UBS loses its top ranking managing the wealthy
Bank of America has taken over as the world's leading wealth manager from Swiss bank UBS, according to figures published in a survey on Monday.
Consultants Scorpio Partnership said that Bank of America rose to the number one position after taking over Merrill Lynch last year and now managed $1.5 trillion (SFr1.64 trillion) for the rich.
UBS has suffered massive outflows at its core wealth management business after losing billions of francs in the United States subprime mortgage business.
Its brand has also been hit by a high-profile case in the US over tax evasion.
However, as the survey notes, UBS still holds second place in the rankings, managing a total of $1.394 trillion.
Scorpio Partnership said private wealth managed by banks and investment managers around the world dropped by nearly 17 per cent to $14.5 trillion in 2008 compared with the previous year.
The survey was carried out among 14,000 private bankers and 7,000 wealthy individuals.
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