Despite rapid economic growth, Asia does not yet have a top-10 private wealth management institution to rival those of the US and Europe.
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 (4); JP Morgan (5); Goldman Sachs (6); Citi Private Bank (7); BNP Paribas (8); Julius Baer (9) and Northern Trust (10).
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 (13), followed by HSBC Private Bank (14); Santander (15); Pictet (16); ABN AMRO (17); ICBC (18), Bank of China (19), and Crédit Agricole (20).
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.