Thailand
Despite disappointing performance in the domestic equity and bond markets and a gloomy outlook for the Thai economy, domestic private banks saw 6% growth in their total AUM to US$163 billion, while that of foreign players rose 35% to US$6 billion.
According to APB Insights’ 2023 Thailand Private Banking & Wealth Management AUM League Tables, all players, both foreign and domestic private banks, reported increases in AUM, with the average growth rates of domestic and international banks being 7% and 62%, respectively.
The banks attributed this growth to key factors such as the inclusion of sophisticated, private assets, asset diversification, as well as collaborations with international private banks and asset managers.
Taiwan
With the global artificial intelligence boom powering demand for chips and boosting the island’s TAIEX index, Taiwan’s private banks and wealth managers saw improving sentiment for the local wealth market and a 19% growth in their combined AUM. That resulted in a total AUM figure of US$131 billion, with more than US$20 billion of new wealth assets created.
According to APB Insights’ 2023 Taiwan Private Banking & Wealth Management AUM League Tables, Taiwanese wealth players saw an average increase in AUM of 27%.
Banks attributed this to key factors such as having more sophisticated assets on their product shelves and including more holistic services, especially family-orientated ones.
Philippines
With the Philippine economy ending on a high note in 2023, becoming the fastest-growing economy in Southeast Asia, private banks in the region grew their combined AUM by 25% to US$58 billion, accelerating growth from the 2% increase in 2022.
According to APB Insights’ 2023 Philippines Private Banking & Wealth Management AUM League Tables, almost all top players in the region’s wealth management industry recorded a double-digit growth in wealth assets.
Most private banks owed their growth to increased investment products and volume, stronger digital capabilities that led to optimal client management, and enhanced family-based solutions.
Malaysia
While Malaysian private banks reported dampened top and bottom lines due to challenged Southeast Asian economic growth amid geopolitical tensions, tighter monetary policies, and slower global trade, the total AUM of the top ten players in the region rose 13% to US$96 billion.
According to APB Insights’ 2023 Malaysia Private Banking & Wealth Management AUM League Tables, private banks saw an average 14% increase in AUM.
Private banks attributed the growth to a pick-up in hiring, expansion of the client base, strong performance, and the introduction of Islamic wealth management services.
Indonesia
Despite Indonesia’s 2023 5.05% economic growth slowing down slightly from 2022’s 5.31%, Indonesia’s private banks and wealth managers saw a 22% growth in their total AUM to US$62 billion.
In APB Insights’ 2023 Indonesia Private Banking & Wealth Management AUM League Tables, almost all private banks saw growth in AUM, similar to last year.
Indonesian banks pointed to factors such as digitalising and streamlining systems, expanding client bases and developing new investment services and products.
