According to a new industry analysis surveying 96 money managers worldwide that oversee approximately $21 trillion in assets, profit margins since the financial crisis have been managed by controlling compensation and benefits expense.
There are now 1,020,000 millionaires in China–a national record–and 63,500 “super-rich” Chinese.
As a share of total revenue, wealth management contributed 26%, unchanged year-on-year. OCBC’s private banking business continued to expand, with assets under management growing 20% year-on-year to US$36 billion (S$45 billion) as at 30 June 2012.
Standard Chartered said in its results statement that it has assisted clients in UK, Europe and the Americas, who are suffering with a debt crisis and government austerity measures, "to access the growth markets of Asia".
As competition for deposits has intensified, Chinese banks — particularly small non-state-owned entities — have been rapidly expanding their WMP offerings, Fitch said in a report released on July 27.
In challenging conditions marked by increased volatility and greater client caution, UBS continued to execute its strategy and to deliver on its enduring commitment to clients, achieving pre-tax profit of CHF 951 million.
Citing a private bank in Europe, Lim said it had 32,000 high net worth customers in Malaysia as of September 2011 and the number is forecast to grow to 68,000 by 2015.