Global private banking assets under management
(AuM) increased by a median of 17% to $16.5trn to the end of 2009
but overall private bank profitability dropped by a median of -35%,
according to Scorpio Partnership.

Its annual key performance indicator (KPI)
benchmark study, which surveyed 230 wealth management institutions,
found while high net worth (HNW) assets had increased,. net new
money flows dropped by almost 60% from last year.

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The analysis indicates private banks are
struggling despite increasing HNW assets, opening up the
possibility of increased consolidation as banks look to increase
operating efficiency.

Scorpio’s estimates of $16.5trn represented
42% of the world’s total HNW wealth of $39trn, according to figures
reported in the 2010 Merrill Lynch/Capgemini world wealth
report.

Scorpio estimated the real total HNW market
opportunity was $26trn indicating there was approximately $10trn of
HNW assets that could be targeted by private banks that was not
currently in the sector.

The study also produced a Top 10 Global
private bank ranking which differed from PBI’s
own analysis. Scorpio included Royal Bank of Canada and Pictet,
leaving out Citi Private Bank which PBI estimated at
$325bn in AuM and BNP Paribas with $273bn.

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PBI GLOBAL INDEX –
2010

Leading private banks – ranked
by assets under management (AuM), $bn

Rank 2010

Rank 2009

  

AuM 2010

AuM 2009

AuM change

Net new money (%)

1

1

BofA/Merrill

2,173

2,394

-9.2%

n/a

2

2

UBS

1,592

1,900

-16.2%

-6.3

3

5

Morgan Stanley*

1,560

522

198.9%

n/a

4

4

Credit Suisse

775

768

0.9%

5.5

5

6

HSBC

367

352

4.3%

-2.0

6

3

Citi Private Bank (estimate)

325

1,320

n/a

n/a

7

7

BNP Paribas-Fortis

273

214

27.6%

3.3

8

9

Deutsche Bank

272

211

28.5%

4.3

9

8

JP Morgan

270

258

4.7%

n/a

10

11

Barclays Wealth

245

203

20.7%

2.1

Note: based on end-year 2009 figures,
changes in AuM also impacted by currency changes between private
bank’s reporting currencies and US dollar. *Citi Private Bank and
Morgan Stanley figures impacted by Morgan Stanley’s acquisition of
Citi’s private wealth management division in the first quarter of
2009 Source: Company reports

 

SCORPIO 2010 GLOBAL TOP
10

Ranked by assets under management,
$bn

  

1

Bank of America

1,740

2

UBS

1,594

3

Morgan Stanley

1,508

4

Wells Fargo

1,218

5

Credit Suisse

775

6

JP Morgan

636

7

Royal Bank of Canada

379

8

HSBC

367

9

Deutsche Bank

272

10

Pictet

243

Source: Scorpio Partnership, based on end-2009
data