The operating income of 200 global wealth managers saw an average rise of just 0.04% in 2016, even though assets under management rose some 4% during the year, according to consultancy Scorpio Partnership.
The wealth management consultancy's Global Private Banking Benchmark report also revealed that cost/income ratios fell below 80% for the first time since 2012, amid a push to cut costs by private banks and wealth managers. Neptune ditches wealth arm plans; Butcher exits According to the, total assets grew at 22 of the top 25 private banks over the 12-month period. By the end of the combined private banking assets of the top 25 firms offering the service stood at $13.3trn, nearly two third of the entire market share. UBS had the largest private banking assets at $2.1trn, followed...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes