Wealth management fees more than doubled between 2010 and 2015 at Singapore’s three banks, as Asia Pacific surpassed North America as home to the largest number of high net worth individuals. Fees and commission income from wealth management services increased four-fold at DBS Group Holdings and more than doubled at Oversea-Chinese Banking Corporation and United Overseas Bank over the five-year-period, according to research from SGX My Gateway.
In 2015, DBS, OCBC and UOB averaged fee and commission income of SGD507m (£259.5m, $360.2m, €330.2m) from their wealth management services, an increase of 12.3% from SGD450.3m in 2014.
In the three months ending 31 December 2015, the three banks averaged fee and commission income of SGD110.7m from their wealth management services, up 7.4% from the same period last year, but a decrease of 8.9% from the third quarter…
[Source: International Adviser - Author: Kirsten Hastings - Date: March 2, 2016]