Assets under management (AUM) at Bank of
Singapore – a subsidiary of OCBC Bank – totalled S$41bn ($32bn) as
at 31 December 2011, a year-on-year rise of 19%.
OCBC Group’s revenue from various wealth
management activities, comprising insurance, private banking, asset
management, stockbroking and sales of other wealth management
products, was S$1.29bn for 2011 – 2% lower year-on-year due to
lower income from insurance.
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As a share of total revenue, OCBC Group said
wealth management contributed 23% in 2011 compared to 25% in
2010.
Commenting on the financial institution’s
overall results and outlook, OCBC Group CEO David Conner said: “Our
results for 2011 underscore the strength of our customer franchise
in a challenging operating environment.
“While mindful of the current economic
slowdown driven by concerns over sovereign debt in Europe and a
sluggish recovery in the US, we will continue to invest in our
regional network, and to leverage synergies across the OCBC Group
to better serve our customers.”
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