UBS is the largest private bank in Singapore and Hong Kong with one-sixth of the $600 billion of private banking assets in Asia ex-Japan under management, according to a private banking league table put together by boutique investment manager Calamander Group and reported in the Straits Times. As predicted, Citigroup, HSBC, Credit Suisse and Merrill Lynch join UBS to make up the top five. Local firm DBS Group has surprised some with a 5 per cent market share, beating global businesses such as JPMorgan into sixth place. Roman Scott, managing director of Singapore-based Calamander and former senior partner of Boston Consulting Asia, said the table is conservative, with an accuracy of plus or minus 10 per cent. It excludes some newer entrants, such as Switzerland-based EFG and Standard Chartered. Unlike five years ago when the Singapore and Hong Kong markets were so fragmented that the top five players barely held 10 per cent of the market, five major banks now dominate with 55 per cent.