SINGAPORE, Nov 27 (Reuters) – Bank of Singapore plans more investment in hiring and technology as it aims to climb into Asia’s top five
private banks within five years after assets under management rose nearly 20% to exceed $145 billion in the third quarter, Chief Executive Jason Moo said.
Asia’s wealth surge anchors the push. Global high-net-worth individual wealth rose 4.2% in 2024, while Asia-Pacific’s climbed 4.8%, second only to North America, according to Capgemini’s world wealth report.
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The region’s high-net-worth individual population grew 2.7%, expanding the client base for private banks.
High-net-worth individuals refers to those with at least $1 million in investable assets, while ultra-high-net-worth people are those with $30 million or more, according to Capgemini.
The number of relationship managers has reached 500, from roughly 400 in 2023, and Moo said hiring will accelerate again in 2026.
“We hired aggressively in 2024, we hired moderately in 2025. We’ll probably switch back to the aggressive mode in 2026. So we’ll continue that trend, continue that runway for the next few years,” he said.
Bank of Singapore also plans more bespoke products for clients with $100 million or more in assets, according to Moo.
Ultra-high-net-worth assets grew close to 20% in the first three quarters this year, while assets from financial intermediaries such as external asset managers rose over 30%.
Moo said the bank is also investing in proprietary asset allocation technology to incorporate local currencies and insurance holdings into portfolio planning, aiming to make wealth management more tailored for clients.
Hong Kong, its largest office outside Singapore, has already met its target of growing AUM by 50% from 2024 to 2026, more than a year ahead of schedule, according to Moo.
He added that a booking centre in Dubai is under consideration if client demand rises. Singapore and Hong Kong are its current booking centres.
Looking ahead, Moo said the bank is exploring ways to leverage OCBC’s regional presence to build an integrated onshore-offshore private banking network across the region.
Reporting by Yantoultra Ngui; Editing by Raju Gopalakrishnan
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