Singapore’s biggest banks are benefiting from the wealthy’s appetite to shift assets and trade in the Asian wealth hub, boosting earnings. DBS Group Holdings reported a 37% increase in wealth management fees to SGD518m (USD391m), outpacing lending income growth. This trend is mirrored by rivals Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB). DBS’s wealth management gains were driven by a shift from deposits to investments and bancassurance, with assets under management reaching a record SGD396bn. OCBC saw a 13% rise in non-interest income due to strong gains in wealth, trading, and insurance. UOB’s wealth management and loan fee gains offset a dip in lending income.