to deliver comprehensive and tailored solutions that address the growing demand for sustainable investments, digital solutions, and diversified portfolios. Additionally, the bank offers services in succession planning and intergenerational wealth transfer to better serve families. Furthermore, the bank provides real-time insights and advanced analytics, supported by relationship managers, to deliver personalised financial guidance. *Note: AUM: APB estimate Arlene Agustin private banking head
				Total		71.6	58.1	23.4%

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$18,000 and going up to as high as US$2 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: PHP-USD 0.017257