UBS retained its position as the largest wealth manager in Asia last year as it attracted more funds from the region’s growing number of millionaires.
Bloomberg News reports that UBS increased its assets under management to $245 billion from 2012’s $215 billion, according to a study released today by London-based Private Banker International, which tracks the industry. Citigroup Inc.’s $238 billion helped it keep the No. 2 spot, while Asian banks boosted their share of regional wealth assets to 13.1% from 11.5% in 2012.
Global banks have been vying with Asian firms to tap the burgeoning ranks of rich people in countries such as China and India, where economic growth is projected to exceed the global rate of expansion this year. The number of Asia-Pacific millionaires grew 17 percent last year, the most among six regions, according to Cap Gemini SA and Royal Bank of Canada.
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