Rich investors’ reluctance to trade a blow to Singapore banks

OCBC’s results wrap up Singapore’s latest bank earnings season where local rivals DBS Group Holdings Ltd and United Overseas Bank Ltd also suffered from lower fees managing rich clients’ funds. — Bloomberg

SINGAPORE: Asia millionaires’ reduced risk appetite is hitting Singapore banks at a time when they are welcoming more funds than ever from the wealthy.

Lenders in the city-state, that’s seen as a safe haven, are seeing less fees from these customers who are shying away from taking bets in the markets amid US-China tension and an uncertain economic outlook.