22 Jun '11, 12am

S'pore 'set to be top private banking centre'

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 c...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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