In 2024, Asia markets, including Thailand, Taiwan, the Philippines, Malaysia, and Indonesia, saw their private banking and wealth management industry assets under management (AUM) reach US$505 billion, up 12% from 2023’s US$450 billion, according to APB’s Asia Markets 2024 AUM League Tables.

As in 2023, the Philippines once again led the growth in these five domestic markets in 2024 with a 23% YoY increase in its total AUM. Here is how Asian markets performed in 2024.

The Philippines: Wealth transfer boosts demand

In 2024, the Philippines’ private banking and wealth management AUM grew by 23.4% year-on-year (YoY) to US$72 billion. Domestic banks attributed this growth to an ongoing intergenerational wealth transfer in the country, creating clients with increased wealth and succession planning needs. This, in turn, pushed banks to up their game with digitalisation efforts and product expansion.

Metrobank Private Wealth addressed its expanding client base by implementing artificial intelligence to boost operational efficiency and increasing its relationship manager (RM) staff by 25% year over year.

To help clients preserve wealth across generations, UnionBank Private Banking formed partnerships with wealth and asset management powerhouses, including Lombard Odier, Allianz, Fidelity, and BNY Investments, to provide ultra high net worth individuals (UHNWIs) with access to investment solutions and alternative investment opportunities.

Thailand: Growing collaboration efforts

Thailand’s domestic wealth and private banking assets reached US$ 176 billion, a 9% increase year-over-year. International banks in the country also saw a 9% rise in private banking AUM, totalling US$6 billion.

In 2024, collaboration between international and domestic players grew, alongside ongoing internal partnerships. Siam Commercial Bank Private Banking partnered with Julius Baer through SCB Julius Baer, while Kiatnakin Phatra Securities teamed up with Goldman Sachs Asset Management to access its investment advisory services and expertise.

Internally, CIMB Thailand Wealth Management enhanced its research and advisory capabilities by utilising investment professionals from other CIMB Group member banks, and it also leveraged its Singapore wealth hub to customise products.

Taiwan: Ageing population pushes wealth planning

Taiwan saw its wealth management and private banking AUM in 2024 grow 8% YoY to US$159 billion, as the country’s ageing population, coupled with low fertility rates, enhanced demands for wealth planning.

To address clients’ wealth planning needs, Cathay United Bank has been introducing new solutions, focusing on topics such as financial protection for children, and retirement and wealth transfer solutions. Similarly, Taipei Fubon Bank has also been offering nursing trust solutions for elderly clients, as well as launching new retirement and education-related trust solutions.

At Taishin Bank, the Wealth Management Family Membership Programme was launched in 2024 to transfer individual wealth management to family-based wealth management, giving customised advisory services for various stages of a family’s financial journey.

Malaysia: Talent pool expansion

In 2024, Malaysia’s private banks and wealth managers grew their total AUM by 13% YoY to US$91 billion, as they focus on attracting and retaining talent to grow their talent pools.

Hong Leong Bank aims to double its RM headcount in Malaysia within two to three years by supporting its RMs with digital tools designed to improve efficiency, particularly during client meetings outside the bank. Meanwhile, RHB Bank has collaborated with the Islamic Banking and Finance Institute Malaysia to enhance its Shariah-compliant wealth advisory team by creating a certification programme for Islamic specialist wealth advisors.

While not revealing any specific hiring numbers, Maybank has been seeking customer-focused and solutions-driven RMs. The bank has also been giving RMs more extended gestation periods to understand the business model and product offerings better and to ensure deeper relationships.

Indonesia: Digital transformation growth

Indonesia’s private banks and wealth managers increased their total assets under management (AUM) by 15% year over year to US$77 billion, driven by a wave of digital transformation that enhanced their capabilities.

In efforts to serve their tech-savvy clients, Bank Central Asia reported that improving its online wealth management platform- including adding digital risk profile assessments- resulted in a 26% year-over-year rise in online investment transactions. Meanwhile, Bank Rakyat adopted robo-advisors to boost personalisation in wealth planning services.

Regarding technology for staff, OCBC NISP equipped its relationship managers with a customised application, enabling them to provide services anytime and anywhere.