UBS tops 2012 'mega-wealth manager' list as AUM soars

UBS has become the largest global wealth manager after its assets under management soared in 2012, according to a survey from UK-based research firm Scorpio Partnership.

The Swiss firm, which has recently been shrinking its investment banking business, has increased its AUM by 9.7% year-on-year to manage over $1.7trn. It overtook Bank of America, which held the top spot last year, but saw AUM grow by only 5.9% to $1.67trn IN 2012, leaving it in second place. The research looked at 209 global wealth management firms and then focused on the top 20 firms by AUM, which were coined the "mega-wealth managers". These firms saw AUM jump 10.9% in 2012 in total. Last year, Spain's Santander returned to the top 20 list for the first time since 2010, as its...