Wealth assets at private banks in Asia surge above US$2 trillion

SINGAPORE: Assets under management (AUM) at private banks in Asia surged 29% last year to top US$2 trillion for the first time, driven by strong flows from China and buoyant financial markets, according to Asian Private Banker.

“Asia’s private banks benefited from a sustained market rally and robust client activity to deliver strong AUM growth and, in many cases, post record revenues,” said Sebastian Enberg, editor of the Hong Kong-based publication.