“UOB” aims to double personal wealth assets in the next few years. In 2023, AUM reached its highest level of 132 billion dollars.
On March 14, 2024, Reuters news agency reported that United Overseas Bank (UOB) plans to double its private wealth assets under management in the next few years. This is because increasing wealth is expected to flow into South East Asia.
Total assets under management (AUM) of UOB, Southeast Asia’s third largest financial institution by assets This rose to a record high of S$176 billion, or about $132 billion, at the end of December.
Chew Mun Yew, head of private banking at UOB He said “With the opportunity to increase wealth flow in the ASEAN region and strong growth in Singapore we believe there will be continued strong growth momentum in the wealth management space. “
UOB has seen a sharp increase in inflows from China, Hong Kong and elsewhere in recent years, as the economic slowdown and geopolitical tensions lead to the formation of family offices. Southeast Asia is also an important driver of wealth growth in the region.
Malaysia, Vietnam and Indonesia The ultra-high net worth population is expected to see an increase of 34.6%, 34.1% and 30%, respectively, by 2028 from 2023, surpassing the estimated global growth of 28.1%, according to the Knight Frank Wealth Report
And Singapore is seen as a magnet for wealth from neighboring countries in Southeast Asia. with the help of city policies. These include tax privileges that encourage the establishment of wealthy family offices.
Anyway, More than half of all UOB’s assets are backed by Singapore. Most of the rest come from Malaysia, Thailand, Indonesia, Vietnam and North Asia. while North Asia includes Hong Kong, Taiwan, China, and Japan.
Reference: reuters.com
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