January 2006
Private banking awards 2006: What it takes to keep up with the wealthy
Private banks are enjoying a period of growth as financial markets improve and global wealth increases. Long-term success will lie in offering a broader range of products linked to investment banking, while ensuring the high levels of service that clients now demand. Euromoney reports on the drivers of success in its annual survey.
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The keys to success
Methodology
THE RESULTS OF Euromoney’s third annual private banking survey show that 2005 was a positive year for private banks in their efforts to attract growing global wealth. Between 2005 and 2009, high net-worth individuals’ wealth is expected to grow annually at a 6.5% compound rate, according to the Capgemini/Merrill Lynch World Wealth Report, and the Euromoney poll indicates that most private banks are successfully tapping into this newly created wealth.
The top 20 global banks all reported increases in asset under management, with UBS Wealth Management, which is once again voted best global private bank by its peers, succeeding in increasing AUM by 19%.
A poll of the heads of business at the top 20 global private banks reveals three key determinants for the increase in AUM: improved portfolio performance, development of onshore business, and use of investment banking ties to attract a larger share of a client’s wallet.
More information on private banking awards
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