Best global private bank
UBS Wealth Management
In Euromoney?s inaugural private-banking survey in January, UBS Wealth Management was voted as best global private bank ? a title that it has successfully maintained through the first half of 2004.
A global presence in wealth management has become a necessity for those wishing to capture the growing market in Asia and onshore Europe, and no institution has managed to broaden its reach quite like UBS Wealth Management.
As a result of an acquisition-led growth strategy, it has become the largest private bank in the world in terms of assets under management, which are estimated at $1 trillion.
Last year?s acquisitions of Lloyds TSB?s French wealth management operation and Merrill Lynch?s German private-client business, and this year?s acquisitions of UK businesses Laing Cruickshank and Scott Goodman Harris, with a combined £10 billion ($18 billion) in assets under management, have ensured UBS WM a position as a market leader in the European onshore business.
With a notable trend away from offshore to onshore banking for European high-net-worth investors, UBS WM?s commitment to build the onshore business in France, Germany, Spain, Italy and the UK has paid off. In the first quarter of this year, the European wealth management business attracted SFr4.2