Barclays Plc plans to quadruple the amount of money it manages for rich clients in South and Southeast Asia in the next five years by injecting capital and adding staff at its private-banking unit in the region.
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The combined wealth of households around the world rose 12 percent last year and nearly surpassed the 2007 high-water mark, yet money managers faced lower revenue and shrinking profit margins, according to an industry study released on Thursday.
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Wealth in Asia-Pacific grew faster than in other regions around the world in 2009, according to a new global study. The region, excluding Japan, added 22 percent, or 3.1 trillion dollars, to its coffers from the end of 2007, a study conducted by US-based business advisory firm Boston Consulting Group (BCG) stated.
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Singapore and Malaysia led a recovery of global wealth to pre-crisis levels as the number of millionaires grew by about 14 percent last year, the Boston Consulting Group said.
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A report from the Boston Consulting Group’s Global Wealth 2010 Report says global wealth made a big comeback in 2009 after a big decline in 2008. The survey says the number of millionaire households rose by about 14 percent in 2009 to 11.2 million, close to where it stood in 2007.
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When it comes to the wealth of our nation, the figures from the Office for National Statistics suggest that it is precariously balanced and embarrassingly uneven.
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Kotak Mahindra Bank has emerged as one of the top players in the private banking space. Disclosing its assets under management (AUM), C Jayaram, executive director of the bank said, “We have emerged as one of the leading players in the industry with assets under management in the range of Rs 13,000 crore.”
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British bank Barclays could acquire a wealth management business at least the size of Julius Baer to meet its target of ranking in the top five private banks globally, Barclays Wealth’s vice chairman said on Wednesday.
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The rich in Asia should expect smaller annual returns in the next five years as the economic outlook remains challenging and the easy money has been made, Citigroup said on Monday.
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Merrill Lynch & Co., which helped bring down Kenneth D. Lewis, may end up saving his bank.
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