As Q2 earnings results come in, UBS Wealth Management and Julius Baer have reported increases in net new assets sourced from Asia private banking operations.
UBS Wealth said its net new assets in the region grew around 60% from Q1, noting that the growth was mainly driven by net inflows in Greater China.
Julius Baer, in its first half report, said net new money of CHF 10.2bn, nearly double the CHF 5.5bn in 1H 2016, was driven by Asia and the Middle East.
Net new money from Asia
|
|
2Q |
1Q |
|
UBS Wealth Management |
CHF 9.6bn ($9.93bn) |
CHF 5.8bn |
|
Credit Suisse |
CHF 4.5bn |
CHF 5.3bn |
|
HSBC |
$3.2bn |
$4.8bn (mainly Hong Kong and UK) |
Source: Q2 company financial reports
Credit Suisse, which reported a drop in net new money from Asia, mentioned only that inflows were from both Greater China and Southeast Asia.
HSBC also reported a drop in net new flows for its wealth management unit. The bank did not provide details, but said that inflows were mainly from Hong Kong.
Singapore-based OCBC did not provide net new money figures. It reported a private banking AUM increase of 47% to S$89bn ($65.6bn) from S$61bn the first half of 2016, partly contributed by its acquisition of Barclay’s wealth management businesses in Asia.
Key stats:
|
Credit Suisse |
-2Q17 net revenue in Asia: CHF 559m vs CHF 589m in 1Q2017, mainly driven by lower advisory, underwriting and financing revenues. -Asia-Pacific private banking AUM reached CHF 177.8bn during the second half, compared to CHF 157.6bn 1H 2016. -Number of relationship managers in Asia-Pacific: 610 |
|
UBS Wealth Management |
-Profits before tax for Asia-Pacific increased by 41% to CHF 475m in the first half from CHF 366m in the first half of 2016. -Asia-Pacific contributed 20% of UBS’s global wealth management profit. For the first time, Asia-Pacific and emerging markets profit contribution accounted for around 50% of total profits. -Number of clients in Asia-Pacific: 1,008, out of the total 3,674 globally |
|
OCBC |
-Overall wealth management income, comprising income from insurance, private banking, asset management, stockbroking and other wealth management products, grew to S$1.51bn in the first half, a 51% increase compared to the same period last year. -Wealth management contributed 33% of the group’s total income, compared with 24% in the first half last year. |
|
HSBC Global Private Banking |
-Total revenue before tax during the second half in Asia was $145m, driven largely by Hong Kong, which was $130m. |
