BOS: First Quarter Growth in Greater China AUM, Revenue
The Greater China business of OCBC’s private banking arm announced growth across the board, including in assets under management, revenue as well as the front office.
In the first quarter of 2025, Bank of Singapore’s Greater China business registered 20 percent year-on-year growth in assets under management (AUM), according to an announcement made during a media briefing. This includes a 47 percent increase in discretionary portfolio management (DPM) assets and a 36 percent increase in fund assets. The number of client accounts opened also doubled.
Previously, Bank of Singapore announced that it would aim to grow its AUM in Hong Kong by 50 percent between end-2023 and 2026. In the latest, Rickie Chan, Greater China head of private banking and Bank of Singapore’s Hong Kong branch CEO, said it was «on track» to meet this target.
The private bank did not disclose absolute figures. Globally, it had $124 billion in total AUM as of end-2024, based on finews.asia data.
Diversified Income
Bank of Singapore also saw a diversified boost in income. In addition to the expansion of assets with recurring income from DPM and funds, it grew transaction revenue by 36 percent in the first three months of the year. Wealth planning revenue nearly quadrupled in the same period.
«I think it is the time of uncertainty and volatility where our clients need our advice the most,» Chan said on market turbulence. «In a bull market, they throw a dart and they can make 30, 40, 50 percent without any advice. I think it’s exactly the time that when they are confused, when they are uncertain, where we can come in and add a lot of value.»
Front Office Resumes Hiring
The private banking unit of OCBC continues to position for further growth. In a conversation with finews.asia in October 2024, Chan said that it had paused the hiring of relationship managers (RM) after increasing by 20 percent during the year.
The bank has since resumed and saw an 11 percent year-on-year increase in its RM headcount last quarter, 59 percent of which are senior talent.
2025 Priorities
Moving forward, Bank of Singapore highlighted two key priorities for the Hong Kong office.
Firstly, it aims to expand the ultra-high net worth (UHNW) and financial intermediaries segment, also known as external asset managers. On the former, the bank has grown AUM for ultra-rich clients by 54 percent year-on-year. Secondly, the bank will strengthen its capabilities and offerings, including investment thought leadership, professionalizing the approach of managing client wealth and one-bank collaborations.
«Bank of Singapore is at the right place, at the right time,» Chan added. «We are an Asian bank which understands Asian cultures and values well. Critical and timely decisions can be made in the same time zone. Our parent company, OCBC, is the second-largest financial firm in Southeast Asia, and we are one of the most well-capitalized banks in the world. This provides our clients stability, safety and, more importantly, peace of mind.»