OCBC Bank’s wealth management business has been doing well and expects to continue growing at a steady clip as it leverages its private bank unit, asset management arm and insurer Great Eastern.
Wealth management income and assets under management (AUM) have been growing in double-digit percentage terms per year for the past five years, revealed the bank on Tuesday.
Wealth management income is projected to reach a record S$2.6 billion this year, double the S$1.3 billion in 2011. Wealth management income is slated to make up 30 per cent of group income in 2015, up from 23 per cent in 2011.
OCBC group AUM stood at S$195 billion at end-June 2015, up from S$121.6 billion in 2011. Group AUM includes OCBC Bank, private bank Bank of Singapore and asset manager Lion Global Investors.
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