UBS now largest private bank in Asia-Pacific

Indicates UBS’ resurgence following recent scandals.

UBS reported a 20% increase in assets under management (AUM) for high net worth clients to US$215 billion in 2012 compared to a 9% increase from Citi Private Bank, which formerly held the top spot.

Credit Suisse replaced HSBC as the third largest private bank with the acquisition of HSBC's private banking units in Australia and Japan. As a result, HSBC Private Bank saw a 22% drop in AUM from 2011 to 2012.

Julius Baer rose from 11th to the 6th largest in the region in 2012. The doubling its AUM was mainly due to Julius Baer’s integration of some of Merrill Lynch's Asian units.

Asian private banks are still struggling to claim a larger slice in the region's Top 20 rankings. The four Asia-based banks took only 11.5% of total AUM held in Asia.

DBS remained the dominant local bank with US$46 billion in AUM last year. Bank of Singapore was second at US$43 billion.

Total AUM in Asia Pacific has rose 16% to a record US$1,173 billion in 2012.

The rankings are based on a study by Private Banker International ranking private banks by AUM for high net worth clients with investable assets of more than US$1 million.

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