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The private wealth management industry had a strong year in 2017 with 25 of the leading global players increasing their assets under management (AUM) by almost 14%, as the number of high net-worth individuals and affluent investors has continued to grow.
UBS tops the rankings with $ 2,402.8 billion AUM, over double that of its closest rival. China Merchants Bank also entered the top 10 in 2017 and was the first Chinese bank ever to do so.
Much of this success is the result of greater wealth across the Asia-Pacific region and growing interest in professional management by the high-net worth individuals there. This meant Chinese growth was about 3.5% higher then the rest of the top wealth managers, according to the research by GlobalData and Private Banker International.
Deutsche Bank, EFG International and ABN Amro were the only wealth managers in the ranking to lose ground in 2017.
15. The Industrial and Commercial Bank of China (ICBC) – $ 206 billion
Today Online
One of China’s “big four” state owned banks, ICBC is considered to be the largest bank and public company in the world by assets, with a private wealth management arm that ranks 15th in the world for AUM and climbing.
14. Wells Fargo – $ 248 billion
Washington Post
The San Francisco-headquartered bank has a prominent wealth management arm and remains one of the biggest names in US banking.
13. Deutsche Bank Wealth Management – $ 256.8 billion
loop_oh via http://www.flickr.com/photos/loop_oh/94606523/ creative commons
The 17th largest bank in the world by total assets, wealth management is one of three pillars of Deutsche Bank’s (DB) business. DB’s wealth management arm is one of the few in this ranking to lose ground on AUM in 2017, giving the leadership more bad news to handle.
See the rest of the story at Business Insider
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