Best for next-gen/millennials in Malaysia 2023
There’s something rather fitting about Malaysia’s biggest bank by market capitalization having a big 2022.
Maybank Private’s overall assets under management jumped 21% in 2022, year on year. Investment AUM rose by a solid 46%, deposit AUM by 3% and revenue by 5%.
The private bank, run by Lim Eng Ping, followed the advice of its own investment research group. Its private bank clients were ready for global inflation to be the big spoiler in 2022, resulting in the US Federal Reserve’s most aggressive tightening since the middle of the 1990s.
Maybank clients were not caught out by the global fallout from China’s zero-Covid lockdown or by how Russia’s invasion of Ukraine would shake up commodities markets. They took the many global supply chain disruptions in their stride, and were prepared for a rocky first half of 2022 for the FTSE Bursa Malaysia KLCI stock benchmark.
The Maybank team also prepared its wealthy clients on where to find value across sectors, earning it Asiamoney’s awards for the best for investment research in Malaysia and best private bank for the next-generation and millennial group of wealthy.