Lion City to shed some private banks

Competition between Singaporean private wealth players and foreign groups is roaring in the Lion City but only the fittest will survive.

Private banks that opened shop in recent years face mounting challenges ranging from rising costs to roboadvisers that provide algorithm-based portfolio management at low costs, challenging the traditional private banking model.

According to a Deloitte study in 2015 total assets under management excluding domestic assets in Singapore rose by 25% between 2008 and 2014 and stood at $500 billion end-2014, making it the sixth largest private banking hub in the world. However, despite the growth, there are questions as to whether the pie is big...