Best for mass affluence/HNW in the Philippines 2022
Security Bank’s wealth management division had a remarkable 2021. The firm’s wealth management customer base grew 20%, year on year, to nearly 6,900 customers, while assets under management increased 19%, year on year, to $3.1 billion.
Security Bank’s performance was no aberration. Over the five-year period from 2017 to 2021, the wealth management customer base has jumped 45%, while AUM showed a 46% compounded annual growth rate.
Its performance in 2021 is impressive, given the chaotic global events that unfolded over the course of the year. Neither the US-China trade tensions, Federal Reserve rate hikes in Washington nor the pandemic disruptions of 2020 and 2021 slowed down the bank’s profit strategies.
Credit is due to the team led by Binky Mirabueno, head of wealth management, and Leslie Cham, head of branch banking at Security Bank. They say Security Bank is better attuned to risk factors, domestic and international, than most peers for a number of reasons.
One, insights from Security Bank subsidiary SB Capital have come in handy.