Private banking ranking
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Private banking is a term for investment, banking and other financial services provided by banks to private individuals investing huge-sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It should not be confused with a private bank, which is simply a non-incorporated banking institution.
Historically private banking has been viewed as very exclusive, only catering for high net worth individuals with liquidity over $2 million, although it is now possible to open some private bank accounts with as little as $250,000 for private investors. An institution's private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients. A high-level form of private banking (for the especially affluent) is often referred to as wealth management. For private banking services clients pay either based on the number of transactions, the annual portfolio performance or a "flat-fee", usually calculated as a yearly percentage of the total investment amount.
The word "private" also alludes to bank secrecy and minimizing taxes through careful allocation of assets or by hiding assets from the taxing authorities. Swiss and certain offshore banks have been criticized for such cooperation with individuals practicing tax evasion. Although tax fraud is a criminal offense in Switzerland, tax evasion is only a civil offence, not requiring banks to notify taxing authorities.
Private bank rankings
Based on Euromoney's annual Private bank and wealth management ranking 2010, which consider assets under management, profitability, ratio of clients to relationship managers and services offered, global private banking assets under management are down substantially YoY, from $11.8 trillion to $6.8 trillion.
Best private bank for ultra high net worth ($30m+) 2010. This table displays results of one category of the Private bank ranking. JPMorgan took the top spot in Euromoney's 2010 poll for "Best private bank for ultra high net worth ($35m+) 2010."
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According to Scorpio Partnership's Annual Private Banking Benchmark for 2010, the largest private banking division is at Bank of America, followed by UBS AG, Morgan Stanley Smith Barney, and Wells Fargo. Each of these institutions gathered more than $1 trillion in assets under management for private clients. The annual ranking of the global wealth managers showed a relatively static picture as well in terms of positioning although assets (driven mostly by asset management) grew substantially. Indeed, the top 10 now collectively manage USD8.733 trillion in HNW assets, representing 64% of the total industry of fee-based managed assets today. While the top 20 manage USD10.451 trillion, representing 77% of the market, up from USD9.2 trillion in the previous year.
The ten largest global private banks as of December 31, 2010, are as follows (listed by assets) :
Bank of America ($1.740 trillion)
UBS ($1.593 trillion)
Morgan Stanley ($1.508 trillion)
Wells Fargo ($1.218 trillion)
Credit Suisse ($775 billion)
JP Morgan ($636 billion)
Royal Bank of Canada ($379 billion)
HSBC ($379 billion)
Deutsche Bank ($272 billion)
Pictet & Cie ($243 billion)
Now, what your conclusion about private banking ranking above?
Historically private banking has been viewed as very exclusive, only catering for high net worth individuals with liquidity over $2 million, although it is now possible to open some private bank accounts with as little as $250,000 for private investors. An institution's private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients. A high-level form of private banking (for the especially affluent) is often referred to as wealth management. For private banking services clients pay either based on the number of transactions, the annual portfolio performance or a "flat-fee", usually calculated as a yearly percentage of the total investment amount.
The word "private" also alludes to bank secrecy and minimizing taxes through careful allocation of assets or by hiding assets from the taxing authorities. Swiss and certain offshore banks have been criticized for such cooperation with individuals practicing tax evasion. Although tax fraud is a criminal offense in Switzerland, tax evasion is only a civil offence, not requiring banks to notify taxing authorities.
Private bank rankings
Based on Euromoney's annual Private bank and wealth management ranking 2010, which consider assets under management, profitability, ratio of clients to relationship managers and services offered, global private banking assets under management are down substantially YoY, from $11.8 trillion to $6.8 trillion.
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Scale
According to Scorpio Partnership's Annual Private Banking Benchmark for 2010, the largest private banking division is at Bank of America, followed by UBS AG, Morgan Stanley Smith Barney, and Wells Fargo. Each of these institutions gathered more than $1 trillion in assets under management for private clients. The annual ranking of the global wealth managers showed a relatively static picture as well in terms of positioning although assets (driven mostly by asset management) grew substantially. Indeed, the top 10 now collectively manage USD8.733 trillion in HNW assets, representing 64% of the total industry of fee-based managed assets today. While the top 20 manage USD10.451 trillion, representing 77% of the market, up from USD9.2 trillion in the previous year.
The ten largest global private banks as of December 31, 2010, are as follows (listed by assets) :
Bank of America ($1.740 trillion)
UBS ($1.593 trillion)
Morgan Stanley ($1.508 trillion)
Wells Fargo ($1.218 trillion)
Credit Suisse ($775 billion)
JP Morgan ($636 billion)
Royal Bank of Canada ($379 billion)
HSBC ($379 billion)
Deutsche Bank ($272 billion)
Pictet & Cie ($243 billion)
Now, what your conclusion about private banking ranking above?
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