(Private Banker International corrects assets data in first and third paragraphs, and to say UBS retained No. 1 spot in second paragraph of story originally published on Oct. 13.)
Oct. 13 (Bloomberg) -- Assets under management at the top 20 Asia-Pacific private banks increased 89 percent to $1.06 trillion since 2007, according to a Private Banker International survey.
UBS AG retained its position as the No. 1 manager of wealth for high net worth individuals in the region, according to the survey released in Singapore today. Citigroup Inc. was second and HSBC Holdings Plc came in third in the survey.
UBS’s assets under management in the Asia-Pacific region climbed to $182 billion in 2010, while Citigroup managed $179 billion and HSBC had $150 billion, according to the survey.
Asia-Pacific millionaires outnumbered those in Europe for the first time in 2010, according to a survey by Capgemini SA and Bank of America Corp. Asia’s private banking industry has expanded along with the region’s growing economies and private wealth, while Europe has struggled with its sovereign debt crisis and the U.S. economic recovery has faltered.
--Editors: Chitra Somayaji, Lars Klemming
To contact the reporter on this story: Sanat Vallikappen in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Chitra Somayaji at email@example.com