Merrill Lynch is the top US wealth management firm in terms of assets under management, with $879 billion in private client assets, accordin...

Merrill Lynch is the top US wealth management firm in terms of assets under management, with $879 billion in private client assets, according to Barron's annual survey of the 40 largest US wealth managers. Citigroup Global Wealth Management came second on the list with $825 billion in US private client assets. UBS Wealth Management was third with $378.4 billion, followed by Morgan Stanley Global Wealth Management with $350 billion, and Wachovia with $324 billion. The ranking is based upon private banking assets under management of accounts of $1 million and above in June this year. Merrill Lynch has more than 15,000 private client managers and over 6,000 private banking offices in the US. Of the rest, Fidelity Investments had $299 billion in US private client assets, Charles Schwab had $272 billion, JP Morgan Private Bank had $237 billion, Bank of America had $235.4 billion and Goldman Sachs had $148 billion.