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.
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.”