The big global players have been able to gain client assets in the prime international markets of London, New York, Singapore, Hong Kong, Zurich/Geneva and Dubai at the expense of regional banks, according to the Euromoney’s 2014 survey.

UBS Wealth Management ranks once more as the best global private bank followed by Swiss rival Credit Suisse. JPMorgan remains third, while Citi moves up to fourth place globally, moving HSBC down a notch. The top five banks are looking to asset management as the driver for market share.

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Each now has a chief investment office that is responsible for macro asset allocation decisions for the bank’s clients. It is a move away from the traditional model of private banking.

Jürg Zeltner, chief executive of UBS Wealth Management, said: "The industry is moving to a model of investment management for private wealth and away from just collecting funds."

Individual chief investment officers (CIOs) are now crucial to leading wealth managers. JPMorgan seems to be winning the battle of asset management, having moved to a CIO model in the late 1990s. It ranks first in equity and fixed-income portfolio management as well as in the alternative investments of private equity, hedge funds and real estate.

JPMorgan Private Bank’s chief executive Phil di Iorio says banks have often just leveraged investment views from asset management or the investment bank instead of having a dedicated CIO "who analyzes markets with a private client lens".

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In Asia, a key region for private banks, the global banks dominate the top 10 overall. UBS, Citi, Credit Suisse, HSBC and JPMorgan take the top five positions in Asia respectively. China Merchants Bank (CMB) won on its home turf in China.

CMB executive vice-president Liu Jianjun tells Euromoney in an interview that China’s banks will need to respond to the growing need of China’s wealthy for cross-border asset allocation and overseas market.