In Euromoney’s 2014 survey, the big global players have been able to gain client assets in the prime international markets of London, New York, Singapore, Hong Kong, Zurich/Geneva and Dubai at the expense of regional banks.
UBS Wealth Management ranks once more as the best global private bank followed by Swiss rival Credit Suisse. JPMorgan remains third, while Citi moves up to fourth place globally, moving HSBC down a notch.
The top five banks are looking to asset management as the driver for market share. Each now has a chief investment office that is responsible for macro asset allocation decisions for the bank’s clients. It is a move away from the traditional model of private banking.
“The industry is moving to a model of investment management for private wealth and away from just collecting funds,” says Jürg Zeltner, chief executive of UBS Wealth Management.
Individual chief investment officers (CIOs) are now crucial to leading wealth managers. JPMorgan seems to be winning the battle of asset management, having moved to a CIO model in the late 1990s. It ranks first in equity and fixed-income portfolio management as well as in the alternative investments of private equity, hedge funds and real estate.
JPMorgan Private Bank’s chief executive Phil di Iorio says banks have often just leveraged investment views from asset management or the investment bank instead of having a dedicated CIO “who analyzes markets with a private client lens”.
2014 marks the 11th year of Euromoney’s Private Banking Survey – the industry’s leading barometer of the world’s best service and product providers to the world’s wealthy. Close to 500 institutions took part in the survey from 93 countries, with around 3,000 responses. Together they represent $14.4 trillion in assets under management.
Euromoney’s Private Banking Survey covers more than 35 different product and client categories on a global and regional basis, and has ranking results in 73 countries. The results are based on a combination of bank-provided data and peer review, and a full methodology is published online.
Banks or clients wanting to view more detailed Private Banking Survey results and analysis can do so by contacting Mark Lilley, head of data publishing, Euromoney: Tel: +34 915946046; email: email@example.com