私人银行：AUM普涨背后的「难言之隐」

Core Insights - The private banking sector is facing challenges in maintaining its competitive edge and service capabilities, leading banks to incur higher costs to retain private banking clients and assets under management (AUM) [1][14] - Despite the growth in private banking clients and AUM, the quality of service and client value is perceived to be declining, raising concerns about the sustainability of this growth [1][8] Group 1: Private Banking Growth and Trends - Private banking clients, although a small percentage, contribute significantly to AUM, exemplifying the "80/20 rule" [1] - In the first half of 2025, private banking clients' growth rates outpaced overall retail client growth across major banks, indicating their importance in supporting retail AUM [2][4] - Major state-owned banks reported that private banking clients contributed nearly 25% to retail AUM growth [3] Group 2: AUM and Client Metrics - As of mid-2025, several banks reported significant increases in private banking AUM, with Agricultural Bank of China at 3.50 trillion (up 11.11%), Bank of China at 3.40 trillion (up 8.28%), and China Construction Bank at 3.18 trillion (up 14.39%) [3] - The average AUM per private banking client varies significantly, with some banks reporting averages over 2 million, while ordinary clients average only 13,200 [7][8] Group 3: Competitive Landscape and Challenges - The competition for high-net-worth clients is intensifying, with banks lowering entry thresholds to attract more clients, leading to a dilution of service quality [8][9] - Many banks are adopting strategies to enhance client services, such as offering exclusive experiences and products to retain high-net-worth clients [10][11][12] - The shift towards a more service-oriented model is evident, as banks aim to build long-term trust with clients through family offices and trusts [16] Group 4: Future Outlook - Without a change in development strategies, the future of private banking may face significant challenges, particularly in maintaining client loyalty and service quality [2] - The wealth transfer in the Asia-Pacific region is projected to reach $5.8 trillion from 2023 to 2030, highlighting the potential for growth in private banking if managed effectively [17]