Private banking survey 2009: Testing times shake up the old hierarchy
Private clients have traditionally been seen as stable money. But 2008 proved that axiom doesn’t always hold, as private banks attached to investment banks discovered.
So, while UBS continues to reign as Euromoney’s top private bank, independent advisors are gaining favour among the wealthy. Helen Avery reports.
PRIVATE BANKING IS a good business to be in. The world’s wealth may be slowly deteriorating as stock markets fall, hedge funds blow up and real estate prices crash, but rich people need advice – perhaps more so in bad times than good – and they will pay for good counsel. According to the Merrill Lynch/Capgemini world wealth report, high-net-worth wealth globally totalled $40.7 trillion by the end of 2007. But statistics from consultants Scorpio Partnership estimate assets managed by wealth managers to be just $17.4