Bank of Singapore to invest in hiring, tech to boost assets, CEO says

SINGAPORE, Nov 27 (Reuters) – Bank of Singapore plans more investment in hiring and technology as it aims to climb into Asia’s top five private banks within five years after assets under management rose nearly 20% to exceed $145 billion in the third quarter, Chief Executive Jason Moo said.
Asia’s wealth surge anchors the push. Global high-net-worth individual wealth rose 4.2% in 2024, while Asia-Pacific’s climbed 4.8%, second only to North America, according to Capgemini’s world wealth report.
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The region’s high-net-worth individual population grew 2.7%, expanding the client base for private banks.
High-net-worth individuals refers to those with at least $1 million in investable assets, while ultra-high-net-worth people are those with $30 million or more, according to Capgemini.
Bank of Singapore’s AUM stood at about $120 billion when Moo took over in early 2023. It has since climbed to more than $145 billion in the third quarter despite the bank raising its minimum account size to $5 million from $3 million last year.
The number of relationship managers has reached 500, from roughly 400 in 2023, and Moo said hiring will accelerate again in 2026.