1. Top 25 firms manage $16.2 trillion HNW assets
Assets under management (AUM) at the top 25 global wealth managers grew 17% on average this year, finds Scorpio Partnership’s 2018 Global Private Banking Benchmark.
This means the top 25 operators which includes UBS, Morgan Stanley, Bank of America, Wells Fargo, Citi, BNP Paribas, HSBC and China Merchants Bank, among others, now collectively manage $16.2 trillion.
Favourable market conditions in 2017, resulting in additional new assets from new and existing clients, was the key growth driver.
On average, the contribution of net new money to AUM, which was flat in 2016, rose to 4.3% in 2017 for the 25 private banks, Scorpio Partnership said.
This compared to global peers, Asia’s wealth managers achieved the most significant gains. The average AUM growth was 15.2%, compared to 7.5% among European operators and 13.8% among firms based in the Americas.
New entrant Bank of China stood out by reporting double-digit growth for a second consecutive year.