Private banks AUM 2017 ranking has been published by GlobalData and Private Banker International. It shows China Merchants Bank has broken into the global top ten private wealth managers – for the first time.
The Chinese bank had assets under management of $292.8bn in 2017 and ranked tenth in GlobalData’s ‘2017 Global Private Wealth Managers AUM Ranking’.
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The survey was produced in collaboration with Private Banker International publication (PBI).
Total assets
The world’s top 25 private wealth managers managed approximately $10.8trn of assets in 2017, 14% higher than 2016.
UBS held number one position in the ‘2017 Global Private Wealth Managers AUM Ranking’, followed by Bank of America, Merrill Lynch and Morgan Stanley.
Credit Suisse and J.P. Morgan complete the top five, as all the largest players recorded double digit growth.
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By GlobalDataBartosz Golba, GlobalData’s head of wealth management content, said: “On average, the top five competitors increased their assets in 2017 faster than the rest of the players included in the ranking. This is a significant improvement on their 2016 performance, which proved to be a difficult year for the leaders.”
Golba added: “Although the average growth in the lower parts of the ranking might be lower, it is there where competition is the fiercest. The most notable move is China Merchants Bank breaking into the global top 10 for the first time.”
Andrew Haslip, head of financial content for Asia Pacific at GlobalData, said the six Asia Pacific banks tracked: Bank of China, China Merchants Bank, DBS, ICBC, OCBC and Standard Chartered, expanded their AuM by 17.4% in 2017. This is almost 3.5 percentage points higher than the rest of the top wealth managers.
Haslip added: “Almost all international private wealth managers have a focus on developing their presence in Asia Pacific where the market is growing. But it is not an easy market to thrive in with plenty of competition from local players. A lot of this growth is organic and the result of greater wealth across the Asia Pacific region as well as increased uptake of professional management by the HNW individuals of Asia.”
The ranking captures the AUM of private banking and wealth management operations of the world’s leading competitors. The data was collected from competitors’ publicly available materials (such as annual reports and financial statements), or from contacts in relevant organizations.
– The definition of AUM differs between wealth managers. To ensure figures are comparable, the data underwent our standardisation process, with the aim of capturing assets held with a provider for investment purposes by private clients, under the beneficial ownership of the client. Presented figures exclude assets held only in custody, as well as pure asset management operations. Where no detailed breakdown of AUM was provided by a competitor, we used our model to estimate the most accurate numbers.
– The ranking focuses on AUM of operations targeted at high net worth individuals. However, we have not adjusted data for the different thresholds of the various wealth managers tracked.
– The AUM data was collected in competitors’ reporting currency. Where this is not US dollars, data was converted using the 2017 end-year exchange rate. Yearly growth rates refer to change in reporting currency, and comparable 2016 figures for some providers have been adjusted to reflect changes in their reporting standards.
– Rankings and data from the previous years are available from GlobalData and Private Banker International.
– The ranking is a part of GlobalData’s Wealth Management Competitor Analytics, an interactive analytics tool benchmarking the AUM and financial performance of 36 leading global wealth managers. It is available to subscribers of GlobalData’s Financial Services Intelligence Center.
