US, European Wealth Managers Dominate Top-10 Rankings By AuM

Tom Burroughes

2 June 2017

Swiss, American and other continental European banks dominate the top-10 rankings of the world’s largest wealth managers, showing that the fast-growing Asia region hasn’t yet produced a firm to rival the likes of Zurich-listed UBS, new figures show.

The world’s 25 largest private wealth managers grew their assets under management by 5.5 per cent in 2016, compared to a growth rate of 2.9 per cent a year previously, according to the Global Private Wealth Managers AUM Ranking revealed by research and consulting firm GlobalData this week.

UBS, with AuM of more than $2 trillion, is the global leader, while Bank of America Merrill Lynch and Morgan Stanley stand in second and third place, respectively. These are followed by Credit Suisse ; JP Morgan ; Goldman Sachs ; Citi Private Bank ; BNP Paribas ; Julius Baer and Northern Trust .

The highest-ranked Asia bank, at 11th place, is China Merchants Bank, the figures showed.

In 12th place is Wells Fargo; Deutsche Bank Wealth Management is next , followed by HSBC Private Bank ; Santander ; Pictet ; ABN AMRO ; ICBC , Bank of China , and Crédit Agricole .

The past few years have seen consolidation activity in some markets. In Asia, for example, local players such as OCBC and DBS have bought private banking arms of non-domestic players such as ANZ, ABN AMRO, Barclays and Societe Generale.

The report was also produced by Private Banker International.