Asian Private Banker is delighted to present Final Word 2025, our year-in-review feature featuring regional heads from wealth management players across APAC.

Click here to read Final Word 2025

In this exclusive feature, top executives reflected on what kept them up at night in 2025, covering everything from digital transformation to regulations, and business strategy to investment performance.

Below are some highlights from 2025’s edition of Final Word, as APAC’s private banking and wealth management pioneers shared their thoughts and plans for the industry.

Click here to read Final Word 2025

2025 was a strong year

Vincent Chui, head of wealth management, APAC at Morgan Stanley Private Wealth Management Asia, said that 2025 has been a strong year for the private banking industry in general. Chui explained that geopolitics and volatility drove wealth planning needs, while strong global equity markets pushed investment demands.

“We have seen a very healthy trend of growth across assets under management (AUM), revenues and PBT margin,” said Chui.

At UBS, Amy Lo, chairman at UBS Global Wealth Management (GWM) Asia and head and chief executive Hong Kong, UBS, saw APAC as a key growth engine and core contributor to the region and the group’s business.

“As of September, we surpassed a significant milestone — over US$1 trillion in invested assets in Asia Pacific for the first time, with GWM contributing US$816 billion,” Lo said.

Steven Lo, head of Japan, Asia North & Australia, Asia South at Citi Private Bank, shared that the bank saw double-digit revenue growth and a significant increase in net new investment assets.

“Client acquisition was robust, fuelled by new wealth creation and referrals from our ‘One Citi’ institutional network,” said Lo.

Priorities for 2026

Looking ahead, Jimmy Lee, head of Asia Pacific at Julius Baer, said its priorities for 2026 will be in deepening client relationships, investing in digital platforms, and reinforcing the bank’s position in risk management and governance. 

“We will continue to focus on sustainable growth in markets where Julius Baer’s expertise in cross-border wealth planning, client-centric service, and financial stability provides a competitive edge,” said Lee.

As for HSBC Private Bank, Lok Yim, regional head of Global Private Banking, Asia Pacific, plans to focus on bringing the one bank solution to its ultra high net worth and family office clients to extend its strategic growth into 2026.

“With the successful launch of our entrepreneurial wealth proposition in key markets across Asia this year, we will continue to collaborate with the corporate and institutional banking team at HSBC to further position ourselves to serve entrepreneurs at different stages of their business and wealth journey,” said Yim.

DPM gains momentum

Raymond Ang, global head of private and affluent banking and head of wealth and retail banking Greater China and North Asia at Standard Chartered Private Bank, saw strong momentum in discretionary portfolio management (DPM), with assets under management nearly doubling year-on-year with supportive market performance and renewed client engagement.

“Since mid-2025, demand has shifted notably toward fixed income mandates, with investors extending duration from ultra-short ‘cash-plus’ strategies to longer-dated bond portfolios,” said Ang.

At DBS, Carol Wu, head of private banking, North Asia, noticed substantial growth potential for DPM. With that, she hopes to refine the bank’s DPM offerings and leverage its portfolio managers and its platforms’ streamlined features.

“This has resulted in approximately 20% annual growth in DPM assets, underscoring strong client trust,” said Wu.

Similarly, Jason Moo, CEO at Bank of Singapore, revealed steady DPM AUM growth in 2025, with 80% of the bank’s DPM clients staying invested for more than six years, which reflected client trust.

“We are also seeing growing interest in currency diversification. Many clients have started shifting away from the US dollar and increasing allocations to our SGD mandates,” said Moo.

Talent is more than headcount growth

Arnaud Tellier, Asia Pacific CEO at BNP Paribas Wealth Management, prioritises hiring talent who can drive the business forward, rather than solely focusing on headcount growth. In 2026, Tellier hopes to ensure management stability while continuing to reinforce the platform.

“Retention is equally important to us, and we have a dedicated people development team that drives leadership development and employee engagement initiatives,” said Tellier.

This sentiment is echoed by Marco Pagliara, head of private bank emerging markets at Deutsche Bank. For Pagliara, attracting and nurturing top talent remains a strategic priority, and he is eyeing hires that deliver the greatest client benefit and are most value-accretive for the business.

“This will be supported by €300 million in investments over three years to build capabilities in AI-driven personalisation and digital solutions,” said Pagliara.