Asia's Big Private Banks Boost Assets Under Management to Record
- Top 20 banks’ assets rose 6.1% in 2016: Asian Private Banker
- Total bolstered by Bank of Singapore, UBP acquisitions
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Asia’s biggest private banks boosted their assets under management to a record last year, rebounding from a 2015 contraction, amid acquisitions that swelled some firms’ portfolio holdings.
Assets managed by the region’s top 20 private banks climbed by 6.1 percent to $1.55 trillion in 2016 from a year earlier, according to an Asian Private Banker report released Tuesday. The amount contracted 4.7 percent in 2015 as the region’s economic growth slowed and mounting regulatory pressure forced banks to reject some clients.