Asian private banks' assets under management reach record high in 2016

AUM increased 6.1% to $1.55t in 2016.

According to Bloomberg, Asia’s biggest private banks boosted their assets under management to a record last year, rebounding from a 2015 contraction, amid acquisitions that swelled some firms’ portfolio holdings.

"Assets managed by the region’s top 20 private banks climbed by 6.1 percent to $1.55 trillion in 2016 from a year earlier, according to an Asian Private Banker report released Tuesday. The amount contracted 4.7 percent in 2015 as the region’s economic growth slowed and mounting regulatory pressure forced banks to reject some clients," Bloomberg reported.

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