AUM up nearly 20% to exceed $145 billion in Q3
Hiring to accelerate again in 2026, CEO says
Tech, ultra-rich focus key to growth strategy
Bank of Singapore plans more investment in hiring and technology as it aims to climb into Asia's top five private banks within five years after assets under management rose nearly 20% to exceed $145 billion in the third quarter, Chief Executive Jason Moo said.
Asia's wealth surge anchors the push. Global high-net-worth individual wealth rose 4.2% in 2024, while Asia-Pacific's climbed 4.8%, second only to North America, according to Capgemini's world wealth report.
The region's high-net-worth individual population grew 2.7%, expanding the client base for private banks.
High-net-worth individuals refers to those with at least $1 million in investable assets, while ultra-high-net-worth people are those with $30 million or more, according to Capgemini.
"We hope to be within the top five in the next three to five years," Moo told Reuters in an interview. Finews, which tracks standalone private banks, currently ranks Bank of Singapore, the private banking arm of Oversea-Chinese Banking Corp OCBC.SI, seventh in the region.
Bank of Singapore's AUM stood at about $120 billion when Moo took over in early 2023. It has since climbed to more than $145 billion in the third quarter despite the bank raising its minimum account size to $5 million from $3 million last year.
The number of relationship managers has reached 500, from roughly 400 in 2023, and Moo said hiring will accelerate again in 2026.
"We hired aggressively in 2024, we hired moderately in 2025. We'll probably switch back to the aggressive mode in 2026. So we'll continue that trend, continue that runway for the next few years," he said.
Bank of Singapore also plans more bespoke products for clients with $100 million or more in assets, according to Moo.
Ultra-high-net-worth assets grew close to 20% in the first three quarters this year, while assets from financial intermediaries such as external asset managers rose over 30%.
Moo said the bank is also investing in proprietary asset allocation technology to incorporate local currencies and insurance holdings into portfolio planning, aiming to make wealth management more tailored for clients.
Hong Kong, its largest office outside Singapore, has already met its target of growing AUM by 50% from 2024 to 2026, more than a year ahead of schedule, according to Moo.
Dubai remains a priority, with the bank ranking third among private banks there behind Julius Baer BAER.S and UBS UBSG.S and on track to account for 20% of AUM by 2027, Moo said.
He added that a booking centre in Dubai is under consideration if client demand rises. Singapore and Hong Kong are its current booking centres.
Looking ahead, Moo said the bank is exploring ways to leverage OCBC's regional presence to build an integrated onshore-offshore private banking network across the region.
OCBC is Southeast Asia's second-largest bank by assets, with key markets including Greater China, Malaysia and Indonesia. OCBC also owns an 88.2% stake in insurer Great Eastern Holdings, LSEG data showed.