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| News & Scoreboards |
Private Banks Rebound
Elizabeth Crowley
09/01/2005
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The private banking industry’s pretax profits rose an average of 23.8 percent
last year, after several years of stagnation, according to a survey by Scorpio
Partnership, a London-based wealth management consultancy. Cost-cutting,
restructuring and an improvement in global markets all contributed to the
improvement, Scorpio explained.
UBS remained the world’s largest global
private bank, with nearly $1.3 trillion in assets under management. Merrill
Lynch moved into second place with more than $1 trillion in fee-based assets
last year. ABN Amro saw the greatest leap in percentage terms, growing its
assets by 22.5 percent in U.S. dollar terms.| Scorpio's Top 10 | INSTITUTION
1. UBS
2. Merrill Lynch Global Private Client Group
3. Credit Suisse
4.
JP Morgan Private Bank
5. Deutsche Bank
6. Citigroup Private Bank
7.
HSBC Private Bank
8. Dresdner Private Banking
9. ABN AMRO Private
Banking
10. Wachovia Wealth Management | AUM 2004
(U.S.$
billions)
1,295.53
1,030.00
528.73
304.00
195.11
182.00
178.20
158.27
156.91
147.00 | % Change
(U.S.$)
16.19%
10.16%
14.56%
14.29%
4.99%
15.19%
5.44%
6.81%
22.50%
8.33% |
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