SG Private Banking's Asian assets under its management have risen 25 per cent year on year to around $15 billion (excluding Japan) in the first seven months of 2006. The rise is mainly down to rising Asian wealth but also to European clients transferring assets to Asia, to avoid tax rules and greater scrutiny, according to Daniel Truchi, the Singapore-based chief executive of SG Private Banking Asia-Pacific. "It is across the board. Hong Kong, Southeast Asia, North Asia, it is India and offshore Indians. Asia wealth is still the main reason for our growth," he told Reuters. European investors are now using the Asian platform to invest in global assets said Mr Truchi, although the flow to Asia has been steady rather than fast.