The Chief Executive, Jason Moo, of Bank of Singapore has outlined plans for increased investment in recruitment and technology as part of the bank's strategy to become one of Asia's top five private banks within a five-year timeframe.
This decision comes after the bank experienced a significant increase in assets under management, exceeding $145 billion in the third quarter.
Asia's increasing wealth serves as the driving force behind this trend. According to the world wealth report by Capgemini, there was a 4.2 percent increase in global high-net-worth individual wealth in 2024, with Asia-Pacific experiencing a 4.8 percent growth, ranking second only to North America.
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The population of high-net-worth individuals in the region experienced a growth of 2.7 percent, consequently enlarging the pool of clients for private banks.
Individuals of high net worth are defined as those who possess investable assets totaling at least $1 million, whereas ultra-high-net-worth individuals are classified as those with $30 million or more in assets, according to Capgemini.
Bank of Singapore's assets under management (AUM) totaled approximately US$120 billion at the onset of Moo's tenure in early 2023.
Subsequently, this figure has escalated to over US$145 billion as of the third quarter, despite the institution's decision to increase its minimum account requirement from US$3 million to US$5 million in the preceding year.
“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 says.
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The quantity of relationship managers has increased to 500, up from approximately 400 in 2023, and Moo stated that recruitment will once more quicken in 2026. Bank of Singapore is also considering the development of customized financial products for clients who possess at least US$100 million in assets, as indicated by Moo.
Assets belonging to individuals with extremely high wealth increased by nearly 20 percent in the initial three quarters of this year, whereas assets managed by financial intermediaries like external asset managers spiked by over 30 percent.
Moo mentioned that the bank is also putting resources into developing its own asset allocation technology to include local currencies and insurance investments in portfolio planning. This is to personalize wealth management services for clients.
Hong Kong, Singapore's largest office outside its home city, has already achieved its goal of increasing assets under management (AUM) by 50 percent from 2024 to 2026, surpassing expectations by more than a year, as said by Moo.
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Dubai continues to be a top priority for the bank, ranking third among private banks in the region after Julius Baer and UBS. Moo stated that the bank is on target to represent 20 percent of the Assets under Management (AUM) in the area by 2027.
If demand from clients increases, a booking center in Dubai may be established, he mentions. The current booking centers are located in Singapore and Hong Kong. In the future, Moo mentioned that the bank is considering ways to use OCBC's presence in the region to create a comprehensive private banking network that connects onshore and offshore operations.
OCBC is the second biggest bank in Southeast Asia in terms of assets, with its main markets being in Greater China, Malaysia, and Indonesia. According to data from LSEG, OCBC also holds an 88.2 percent ownership in the insurance company Great Eastern Holdings.