Singapore set to become top private banking center

Hi guys, I have recently been rejected from the double degree programme, despite obtaining straight As for my first year in the University.


However, I will use all my strength and concentrate into banking from now onwards.


Hence, I will be reading a lot of articles to keep track of where banking is heading both in Singapore and globally so that I will be able to perform in future interviews as well as in my work next time.


So I will kick start with this short article below.


Enjoy

SINGAPORE will become the world's top wealth management centre by 2013, thanks to growth in emerging markets, and the decline of Switzerland and London in the wake of tougher regulations.

The findings came from a PricewaterhouseCoopers (PwC) report out yesterday that pointed to the changing balance of power in financial markets.

It said Singapore will leapfrog both European centres in the next two years, with Hong Kong in third spot behind Switzerland and ahead of London.

The findings in PwC's Global Private Banking and Wealth Management report were based on a survey of wealth managers and private bankers between December last year and April. The questionnaires were completed by 275 institutions in 67 countries - 62 per cent from Europe, 24 per cent from the Americas and 14 per cent from Asia-Pacific.

'For many years, we have asked respondents to indicate which financial centres they viewed as the main wealth management and private banking hubs,' PwC said. 'The historical answer was Switzerland, London and New York. This is now changing. This year, we asked our ranking question again, but we also explored the impact of increased regulation.

'In response to increased regulatory pressures, our respondents see Switzerland, London and, to a lesser extent, New York all being challenged by the rise of Singapore and Hong Kong in the coming two years.'