MyPrivateBanking Blog
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Posts Tagged ‘wealth management asia’

Private Banks’ Battle for Asia Heating Up

Thursday, November 25th, 2010

Barclays has just announced to open a new private banking center in Hong Kong and is seeking to quadruple its assets under management in the region, according to a Reuters news report. This is only the latest in a number of moves by various players to beef up their operations in Asia. Global players UBS, Credit Suisse, Deutsche Bank, Bank of America, HSBC and others are confronting more regional players like DBS in an increasing frantic struggle for new clients and assets. Target markets are mainly China, India and Indonesia. According to MyPrivateBanking analysis, the salaries of Private Bankers in East Asia have already increased by 30% to 80%, in some cases more than doubled, which leads to a lot of pressure from the cost basis of the wealth managers. MyPrivateBanking is advising Private Banks to leverage technology to facilitate and streamline the marketing process via the Internet and Social Media in order to control marketing costs.