Yesterday’s result releases from three major US wealth managers showed slow asset under management growth rates in 2005 as performance was h...

Yesterday’s result releases from three major US wealth managers showed slow asset under management growth rates in 2005 as performance was hurt by underperforming US stock markets, compared with their European and Asian counterparts. Northern Trust’s wealth management business – personal financial services – reported a 6.1 per cent rise in assets under management, which are directly managed by the Chicago-based firm, in 2005 to $117.2 billion. Total client assets at US Trust, the New York-based wealth manager owned by Charles Schwab, were up only 5 per cent last year to $148.5 billion. And the Bank of New York reported a 2.9 per cent rise in assets under management in its private client services group to $105 billion.