Global private banks saw an average increase in inflows of 23.7% last year, driving industry AUM to $18.5 trillion, finds Scorpio Partnership. But the top 20 are pulling away.
Despite the launch of many new funds and six fund management firms, AUM still drops 12.5% with a negative performance on both the equity and fixed income side.
Swiss private bank Julius Baer receives a Hong Kong banking licence from the HKMA and reiterates its commitment to Asia and its growth ambitions for assets under management in the region.