UBS retains positions as world's biggest private bank: study
ZURICH - UBS kept its ranking as the world's biggest private bank last year, a study by wealth management researcher Scorpio Partnership showed on Thursday.
With $1,737.5 billion of assets under management, UBS retained its highly-prized first place in 2015, staying nearly $300 billion ahead Bank of America Merrill Lynch which replaced Morgan Stanley in second place.
UBS, Switzerland's biggest bank, saw a 1 percent fall in managed assets in 2015, while BofA Merrill Lynch's managed assets dropped 2 percent and Morgan Stanley's fell 2.8 percent.
Facing a slowdown in emerging markets, heightened volatility and hesitant clients, assets under management fell 1 percent in the overall industry, the private banking benchmark study showed.
Net new money, a volatile but important indicator of future earnings in wealth management, fell 6.9 percent overall.
For the 25 largest industry players, the drop in assets under management was steeper, even though they were able to increase net new money by a third.
"Ultimately, the market leaders have focused aggressively on improving their cost-effectiveness in their operating models in order to weather the storm as best as possible," Scorpio Managing Partner Sebastian Dovey said.
Switzerland's second biggest bank Credit Suisse fell further behind Morgan Stanley in the ranking with a 7.2 percent fall in its managed assets to $687.3 billion, the benchmark showed.
With less than half of Morgan Stanley's managed assets, Credit Suisse would need to add $750 billion to break into the top three in private banking, an area Chief Executive Tidjane Thiam hopes will its main money maker in the coming years.
Under Thiam, Credit Suisse has shifted resources away from investment banking and into wealth management in an effort to cut costs and boost earnings while taking on less risk. -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔