UBS Wealth Management is the largest private bank distributor of investment products in Asia ex-Japan according to the latest report by Haymarket Intelligence, AsianInvestor writes.
The report, entitled "Retail Financial Products Distribution Market in Asia," compares global banking firms in the areas of mass retail, private banking, brokerage and insurance distribution in the Asia ex-Japan area. UBS topped the list with the largest assets under management from the region and the biggest team of relationship managers.
While global companies like Citibank, Credit Suisse, Deutsche Bank, BNP Paribas and JP Morgan Chase composed the bulk of the top ten list, two global banks with an Asian franchise, HSBC and Standard Chartered, and two Singapore banks, OCBC and DBS, made the roster. The report also noted that while international banks dominated in Hong Kong, Singapore, Taiwan and Thailand, domestic players have a significant market share in India, China, South Korea and Malaysia.
In India, global and local banks have a balanced share of the wealth management market, while in China local banks dominate due to the relatively closed economy - although this is bound to change with the growing number of international players setting up shop in the country.
The full report may be viewed here.