Private banking: AUM and revenues set for a stretch of outperformance

Private-banking data that emerged last month points to prosperous times ahead for wealth managers worldwide. Consultant Scorpio Partnership published its benchmark study of the industry, which showed an increase in assets under management of 13.1% over 2004. Citigroup and JPMorgan enjoyed the largest percentage increase in assets over the period, but UBS and Merrill Lynch are still the largest managers, each with AUM above the $1 trillion mark. Only Dresdner Bank and Deutsche Bank’s private-banking arms suffered declines in AUM.