UBS top as HNWIs re-invest
Private banks’ solutions must be fairly priced, says Scorpio
The wealth management industry registered 14.4 per cent growth in assets under management during 2003, according to the latest Private Banking Benchmark survey from Scorpio Partnership.
Improved financial markets and an influx of new assets from high net worth individuals (HNWIs) to banks were the reasons behind the growth in a sector that manages more than $4600bn.
The research shows pre-tax profits rose for the leading private banks.
Sebastian Dovey, managing partner at Scorpio, said that despite this, the sector must not stand still. “It must focus more on clients’ requirements, making sure its systems are appropriately positioned and its investment management solutions are fairly priced.”
With $1031bn (E843bn) in assets under management, UBS Group ranks first in the top 10 private banks table. The bank attracted a total of SFr19bn (E12.4bn) from private clients in Q1, up from SFr11bn a year earlier. However, just SFr4.2bn came from Europe.
