Euromoney's private banking poll 2007: The world’s best private bank named in annual survey
"A global focus by private banks on clients in the wealth creation phase is further intensifying competition. Private banks have to convince clients that they have access to the best-of-breed third-party products in alternative investments, and access to balance sheets to aid high-net-worth investors in this phase of the wealth cycle.”
UBS has been named as the world’s best private bank in Euromoney’s benchmark annual survey of the wealth management industry.
UBS maintains its dominance of the market, winning the survey for the fourth consecutive year. Citigroup was runner-up, with HSBC in third place.
The most improved performers were Deutsche Bank, which rose from 12th overall in 2006 to 6th place this year; and two French banks, BNP Paribas and Société Générale, which both broke into the top 10 in the overall global rankings.
Published in the January edition of Euromoney, the magazine praised UBS which “through acquisitions and aggressive expansion, has succeeded in building up a presence across the globe and rolling out its holistic wealth management solutions to the broadening needs of high-net-worth clients”.
The increasing breadth and quality of service of a number of previously national or regional players was reflected in Bank Degroof of the Netherlands, SEB of Sweden and Santander of Spain entering the top 20 of the global rankings for the first time.
The trend is set to continue, according to Euromoney’s editors: “The results of this year’s survey, however, point to growing competition from regional players on their home turf. Global private banks will need to develop their onshore capabilities strongly to compete, or look to make acquisitions. A global focus by private banks on clients in the wealth creation phase is further intensifying competition. Private banks have to convince clients that they have access to the best-of-breed third-party products in alternative investments, and access to balance sheets to aid high-net-worth investors in this phase of the wealth cycle.”
The survey was based on responses from 558 private banks and wealth managers, representing $3.34 trillion of assets under management and $66.2 billion of global annual revenue.
Full details of the results, as well as comprehensive analysis of the most important trends in the wealth management industry:
A wealth of opportunity?
Private banks have never had it so good. Every region in the world offers a growth opportunity. Clients want an ever-increasing array of products and services. This leads to intense competition, evident in Euromoney’s latest annual private banking survey. But is further consolidation inevitable?
One bank leads the field in our global results, but the increased competition and number of players is evident through our expanded regional and country rankings.
Global awards: Best private banking sevices overall
4 Credit Suisse
5 Merrill Lynch
6 Deutsche Bank
8 BNP Paribas
10 ABN Amro
Euromoney's Private banking awards provide the only comprehensive database of wealth management. Which private banks had the best performing portfolios? What private bank is best for net-worth specific services? What is the best private bank in your region? Only Euromoney subscribers will find out.