UBS tops Asia private banking league

Lower assets: The logo of Swiss bank UBS is seen in Zurich, Switzerland. UBS saw assets under management decline about 7% last year. — Reuters

SINGAPORE: UBS Group AG topped the list of the 20 largest wealth firms in Asia for the sixth consecutive year even as assets under management declined in the region, Asian Private Banker (APB) said.

While the Zurich-based bank continued to dominate the regional top spot by a wide margin, with assets totalling US$357bil last year, Credit Suisse Group AG slightly narrowed the gap, the Hong Kong-based publication said on its website. UBS saw assets under management decline about 7%, while Credit Suisse’s assets edged up 1.5% to US$205bil.