Bank of Singapore, the private banking unit of OCBC Bank, is planning to expand its discretionary business and increase assets under management to US$80 billion by 2016.
Bank of Singapore chief executive, Renato de Guzman, was quoted by South China Morning Post (SCMP) as saying that, "We have seen [Asian] investors becoming more mature."
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"In a discretionary business, you take a longer-term view of securities that you take in your portfolio. It is not just in and out of securities," de Guzman said.
de Guzman noted that the company has been developing an investor base that has invested their money using professional managers.
"It is an increasing trend as more investors are seeking professional managers to manage their wealth," he said.
SCMP reported that Asian investors, many of whom are business executives, have been known to prefer to invest or trade on their own, unlike those in Europe while European investors are more focused on wealth preservation.
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By GlobalDataA recent report from the Boston Consulting has revealed that discretionary portfolio management business accounted for about 5% of an Asian private bank’s assets under management in 2012, compared with 25% in Europe.
