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TableForeword

Section on

Executive su

Section tw

Private bank

Section th

Solid assets

Correlation b

Assets unde

Top of the a

US firms

Control of th

Net new mo

Net new mo

Section fo

Regional ass


e of c

ne: Execut

ummary

wo: Busine

king models

hree: Asset

s under mana

between ass

er manageme

assets under

he world’s w

oney, but not

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our: Region

sets under m


conte

ive summa

ss models

ts under m

agement gro

sets under m

ent and aver

managemen

ealth

as we know

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nal growth

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12

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18

19

20

22

24

26

28


Sectio

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Expens

Cost m

Cost-in

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As asse

Deposi

Margin

Sectio

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Notes o


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t income gai

ses still rising

management

ncome ratios

estion of sca

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ets under ma

ts and loans

s continue to

on six: Foo

arency table

on the Bench


come, expe

ins

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trends

s remain stub

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36

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Figures

Figure 1:

Figure 2:

Figure 3:

Figure 4:

Figure 5:

Figure 6:

Figure 7:

Figure 8:

Figure 9:

Figure 10:

Figure 11:

Figure 12:

Figure 13:

Figure 14:

Figure 15:

Figure 16:

Figure 17:

Figure 18:

Figure 19:

Figure 20:

Figure 21:

Figure 22:

Figure 23:

Figure 24:

Figure 25:

Figure 26:

Figure 27:

Figure 28:

Figure 29:

Figure 30:

Figure 31:

Figure 32:

Figure 33:

Figure 34:


KPIs for the

Cost-incom

Gross marg

Average ass

Assets unde

Ranges and

Top 25 glob

Leading eig

Total assetsin 2013

Estimate of

Average net

Average net

Average net

Assets book

Average dis

Regional bre

UBS Internabreakdown UBS Internachange in a

Average ope

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Breakdown

Breakdown

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Cost-incom

Assets unde

Average ope

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Gross margmargin and


e internationa

me ratio 2007

gin in basis p

sets under m

er managem

d means of a

bal private ba

ht US wealth

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stribution of s

eakdown of

ational (excluof assets un

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erating incom

of operating

of operating

of operating

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of operating

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of operating

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er managem

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gins and yearassets unde


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management

ent performa

assets under

anks by asse

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agement and

te banking p

y by business

y and averag

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sample bank

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me and avera

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g income 200

g income 200

g income 200

enses and av

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g expenses 2

g expenses 2

g expenses 2

average per

ent vs. cost-

ts and avera

ts and range

r-on-year chaer manageme


nagement in

ersified firms

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and average

ance vs. the

managemen

ets under ma

by assets un

d market sha

penetration

s model 200

ge percentag

s

assets booke

ks assets und

er manageme

Americas Weaement 2009 –Americas Weaal growth rat

age percenta

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07-2013 – di

07-2013 – pu

verage perce

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2007-2013 –

2007-2012 –

rcentage cha

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MSCI World

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alth Manage– 2013 alth Managete 2009-2013

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irms

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ate banks

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ons 2013

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17

18

20

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22

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28

29

29

30

30

32

32

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Figure 35:

Figure 36:

Figure 37: Figure 38:

Figure 39:


Ratio of dep

Ratio of loan

Distribution Distribution commissionDistribution


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n income onlof gross ma


al assets und

ssets under m

argin on bankgross margiy)

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gement (fee

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As

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Within the Band diversifibreak out th


ve summ

from the intentinuing to rece 2008. The economic s

gulation conteign AccounDirective II (

mpliance chaontinued to pd Index, grew

mark report cpresentative

picture for ouwith higher co

his year the

erformance imanagement

growth in assnet new mont year, the ye

rofits acrossrofits increasceptive and m

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et new mone

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mary

ernational weecover from te positive newstability in Eu

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compiles the e snapshot of

ur Benchmarost-income rBenchmark

indicators sh industry wa

sets under mney. While neear-on-year a

s the Benchmsing on averamasks the di

rnational wealt

managemen

ey

ofits

ome

penses

ratio

firms broadlyoth models hompared to t


ealth managethe set-backws emanatin

urope and the

ert pressure oliance Act (Fming up in 20es yet more tin 2013 cont

p from 17% i

data of overf the industry

rk is mixed batios than prregistered co

how that the as up in 2013

management et new moneaverage grow

mark continuage by 3.1% verging fortu

th manageme

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nt

y break downave their advthe whole.


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on firms withFATCA) durin016. We antime and mortinuing their in 2012.

r 200 wealth y’s key perfo

but equally isre-crisis as inost-income r

average per3 to 17.0%. T

in 2013 is aey grew on avwth in net ne

e to grow bu to around U

unes of differ

ent industry

an 2013 (US

103.6

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n into two difvantages and


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ates.

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lmost certainverage acros

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r-ending 201 engulfed thebeen aided b

s putting asidear and the Mth managers address. Fin12. The best

nt firms arouicators.

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9% - up 2.8%

ange in assetes to 8.7% in

nly linked to ss the Benchll back by -1

been a mixedllion. Howevs models.

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s of businessages and this

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market perfohmark by US4.0%.

d picture forver, as we wi

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s model – pus is borne ou

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ase in the

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kets around f this, the

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h firms ve costs

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irms have seo the year bereturn to a f

ssions.

irms also saw


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player markere pure playe

e to make thethe UK, with

player cost-ie player cos

hallenges for

fact that purUSD26.1 mit pure player

ncreasing coent segmentsr to USD188en income gre streams.

s though pureng operations. However isustainable amit the cost o

anwhile, the y USD3.7 bill

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income ratiot-income ratthe commer

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osts of servics. Pure playe.3 million. Thew by just 1

e players ares in areas wf this strateg

and may requof complianc

performancelion in 2013,

operating incincome grew

nvestment en

increase by


new money, average inflotry in difficulthe Eurozone stments beca

oing a transfobeing forceds of the businuction of the

os grow by 9.tio of a still hrcial viability

ave seen thesolid 2012, w

heir current p

ce, pure player firms havehis has been.2%, or an a

e continuing where they hagic focus failsuire pure place.

e indicators sbut year-on

come grow bw by 5.6%. Hnvironment, w

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there was anow of USD1.1ty, the year-ocrisis in that

ame invested

ormation. Asd to merge, cness work. ORetail Distrib

.1% from 20hefty 88.3%.

of smaller fi

ir operating pwhere opera

profitability, a

yers are honie increased t driven by a

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to extend thave greatest s to adapt to

ayers to look

show slightly-year this wa

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n average de1 billion. Whon-year chant year, saw cd assets.

cost-incomecut their serviOne such mabution Review

12 to 94.5%The continurms and has

profits fall baating profits gare still strug

ng their prodheir averagesubstantial iSD179.3 mill

eir wallet shmarket pene

o meet the grat scaling th

y different treas actually a

ust shy of US12’s figures

n led to a sig

ping nearly U

eceleration inile these negnge could beclients’ confid

e ratios takeice offering o

arket where tw (RDR).

%. This comping rise in th

s prompted c

ack with a -2grew by an aggling to bea

duct and sere operating inincrease in felion, pure pla

are with theietration and rowth of opehrough acqu

ends. Net nea -18.0% dec

SD1.7 billionneed to be snificant incre

USD1.8 billion

n percentagegative growthe explained dence

e their toll on or specialisehis is

pares to the his metric is considerable

2.0% averageaverage r down on

rvice range toncome by ees. ayers are

ir existing securing erating isition to

ew money cline in

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o


Taking theseable secure This continu Qualitative inin 2013 suggon everythindiversified pSome of thelarge diversithe world. As such our increasing w Some largermarkets to bthose offerinbanking servwealth are in While internathey find themeanwhile, critical comm As a result oemerging mentry, while


e two metrican increase

ues from 201

nformation sgests they hang. Over the players speciese bets havefied operato

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ognised branable to comm

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elopments, rme instance

ssets and rev


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t diversified aching the enrs, to compesought out h

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nds in the prmit to markerom the startg – trusted ad

ecently largees teaming upvenues by pr


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growth stratt strategy.

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ogether, diven profit figur

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Figure 2: Cos

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iversified


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y performancal. High cost question is w

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EC2M 4PL | 086 5209

008 and retubeen squeezof income.

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Figure 7: Top

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1

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5

6

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9

10

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13

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Figure 8: Lea

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s of where thwe secured e total assetging 24% of

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ooking region

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Figure 20: Av


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EC2M 4PL | 086 5209

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ortion of totald declined.

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Figure 24: Av

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xpenses. Thirategies in e

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has been thnging from sts as a result

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rise of sation levels

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e and compl

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2008


evels vs. Pers

2,103

45%

40%

2009

Average


onnel costs b

2,586

46%

41%

2010

e Staff


by model

2,206

49%

42%

2011

Pure player


2,264

48%

47%

2012

Diver

EC2M 4PL | 086 5209

2,325

49%

41%

2013

sified

20%

40%

60%

Per

sonn

el e

xpen

ses

/ T

ota

l ex

pen

ses

(%)


Figure 27: Br

Figure 28: Br

Figure 29: Br

2

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6

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f o

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atin

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ses

% o

f o

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38%

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36

24

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20%

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60%

20

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19%

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20%

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200


operating exp

operating exp

operating exp

%42%

%

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07 200

6%

45

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007 20

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07 200

Personel e

Amortisatio


penses 2007-

penses 2007-

penses 2007-

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08 200

xpenses ratio

on ratio


-2013 – all fir

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-2012 – Pure

% 44%

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09 201

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rsified firms

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Prov

EC2M 4PL | 086 5209

% 46%

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9%

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eral & other ex

visions/losses

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Cost-inc

This year, wfalling modegroup.

In 2013, purrose by 2.2%their dependto keep costthis year the Diversified pcost-income Figure 30: Co

T

D

P


come rat

e have seen estly and cos

re player firm%. Despite thdency of feests down. Las

e situation se

players have e ratios for d

ost-income ra

Total

Diversified

Pure player


ios rema

a continuedsts increasing

ms were mosthis, the averas and commst year we caeems to have

seen their coiversified firm

atios and aver

Cost-inc

82

77

88


ain stubb

d increase in g, the overal

t successful age cost-incissions, and

alled on these deteriorated

ost-income rms was 2.6%

rage percenta

ome ratios

2.9%

7.6%

8.3%


bornly hig

cost-incomel cost-incom

in limiting thcome ratio am despite this

se business md despite im

ratios worse%, taking the

age change

Year-differe

+2

+2

+2


gh

e ratios. Withme ratio reach

he rise of cosmong pure ps rising over tmodels to ta

mpressive inc

n as well. Th average to 7

-on-year ence 2013

2.8%

2.6%

2.2%

EC2M 4PL | 086 5209

h income acrhes new heig

st-income ratlayers firms the last year,ckle costs asome gains.

he average p77.6%.

Yeardiffer

+

+

+

ross the Benghts of 82.9%

atios althoughstood at 88., they have bs a matter of

percentage c

r-on-year rence 2012

+0.5%

+0.5%

+0.3%

nchmark % across the

h this still 3%. Due to

been unable f urgency –

hange in

e


The que

We believe tfirms have b As Figure 31with both buincrease. However, divmodel contr Figure 31: As

1

Co

st-i

nco

me

rati

o


estion of

that by leverabeen more ef

1 shows belousiness mod

versified firmributes signif

ssets under m

25%

75%

25%

0


scale

aging their wffective at ke

ow, there is aels trending

ms have a moficantly to eff

management v

1

Assets


wider group seeping their c

a connectiontowards low

ore constantficiency.

vs. cost-incom

10

s under man


structure for cost-income

n between cower cost-inco

t trend, regar

me ratios

100

nagement (U


operational ratio under

ost-income rome ratios as

rdless of size

1000

USD billions

EC2M 4PL | 086 5209

functions ancontrol.

atios and ass assets und

e, demonstra

s)

nd efficiency

ssets under mer managem

ating that the

Diversified

Pure Player

Linear (Dive

Linear (Pure

, diversified

managementment

e operating

rsified)

e Player)

t


ProfitabiDespite opemeaning thawelcome, es The headlinethe strugglesslowed to 2.range for thisustainable By contrast,operating prof 6.0%. In terms of tby assets unwhile the mo Figure 32: Av

To

D

Pu

Figure 33: Av

Tota

Diversified

Pure Playe


lity rises,erating expenat operating pspecially give

e numbers hs pure playe.0% to just Us business mperformance

diversified frofits to USD

he ranges ofnder manageost profitable

verage operat

otal

iversified

ure players

verage operat

-72

-16

-72 26

-500

al

d

er


, but pernses increasiprofits increaen the comp

owever, disger firms are exUSD26.1 millmodel also ses.

firms postedD495.0 million

f operating pement, registe secured pr

ting profits an

Averag(U

ting profits an

608

178

495

6

1000


rformancing across thased by 3.1%

parative profit

guise variatioxperiencing.ion compareuggests that

a positive an, building o

profits, diverstered a wide ofits of USD

d average pe

ge operatingUSD million

178.3

495.0

26.1

d ranges

Operating pr


ce is patche Benchma% to an avert growth of 2

ons and the b The average

ed with doubt despite sim

average percen a successf

sified firms, pe range of pro4.7 billion.

ercentage cha

g profits s)

2500rofits (USD m


chyrk, operating

rage of USD12012, of just

business moe percentage

ble that growmilarities, not

entage chanful 2012, wh

perhaps unsofitability. Th

ange

YoY % cha2013

+3.1%

+7.1%

+2.0%

400illions)

EC2M 4PL | 086 5209

g income for 178.3 million2.0%.

odel split hase change in p

wth in 2012 ofall pure play

ge of 7.1%, ere operating

urprisingly ghe least profit

ange Yo

4,69

4,69

0

the firms gren. This profit

s once againprofits for pu

of 4.3%. The yers are deliv

taking averag profits by

given their getable lost US

oY % chang2012

+2.0%

+6.0%

+4.3%

96

96

5500

ew faster, growth is

emphasisedure players profitability

vering

age an average

eneral sizes SD16 million

ge

d

,


As assetAs we have Although pugross margin For the indudown by -2.divided by a This fall refleassets and cstruggling be Diversified fihigher marg Pure playersrepresenting Figure 34: Grunder manag

G

Ad

G


ts underalready obse

ure players hans drop sign

stry as a wh8% to 106bp

assets under

ects both thecash to invesecause inter

irms, whose ins from a w

s meanwhile g a fall of -3.8

ross margins gement

ross margin

djusted gros

ross margin


r manageerved, the geave been ab

nificantly.

ole, the percps from 109bmanagemen

e dash for destments in a rest on cash

own gross mwider variety o

have seen t8%.

and year-on-

n on assets

ss margin (f

n on banking


ement greneral trend le to achieve

centage chanbps in 2012.nt.

eveloping malow-yield encan far outst

margin declinof products.

heir gross m

year change

under mana

fees and com

g business (


row, grosin margins s

e greater sta

nge in the gr Gross marg

arkets and thnvironment. Itrip investme

ned slightly b

margins slip b

across banki

agement

mmissions)

(deposits an


ss margsince 2007 hability in rece

ross margin ogin is the mea

he challenge n emerging ent yields on

by -2.7% to

back from 10

ng business,

nd loans)

EC2M 4PL | 086 5209

ins remaas been one nt years, this

on all assetsasure of tota

of convertinmarkets mea

n a globally d

110bps, are

6bps in 2012

adjusted gro

2013 Yo

106bps

55bps

92bps

ain flat e of gentle ers year has se

s under manaal operating i

ng clients froanwhile, firmdiversified po

well placed

2 to 102bps

oss margin an

oY % chang

-2.8%

0.0%

-4.2%

osion. een their

agement wasncome

m real ms are ortfolio.

to generate

in 2013

d assets

ge

s


DepositsIn fact what assets underatios, sugge

Interestinglydecline has from 2012 toadditional fe

Given the peEurope and

Figure 35: Ra

Figure 36: Ra

Dive

Pure

Dive

Pure


s and loawe have see

er managemeests that ban

y though, thebeen witneso 2013. It suees and com

ersistent lowthe UK and

atio of deposi

atio of loans to

0%

Total

ersified

Player

0%

Total

ersified

Player


ans – baen over the cent across alnks are lendi

e ratio of depsed more amggests clientmission inco

w interest raterising equity

ts to total ass

o total assets

1

11.3

9.2%

1

1


anking funcourse of thel business mng less due

posits to totamong pure pts are putting

ome.

e environmeny markets, it i

sets under ma

s under manag

0%

3%

3.0%

16.9%

17.6%

15.9%

0%


ndamene last year, hmodels, thoug

to the threat

al assets undlayer busineg money bac

nt across mais unsurprisi

anagement

gement

25.3

22.6%

20%

%

20%


talsas been a degh the -8.4%t of rising int

er managemss models, wck into the m

any developeng to see de

3%

28.7%

28.7%

28.7%

28.8%

30%

30%

EC2M 4PL | 086 5209

ecreasing rat% reduction o

erest rates.

ment has alsowith a drop o

markets, help

ed wealth maeposits fall.

%

%

tio of loans tof diversified

o decreased.of -6.2% oveping them to

arkets in Nor

40%

40%

to total d firms’

. This er the year gain

rth America,

2013

2012

2013

2012


Margins Yet, in a statvirtually uncis a measureThis measurreported gro

Similarly, feethe sample a

Figure 37: Dis

Figure 38: Dis


continuetic interest rahanged acroe of net interre declined fooss margins

e and commas a whole. T

stribution of g

stribution of a


e to be sate environmoss the wealtrest income aour basis poon banking b

ission incomThis adjusted

gross margin o

adjusted gros


squeezedment, it is no th managemas a percent

oints to 92 babusiness fall

me as a perced gross marg

on banking b

s margin on a


dsurprise to f

ment industry age of loansasis points ining to betwe

entage of asgin remained

business

assets under


find the grossin 2013. The

s and depositn 2013. On theen 0-60 bps

sets under md constant fro

management

EC2M 4PL | 086 5209

s margin on e gross margts expressedhis front, a las.

managementom 2012 at 5

t (fee and com

banking busgin on bankind in basis poarge number

t was also st55 basis poi

mmission inco

siness was ng business

oint terms. of firms

atic across nts.

ome only)


As can be sesignificant aMargins havstill able to g Figure 39: Dis

The results fwhole. The s2012, but bawhile firms cwill not be a On the cost diversificatiosufficient inchigher comp On balance,compositionoperating incThe most obthe dominanThis will help While wealthface interactefficiently. Similarly, firmenough to ththose who tasustainable


een from thecross the ind

ve been comgenerate gro

stribution of g

from the Bensignificant slanks will neecontinue to bable to contin

score, the mon and their tcome to covepliance costs

diversified fn of earningscome bouncbvious solutionce of personp reduce som

h managemetion and atte

ms need to throw your charget marketgrowth in ne


e distributiondustry a signing down co

oss margins e

gross margin o

nchmark banowing down

ed to be warybattle againstnue on its cu

most obvioustight geograer their expes.

firms continus has been mcing betweenon to encournnel costs acme of the rel

ent is a relatiention, banks

think much mhips down acts specificallew markets.


of gross manificant numbonsistently ovexceeding 18

on assets und

nks have sho in net new my this is not tt eroding marrent trajecto

s danger is faphical or reg

enditure, whic

ue to commamore unpredicn 53% of all irage both divcross the indiance of thei

onship busins need to thin

more carefullcross the rouy, with tailor


argins on assber of firms tver the last t80bps.

der managem

own that 201money flowsthe start of aargins and haory without s

aced by puregional focus, ch is being f

and better asctable, with tincome to asversified anddustry, is for r service pro

ness at heartnk creatively

y about theiulette table ored service p


sets under mtend to clustehree years, a

ment (all incom

3 has been as may be a fua new trend. ave slowly insignificant co

e players. Pethey are wo

forced higher

ssets flows, mthe fees ands little as 45%d pure playerwealth mana

oposition from

t and thus tey about how

r expansion of emerging mpropositions t

EC2M 4PL | 086 5209

management,er around thealthough a sm

me)

a mixed yearunction of sigCosts contin

ncreased theost reduction

erhaps as a rerst placed tor by advisor

margins and commission

% over the sr firms to redagers to invem well remun

chnology cathey can foc

and growth smarkets and to match clie

, while the spe 60bps-90bmall number

r for the indugnificant grownue to inch heir incomes, tns.

result of theiro continue gecompensatio

income, butns componesix year perioduce their coest heavily innerated priva

an never replcus their reso

strategies. It hope for theent demand

pread is verybps point. r of firms are

ustry as a wth from

higher and the industry

r lack of enerating on and

t the ent of od. osts, given n technologyate bankers.

ace face-to-ources more

t is no longere best. Only will achieve

y

y.

-

r


SecFoo


ctionotnot


n sixtes


:



EC2M 4PL | 086 5209


Transpa

AB

AEK

Agr

Ahl

Akb

AK

Åla

Åla

Allia

AM

And

Ara

Arb

Arn

ARV

Atla

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arency ta

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buthnot Lath

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EC2M 4PL | 086 5209

Ass

ets

und

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t

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new

mon

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Ban

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Ban

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Ban

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Bar

Bro

BE

BE

BE

Ber

Bes


nco BPI

nk am Bellev

nk Audi

nk Degroof

nk Frick

nk Gutmann

nk Hapoalim

nk Leumi

nk Leumi - L

nk Leumi - S

nk of Americ

nk of China

nk of New Yo

nk of the Phi

nk Safra Sar

nk Zweiplus

nkhaus Lam

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nkinter

nque Canton

nque Canton

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nque du Lux

nque du Lux

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rclays

own Brothers

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KB | BCBE (S

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nale de Genè

nale du Valai

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EC2M 4PL | 086 5209

•

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•

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•

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BH

BM

BN

Bos

Bos

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BS

BTG

BZ

Car

Cen

Chi

Chi

CIB

CIC

Cré

Cré

C.

Citi

Clo

CIM

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Dan

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DN

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mmerzbank

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EC2M 4PL | 086 5209

•

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EC2M 4PL | 086 5209

•

•

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EC2M 4PL | 086 5209

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Syz

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UB

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EC2M 4PL | 086 5209

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Notes on

ABN AMROABN AMRO NetherlandsEUR1 millionthe names odomestic prServices ranonly), wealthservices, art

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EC2M 4PL | 086 5209

over 100,000o clients withd France ABNe bank recen a top three

nagement, adservices such

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EC2M 4PL | 086 5209

tive financial oss Turkey, sexceeding T

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EC2M 4PL | 086 5209

nk. Arab Baned operationoduce segmess and Europiddle-Eastern

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services. Aloernational Priand wealth mwealth manaverdrafts andam & Co. Theucts services

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EC2M 4PL | 086 5209

orporate ands and while it

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EC2M 4PL | 086 5209

o Portuguès Allianz Portucentred on c

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EC2M 4PL | 086 5209

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EC2M 4PL | 086 5209

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EC2M 4PL | 086 5209

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EC2M 4PL | 086 5209

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hy individualss, customer fiduals with o

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ents across pagement databusiness undan Francisco & Scarborouorthern Califo

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ecialises in nt and

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Centrum BaCentrum Balinked to Lieadvisory ser

China MercChina Merchis a part of tnet-worth cu

China MinsChina Minshwhich deals

CIC CIC Private and particulaCIC Banquemainly targeprivate bank CIC BanqueA subsidiarybanking and

CIC BanqueA subsidiarymanagemenBelgium and C.Hoare & CA UK indepeprivate clien CIBC CIBC is a CaManagemenmanagemenMclean Bud Citi Private Citi Private Binvestmentscustody ass


ank ank Group is echtenstein larvices to priv

chants Bankhants Bank ihe Retail Baustomers.

heng Bankinheng Bankingwith high-ne

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e Privée and ets senior exeking and stoc

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anadian-heant division, wnt. Growth inden‘s private

Bank Bank’s assets (USD50.2 bsets USD101


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s a Shenzhenking Segme

ng Corporatg Corporatioet-worth cus

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banking grounagement bu

ntique banking grouocused on prg.

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rivate bankinurg, Switzer

e TransatlantC Banque Trmainly to Fre

p Crédit Mutusiness focus

p Crédit Mutprivate, busin

bank, C.Hoawners, chariti

global financses private wer managemnagement bu

nagement corivate Bank ae Citi figure


bank formed r. The bank f

sed commerroup providin

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ng business land, Belgiumique. Integra

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tuel CIC Grosed on entre

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lines of the Cm) and Asia.ated with theue offers its tls living abro

oup, CIC Banepreneurs an

oup, CIC Bantitutional clie

ers wealth mepreneurs.

n. The bank agement, retayear came pa

tal market ases deposits osets held by

EC2M 4PL | 086 5209

ns in Vaduz aasset manage

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t for its Priva

Crédit MutueThe bank ha CIC networailor-made s

oad.

nque Privée id family bus

nque Transatents with ope

anagement a

is reporting fail brokerageartly from the

ssets (USD62of USD80.8 b Citi Wealth

and Switzerlaement and in

rivate bankinement servic

ate Banking d

el-CIC groupas two key srk, CIC Banqservices, incl

is a French psiness clients

tlantique is aerations in Fr

and banking

for its Private and asset e acquisition

2.1 billion) anbillion and trand Citi Gol

and. It is nvestment

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Close BrothThe data repManagemenprotection amanagemen CIMB GroupCIMB is a unThe group oCIMB Islamiproducts priand corporaare Malaysia

CommerzbaCommerzbasegment. Coservices. CompagnieCMB is a prservices for Exchange. Corpbanca Dating backConcepciónCorpbanca, financial reasuccessfullylower incom Crédit AgricCrédit Agricospecialised speople in 11

Credit SuissFigures for tClients Busisegment. Asclients. In 20


hers ported for Clnt division. It and intergenent to its client

p niversal bank

operates undc, CIMB Niaimarily in the

ate banking, Ta, Indonesia,

ank ank offers Priombined tog

e Monégasqivate bank inwealthy indi

k to 1871, whn, had to und

it is the oldeach to the USy with openin

me customers

cole ole Private Bsubsidiaries 6 countries.

se he Credit Sunesses and Assets under m013, Credit S


ose Brothersprovides inv

erational plants.

k headquarteer several co

aga, CIMB See areas of CoTreasury & M Singapore a

ivate Bankingether, these

ue de Banqn the Principaviduals. CMB

hen the groupdergo a numbest bank in CS. Internationng of New Yos and small

Banking covein France an

uisse Group Asset ManagmanagemenSuisse sold it


s refer to thevestment stranning service

ered in Kualaorporate entiecurities Inteonsumer BanMarkets, andand Thailand

g and Wealtdivisions off

ue ality of MonaB is wholly o

p led by a fuber of chang

Chile, and aimnalization of tork branch inand medium

ers all the prind abroad. A

relate to the gement busit quoted in tts subsidiary


e Private Clieategy, tax efes. It also off

a Lumpur, opities, which i

ernational annking, Wholed Group Stratd.

h Managemefer banking a

aco and has owned by Me

uture Presideges to arrive tms at servingthe entity stan 2009. Corp

m sized comp

ivate bankingA holding com

Wealth Manness, which

the Benchmay JO Hambro


ent business fficiency, penfers both pas

perating in hnclude CIMBd CIMB Tha

esale Bankingtegy & Strate

ent services as well as po

two core buediobanca, w

ent of Chilie Ato its currentg Chilean cusarted with lispbanca mainpanies.

g activities ompany since

nagement Cltogether co

ark compriseo (now Wave

EC2M 4PL | 086 5209

within the grnsion and retssive and ac

igh growth eB Investmenti. The group g, comprisingegic Investm

within its Prortfolio mana

usinesses, invwhich is listed

Aníbal Piantot shape. Currstomers andting in the U

nly serves me

of the Crédit A2011, it emp

ients and Comprise the b

e solely of therton Investm

roup’s Assettirement plan

ctive investm

economies int Bank, CIMB offers servicg investmen

ments. Its cor

rivate Customagement pro

vestment and on the Mila

o set up Banrently known

d expanding tUS and proce

edium and m

Agricole Groploys more t

orporate & Inbank’s Private Wealth Ma

ment Manage

t nning, ent

n ASEAN. B Bank, ces and t banking

re markets

mers ducts and

d financing anese Stock

co de n as their

eeded medium-

oup’s than 12,800

nstitutional e Banking

anagement ement).

k


Danske BanDanske BanIreland, UK, Personal Babanking. Deka(SwissHeadquarteradvisory andbanking acti

Delen PrivaDelen Privatby Ackermacredit instituManagemen Deutsche BDeutsche BaManagemenManagemenwith a typica

Discount BaThe private bbanking busIDB (Swiss)

DNB Bank Private bankmarket, offe Dreyfus SonDreyfus Sonproviding ba Dundee SecCanadian Duinvestments Dundee GoThrough Dunmanaging in


nk nk operates in

Germany, Panking divisio

s) Finanz red in Zurichd asset manaivities in Swit

te Bank te Bank is a pns & van Ha

ution with twont.

Bank ank offers intnt (DeAWM) dnt (AM) businal minimum a

ank banking activsiness as weBank, IDB N

king activitiesring financia

ns & Co ns & Co is a fanking and in

curities undee Secur

s and other s

odman Privndee Goodm

nvestment ac


n Finland, DePoland, Luxemon offers adv

h, formerly knagement funtzerland it ha

part of Delenaren. The Deo subsidiarie

ternational pdivision whic

nesses. Empaccount size

vity of Discoll as the wea

New York and

s offered wital solutions, i

family-ownednvestment se

rities is a whelect investm

ate Wealth man Private Wccounts for w


enmark, Swembourg, Rus

vice and tailo

nown as Deknds in the Geas changed i

n Investmentelen family oes – Delen Pr

private bankinch comprisesloying 3,300

e of EUR2 mi

ount Bank coalth managemd Discount B

hin the Weanvestment p

d Swiss privaervices for pr

olly-owned sments as par

Wealth, Dundwealthy clien


eden, Norwassia and the ored solution

ka(Swiss) Prierman markeits name to D

ts which belowns 25% ofrivate Bank L

ng services ts former Priv

0 people, thisllion.

omprises the ment businesBank Latin Am

lth Managemportfolios and

ate bank basrivate clients

subsidiary ofrt of its Perso

dee Securitiets. Dundee G


ay, Estonia, LUS. Private s across ass

vatbank, theet. As Deka(SDeka(Swiss)

ongs to Finaxf the capital oLuxembourg

through a Devate Wealth Ms line of busin

high-net-woss of its Mermerica.

ment divisiond advice.

sed in Basels.

f Dundee Coonal Investm

es offers its wGoodman is

EC2M 4PL | 086 5209

Latvia, LithuaBanking whi

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e bank speciaSwiss) Privatb

Finanz.

xis, 75% of wof Finaxis. De and Capfi D

eutsche AsseManagemenness serves

orth operatiocantile Disco

n target the h

. The focus o

orporation. It ment Advisory

wealth manaa division of

ania, Ireland,ich sits withi

ment and priv

alises in invebank has ce

which is in tuelen Private

Delen Asset

et and Wealtnt (PWM) and

over 120,00

ons of its domount Bank su

high-net-wor

of the busine

manages diy Service.

agement servf Dundee Se

, Northern n the vate

estment ased its

urn owned Bank is a

th d Asset 0 clients

mestic Israelubsidiary,

th end of the

ess is on

rect

vices, curities.

i

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DZ BANK DZ BANK Goffers privatecustomer poreflect the re EFG InternaEFG Internatasset managcomprises itAsia. Ersel Ersel is an inon high-net-managemen Erste GroupErste GroupThe Wealth lines. Withinestate plannHungarian o

FIBI Bank (SA wholly owand regulateunder mana Financiere dCreated in 1owned by its Finter BankFinter Bank private banksegmented p Frankfurter Frankfurter Bincluding thebank offers smanagemen


roup forms pe banking anortfolios fromeported cust

ational tional is a glogement. Thets private ba

ndependent -worth privatnt.

p p comprises tManagemen private ban

ning, philanthoperations.

Switzerland)wned subsidiaed by FINMAgement com

de l'Echiqui991, Financs managers

k Zürich Zürich is an

king and asseprivate bank

BankgesellsBankgesellsce family officservices acro

nt, funds and


part of the Gnd asset man

m Hauck & Auomer portfol

obal private e data relate tnking operat

Italian wealthte client busi

the Austrian nt unit coversking serviceshropy and fo

) ary of the FirA. It specialismprised CHF

er ière de l’Echand employe

independenet managem

king results.

schaft (Switchaft, a Swisce Nötzli Mayoss wealth m

d asset mana


erman coopnagement seufhauser Banlio of DZ PRI

banking groto the grouptions in Switz

h managemeness. This a

bank and ths the private s, Erste offerundation ma

rst Internationses in private1,128 million

hiquier is an iees.

t Swiss bankment for priva

tzerland) ss-based intey & Partners managementagement.


perative finanervices. In thnquiers LuxeIVATBANK.

up headquap’s Private Bazerland, Res

ent firm, locaaccounts for t

he group’s finbanking, fun

rs long-term anagement. T

nal Bank of Ie banking andn at the end o

nvestment m

k, with officeate and instit

ernational prand the Swi

t, private ban


ncial networkhe first quarteembourg. DZ

rtered in Zuranking and Wst of Europe,

ated throughthe majority

nancial servicnd managemwealth creat

The bank pro

Israel, FIBI Bd capital maof 2013.

management

es in Zurich, utional client

rivate bank, iss investme

nking, family

EC2M 4PL | 086 5209

k. Its subsidiaer of 2013, it Z BANK asse

rich and offerWealth Mana

Americas, th

five offices of the bank’

ces activitiesment and life

tion and inveovides a sep

Bank (Switzerarket activity.

t company in

Lugano and ts. The bank

s part of a gnt fund manaoffice, exter

ary DZ PRIVAt acquired prets under ma

ring private bagement divishe United Ki

across Euro’s assets und

s across Easinsurance b

estment manparate breako

rland) is bas. Total custo

n France. It is

Chiasso, fock does not pr

group of comagement comrnal portfolio

ATBANK rivate anagement

banking and sion, which ngdom and

pe, focusingder

stern Europe.usiness nagement, out for its

ed in Zurich mer assets

s wholly

cused on roduce

mpanies mpany. The

g

.


Garanti BanTurkey’s Gaoffers an assbranches in Glenmede Glenmede isof two sub-bassets unde

Goldman SaGoldman Sawider assetswider assetsdiscretionaryinstitutional bank deposinot have inv

Hauck & AuHauck & AufPrivate & BuAsset Manag Heartwood In 2013, Heaproviding inv

HSBC The data repworth clients

Industrial anICBC is orgaTreasury Opwealth of RMreported in t IHAG PrivatIHAG Privatbportfolio ma ING ING is a univLuxembourghas 95 priva


nk aranti Bank oset managemTurkey.

s a family-owbusinesses: Ger manageme

achs achs’ reportss under mans under many basis incluand individuits and advis

vestment disc

ufhäuser Privfhäuser Priva

usiness Cliengers. The rep

artwood becvestment ma

ported for HSs and familie

nd Commeranised into dperations. ThMB8 million (the Benchma

tbank bank is a fam

anagement, a

versal privateg and the Neate bankers a


offers private ment service

wned investmGlenmede Tent reflect th

s high-net-woagement of Uagement numding mutual

ual investors.sory relationscretion.

vatbankiers atbankiers isnts, Investmeported asset

came a whollanagement a

SBC relate toes.

rcial Bank ofdifferent opere Personal B(USD1.25 miark relate so

mily-owned pas well as fam

e bank, with etherlands. Inand 65 portfo


banking unde providing in

ment and wearust Compane Wealth Ma

orth client asUSD919.0 bmber includefunds, hedg Other client

ships where

s an independent Banking, ts under man

y-owned suband wealth m

o the bank’s

f China (ICBrating segmeBanking unit illion) and Pelely to the Pr

private bank mily office se

regional brendividuals wiolio manager


der the label nvestment pr

alth manageny and Glenmanagement a

ssets under sillion and othes those thatge funds, cret assets are tthe firm earn

dent GermanInstitutional

nagement da

bsidiary of Hmanagement

Global Priva

BC) ents, namelycontains bo

ersonal Wealrivate Bankin

based in Zuervices and t

eakdown in thith more thanrs across its


Garanti Masroducts and

ement businemede Invest

and GIM Clie

supervision oher client asst earn a fee f

edit funds andthose assetsns a fee for a

n bank dividInvestors/As

ata relate to t

Handelsbankeservices for

ate Banking

y Corporate Bth Private Bath Managem

ng business.

rich. The firmtax and finan

he benchman EUR1 millioprivate bank

EC2M 4PL | 086 5209

sters Private services acr

ess based in ment Managnts segment

of USD330.0sets number for being mad private equ

s invested wiadvisory and

ed into four sset Managethe full busin

en. Heartwooprivate clien

business line

Banking, Peranking for cli

ment for afflue

m offers invencial planning

ark provided on of net assking group.

Banking. Thross a dozen

Philadelphiagement. The ts.

0 billion. Thisr of USD123.anaged on a uity funds foith third-part other servic

business segement and Inness.

od specialisents and char

e which targ

rsonal Bankiients with a ent clients. T

estment advicg to private c

for Belgium,sets are targ

he bank n banking

a and formedfirm’s

s excludes 0 billion. The

r both ty managers,ces, but do

gments: ndependent

es in ities.

ets high-net-

ng and minimum The results

ce and clients.

, eted. ING

d

e

,

-


Intesa SanpIntesa SanpaSanpaolo reof EUR1 mil

Investec Investec is oBanking. Thservices, fina& Investmenincludes Privdivision only

Itaú UnibanItaú Private high-net-wo JP Morgan JP Morgan PMorgan’s Asinclude institPrivate BankExchange Cbillion excludactivities giv

Julius Bär Headquarterwith its primprivate bankZurich. In 20Lynch’s Inte2013 and as

Jyske BankJyske Bank,brand of Jysand internatthrough 104active in Swactivities witSpar Lolland


paolo aolo is the s

elate to the blion in assets

organised inte Wealth & Iancial plann

nt (formerly Rvate Bankingy.

co Bank Interna

orth individua

Private Banksset Managetutions, highking assets u

Commission. de assets he

ves total priv

red in Zurich

mary markets king group w012, Julius Bernational Wes of the end o

k , the third larske Bank Privionally, as w

4 private clienwitzerland, Luth the compld, which is cu


econd largesank’s Intesas.

to three businvestment ding and stoc

Rensburg Shg. The Bench

ational, headals across se

k operates alement divisioh-net-worth iunder managAssets unde

eld in custodate banking

h, Julius Bär being Switz

which is the pBär expandedealth Manageof that year J

rgest Danish vate Banking

well as small ant branches,uxembourg, Getion of the urrently unde


st banking gSanpaolo P

ness divisiondivision provickbroking foreppards) as hmark includ

dquartered inelected count

ongside Inveon, offering wndividuals angement fromer managemey, brokerageclient assets

has offices izerland, Europarent compad their operatement businJulius Bär re

bank by mag, which provand medium34 corporat

Germany, Giintegration oerway.


roup in Italy.Private Banki

ns: Asset Maides discretior private clienwell as Willi

des data from

n Sao Paolo, tries in Europ

estment Manwealth managnd retail inve the companent for JP Me, administras of USD977

n over 40 locope, Asia andany of Bank

ations with thess outside ported CHF2

arket share, ovides financ

m-sized enterte client branibraltar and Fof Fjordbank


. The data cong division, w

anagement, Wonary and adnts. Includedams de Broë

m the Wealth

provides glope, Latin Am

nagement (Ingement and estors. The Bny’s 10K formorgan’s Priv

ation and dep7.0 billion.

cations and d South AmeJulius Bär, a

he announcemthe US. Integ254 billion in

operates a pial solutions prises. The b

nches and niFrance. In 20Mors as we

EC2M 4PL | 086 5209

ollected for Itwhich target

Wealth & Invdvisory portfod in this divisë. The Specia and Investm

obal wealth mmerica, and th

nstitutional aninvestment s

Benchmark dm reported toate Banking posits. The a

presence in erica. The Jula traditional pment of the agration of th assets unde

rivate bankinto private cl

business opene private ba013, Jyske Bll as announc

talian bank Its clients wit

vestment andfolio managesion are Invesalist Banking

ment Manage

managementhe US.

nd Retail) to solutions to

data relate soo the Securitsegment of

addition of th

more than 2lius Bär Grouprivate bank acquisition ois business ser managem

ng service unients both inerates in Denanking centr

Bank expandcing the acq

ntesa h a minimum

d Specialist ement stec Wealth g division ement

t solutions to

make up JPclients, who

olely on the ties and USD361.0

hese

0 countries, up is a Swissbased in

of Merrill started in

ment.

nder the n Denmark nmark res and is ed its

quisition of

m

o

P

s


Kaiser PartnKaiser PartnThe group isinvestment asolutions anoperations o KBL EuropeKBL’s privatmanagemenheadquarterMonaco, Podivision repo Kleinwort BKleinwort BeLondon, Newadvisory, weclients as weend of 2013 La Caixa BaLa Caixa Ba379 specialisfinancial platargeted at iCaixa Banca LBBW (SchLBBW (Schwbanking subbanking servclients with o

LGT Group LGT Group iLiechtensteiinstitutional offices in EuTraditional Acollected forbillion in ass


ner Privatbaner Privatbans comprised advisory servd private ba

of Kaiser Par

ean Private te banking dnt of investmrs are in Luxeoland, Spain,orted EUR42

Benson enson, a subwbury, Jerseealth manageell as institut.

anca Privadanca Privada sed professinning, bankindividual pria Privada rep

weiz) weiz), formerbsidiary of Gevices to affluover EUR350

is the wealthn and providclients. The

urope, Asia aAsset Managr this report csets under m


ank nk is part of t

of a trust covice, a familynking service

rtner Privatba

Bankers ivision includent funds, membourg, is Switzerland

2.2 billion in a

bsidiary of RHey, Guernseyement and ations. Kleinw

a is the privatonals in 34 dng and otheivate clients ported over E

rly BW Vermerman federauent individua0,000 in inve

h and asset mdes private bfirm, which e

and the Middgement, Altercome from t

management


the Liechtensompany, a pry office and aes to privateank.

des wealth mmainly distrib

active acrosd, Netherlandassets under

HJ Internatioy, Isle of Manadministrationwort Benson r

te banking ardedicated prr specialisedwith more thEUR39 billion

ögensmanagal state bankals, includingestable asset

managementbanking and wemploys apple East. The

rnative Assethe Private Bas of the end


stein fiduciarrivate bank sa fund admin

e individuals

managementuted to priva

ss Europe thrds and the Ur manageme

onal, is an indn, Dublin, ann services toreported GB

rm of the Sprivate bankind services inthan EUR500n in assets u

gement (Swik Landesbang individual wts.

t group fully wealth mana

proximately 1group repor

t ManagemeBanking busind of 2013.


ry and asset specialising inistrator andand families

activities prate clients. Krough subsidK. At the end

ent.

dependently d South Afric

o both high-nBP5.9 billion i

panish bankinng centers. Ttegrated into,000 in inves

under manag

tzerland), is nk Baden-Wüwealth mana

controlled bagement solu1,900 peoplerts through foent and Operness unit. LG

EC2M 4PL | 086 5209

managemenn asset man offers wealt. The data re

ovided to prKBL, whose pdiaries in Beld of 2013, KB

owned privaca. Kleinwortnet-worth ann assets und

ng group La he private ba

o the bank’s stable assetsgement.

the Zurich-bürttemberg. Lagement solu

y the Princelutions for prie, operates gour businessrations & TecGT Group rep

nt group Kaiagement, a th managemelate solely to

rivate clients private bankilgium, FrancBL’s private

ate bank withrt Benson prond ultra-high-der managem

Caixa, operaanking unit obranch netw

s. At the end

based Swiss LBBW offersutions to high

ly House of ivate high-neglobally in mos units: Privachnology. Thported over C

ser Partner. US

ment o the

as well as ing e, Germany,banking

h offices in ovides -net-worth ment at the

ating throughoffers work and is

of 2013, La

private s private h-net-worth

et-worth andore than 31

ate Banking, he data CHF66

h

d


LiechtensteLiechtensteimanagemenare focused Germany anwith Near anLiechtenstei

Lombard OLombard Odfirm of privatclients and iMiddle East Luzerner KaThe Luzerneshareholder banking unitworth privatePrivate Bankassets unde

M2M PrivatM2M Privategroup Expobto high-net-wunder mana Maerki BauMaerki Baumdelivering inexternal assend of 2013 MediobancaThe private bMonégasqueand MediolaBanque andend for 2013managemenyear. Mercantil BMercantil BaServicios Finin Latin Ame


einische Lannische Land

nt, wealth stron local ma

nd other Wesnd Middle Eanische Land

dier dier is a famite bankers innstitutions aand Asia Pa

antonalbanker Kantonalba

is Canton Lut, which delive clients acrking segmener manageme

te Bank e Bank is a Rbank, which worth clientsgement of M

mann & Co mann & Co isvestment adet managers, the bank’s

a banking active de Banque

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EC2M 4PL | 086 5209

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EC2M 4PL | 086 5209

offices in Luperations in 2Nordea is the

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EC2M 4PL | 086 5209

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EC2M 4PL | 086 5209

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EC2M 4PL | 086 5209

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