Emerging Markets
Credit Suisse agreed in March to buy Morgan Stanley’s wealth-management operations in the U.K., Italy and Dubai with about $13 billion of assets. HSBC Holdings Plc, Europe’s biggest bank by market capitalization, is considering selling parts of its Swiss private bank, three people with knowledge of the situation said on June 7.
More than half the wealth assets are booked in emerging markets, Scorpio said, after analyzing data from a selection of firms with a combined $1.1 trillion under management.
“The proportion has been increasing steadily as firms boost hiring in faster-growing emerging markets,” Sebastian Dovey, head of Scorpio, said in a telephone interview.
Net new money at UBS increased to 47 billion francs last year with “strong performances” in emerging markets and from ultra-wealthy clients with at least 50 million francs of investable assets, Chief Executive Officer Sergio Ermotti told investors on Feb. 5. The bank added a further 10.4 billion francs in the Asia-Pacific region and emerging markets in the first quarter of this year, according to a company report.
Emerging Markets
Private wealth in North America, western Europe and Japan grew 5.9 percent, compared with 12.9 percent in emerging markets in 2012, Boston Consulting Group said in a separate report in May.
The following is a table of the world’s biggest wealth managers based on end-2012 data from the Scorpio survey. The ranking may not be directly comparable with previous Scorpio reports as data may be adjusted each year. Some figures include assets managed for institutional investors including pension funds as companies’ reporting methods vary.
Rank | Firm | AuM ($bln)
1 UBS AG 1,705