Private banking 2005: UBS tops private banking poll
Its high industry rankings suggest that UBS's bold drive to build a private banking business onshore across Europe is paying off. The bank soars above the competition according to our second annual survey. But the cost has been substantial. And there remain plenty of niches in which its rivals can excel and turn good profits. Helen Avery reports.
Research by Kapila Monet, Yulia Badran, Liz Mundy and Kalin Trifonov
FOR THE TOP 10 private banks competing for the business of Europe's 2.6 million high-net-worth individuals, it is time to think strategically. The region has the largest pool of high-net-worth assets worldwide, some $26.1 trillion, and UBS Wealth Management has made it clear that it is prepared to write as many cheques as it takes to ensure its domination there.
It is a strategy that is paying off according to the results of Euromoney's second annual private banking survey. UBS once again ranked as western Europe's top private bank, while increasing its position in nearly every European country ranking.