Top Private Banking Companies: 2010 Ranking

Private banking is the term used to describe the more personalised service given to a bank's clients whose wealth is generally much greater than that of the general population, whose more computerised and impersonal service is referred to as retail banking.

The following three companies were are recorded as having the largest value of assets under their management in the world at the end of the calendar year of 2010, moving into 2011, in a survey conducted by the Scorpio Partnership. The private banking ranking system considered here, then, is concerned with the wealth of the bank's clients, and not the number of clients, although the two are roughly parallel.

  • 3rd place: Morgan Stanley. Assets under management: $1,508 billion. Up almost $1,000 since the 2009 survey. A market innovator since its foundation in 1935, Morgan Stanley focuses its private banking on the intimacy and personalisation of its services.
  • 2nd place: UBS. Assets under management: $1,593.74 billion. Up more than $200 since the 2009 survey. Originally an abbreviation for the Union Bank of Switzerland, this form has been abandoned since the Union Bank merged with the Swiss Bank Corporation in 1998, choosing to share the name UBS. UBS is the Swiss company with the most assets out of five Swiss banks in the top twenty.
  • 1st place: Bank of America. Assets under management: $1,740.51 billion. Up around $240 since the 2009 survey. Comfortably the largest wealth management company in the world since its acquisition of Merrill Lynch in 2008, the Bank of America operates in more than 150 countries across the world. Its private banking department is still advertised by its association with Merrill Lynch, and focuses on the idea that trained Merrill Lynch professionals will help produce the best financial plan for your needs.

For more regularly updated, detailed private banking ranking and analysis, check out scorpiopartnership.com.

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