Singapore and the WM industry

It is no secret that Singapore is trying to become the WM hub of Asia. One way we can do it is to attract the big firms to establish their WM operations here in SIngapore. Of course, most of them already had. Except for Wachovia, i am 100% sure everyone else in the top 10 list already have WM ops in Singapore.

Remember Singapore's 2 SWFs made major investments into distressed banks during the credit crunch? They were namely UBS, CitiGroup and Merrill Lynch. If the SWFs stake in these firms amount to 5% each, a quick sum of (1900 + 1800 + 1300) x 0.05 implies that the SWFs sorta have 250 billions AUM. If there is a 3% management fees for AUM, that will be a handsome 7.5 billion a year of implied profits. Wow. (By the way, that is not a very logical way of trying to see how profitable the investments into these banks are )

Rank Firm Assets under management Percent
(billions of dollars) change
(local
currency)
1 UBS 1,896 8.77%
2 Citigroup 1,784 24.06%
3 Merrill Lynch 1,309 8.27%
4 Credit Suisse 745 6.94%
5 JP Morgan 545 17.20%
6 Morgan Stanley 522 18.10%
7 HSBC 494 21.08%
8 Deutsche Bank 286 2.65%
9 Wachovia 285 38.35%
10 BNP Paribas 231 19.85%