Private Bank are the short-listed contenders for the key Private
Banker International 2008 award: The Outstanding Global Private
Bank for 2008.
The winner will be unveiled on November 6, in a special awards
ceremony during the PBI Annual Wealth Summit in Singapore.
Go deeper with GlobalData
Barclays Wealth is rapidly making itself a global force in private
banking, moving out of its traditional power base in Britain. A
two-year programme to stamp its brand firmly on the wealth business
outside of the UK has proved successful. It is now gaining a
significant foothold in the key North America wealth markets via
the acquisition of Lehman Brothers Private Investment
Management.
Barclays Wealth also broke into the top 10 of global private banks
in 2007, ranked as the 9th largest bank in terms of client assets
under management at $265 billion.
Credit Suisse has had to take hits from the credit crisis but,
unlike larger rivals, it has escaped the worst of the mauling and
is undergoing rapid expansion of its wealth capabilities.
While UBS, Merrill Lynch and Citigroup still rank as the world’s
largest wealth managers, Credit Suisse is pressing on their heels
and is arguably well-placed to be among the favoured homes for
client funds as the crisis unfolds.
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By GlobalDataThe bank is well aware of this strategic opportunity, setting a
target of recruiting 1,000 relationship managers by 2010.
HSBC Private Bank continues its steady rise into the top ranks of
wealth management. It is now ranked in 7th place among private
banks, expanding client assets by a market-leading 26 percent to
amass a total of $421 million at end-2007.
With its huge global network of retail customers and small to
medium-sized businesses plus its capital strength, HSBC is well
placed to continue to expand its wealth operations.
• For the full list of PBI awards contenders for 2008, see The
benchmark for the wealth industry
