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Finance

Private banks in Asia see another year of strong growth

Discretionary portfolio management draws more investors

Private banks continue to seek experienced relationship managers as well as investment specialists who can design and manage discretionary portfolios.   © Reuters

SINGAPORE (Nikkei Markets) -- Private banks that cater to Asia's wealthy expect another robust year as the region's rapid growth continues to mint new millionaires while appetite for risk remains healthy.

Despite the recent increase in market volatility, clients continue to stay invested, said major banks. There is also growing interest in services such as discretionary portfolio management where customers allow private bankers to manage their money based on mutually agreed parameters. Currently, most private banking arrangements involve the client approving each trade before it is carried out.

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