Bank of Singapore Sees Asia Rich Shift to Paying Fees for Advice
Bank of Singapore sees the region’s private banking shifting towards a fee based model instead of charging clients commissions on their transactions. Wealth managers in Asia have traditionally earned the bulk of their client income from commissions, compared to Europe where fee-based advice is more prevalent.
“He expects the trend towards fee-based advice to continue in Asia, adding that it’s possible that the proportion of Bank of Singapore client assets in managed and discretionary portfolios will rise to 40 percent in future.”
~ Bank of Singapore CEO, Bahren Shaari
Bank of Singapore CEO, Shaari said he expects the trend towards fee-based advice to continue in Asia, adding that it’s possible that the proportion of Bank of Singapore client assets in managed and discretionary portfolios will rise to 40 percent in future.
About Bank of Singapore
On 29 January 2010, ING Asia Private Bank (IAPB) was acquired by OCBC Bank, one of Asia’s leading financial services institutions. The combined private banking businesses of IAPB and OCBC was subsequently named Bank of Singapore. As a wholly-owned private banking subsidiary of OCBC Bank, we offer a fully open-architecture product sourcing platform while leveraging on OCBC Bank’s extensive branch network and entire value chain of specialised financial services.
Visit: Bank of Singapore
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