According to research by Scorpio Partnership, 23 of the top 25 private banks by AUM all saw rises in their totals under management during 2013 with only HSBC and CIC posting an overall drop in AUM. The average rise across the 25 banking groups was 11.3%.
According to the study UBS grew its AUM 15.4% to $1.96bn during the course of 2013, not far behind came Bank of America Merrill Lynch which grew AUM 12.5% to $1.86bn and Morgan Stanley which saw a 17.5% rise to AUM of $1.45bn.
After these three there is a big gap in AUM terms with the fourth largest being Credit Suisse which grew assets 9.5% to $888m and making up the top five was Royal Bank of Canada with AUM up 5.6% during 2013 to $673m.
"This year's results highlight major structural changes taking place in global wealth management," said Seb Dovey, managing partner of Scorpio Partnership. "The findings demonstrate that the international wealth management sector is acclimatising to a 'new normal'- strong growth figures are commonplace, but so too are rising costs as the recovery is accompanied by increased regulation," he added.
Scorpio’s ‘global private banking benchmark’ tracks a number of performance indicators across the private banking model including AUM, net new money, income, expenses and ordinary profits.
