China Merchants Bank, ICBC and Bank of China are among the top 20 largest private banks globally, according to a report from Globaldata and Private Banker International.
Asia-based private banks grew AUM 17% on average last year versus a 1% drop globally, according to a recent report by Scorpio Partnership.
IM Square, which supports boutique asset management firms in expanding their business, is in talks with a potential Chinese shareholder, said Philippe Couvrecelle, founder of the firm.
Mainland high net worth clients are looking for A-share funds and offshore RMB-denominated products while showing increased interest in US exposure, according to Wing Lung Bank.
Private wealth in China is soaring, and few banks are well-positioned to attract clients who want offshore wealth management, said Joseph Tam, executive VP and head of private banking and wealth management at Hong Kong-based Wing Lung Bank.