financialtreat – will explain about Banks with the Largest Wealth Management in the World that you will get in the following article. Let’s look at this article carefully!
The wealth management industry in 2017 recorded solid results. A total of 25 global players increased assets under management (AUM) by almost 14%. This is in line with the increased net worth of a number of wealthy people in the Asia Pacific.
Wealth management is a financial and wealth management service in the form of various financial products or financial instruments. If you are a snapper class customer, you don’t have to worry about multiplying your funds. Because the bank provides financial management services will provide a special officer who helps and directs the selection of investments according to your profile as an investor and your financial goals. This service is intended for individuals and corporations.
Banks with the Largest Wealth Management in the World
Launching from Business Insider, June 2018, UBS topped the rankings with USD2.40 trillion AUM, more than double that of its nearest rival. Meanwhile, China Merchants Bank entered the top 10 in 2017. It is the first Chinese bank to break into the top 10.
According to research by GlobalData and Private Banker International, the above growth is in line with the increasing interest of the rich in Asia Pacific for financial management services. And wealth management growth in China is around 3.5%, higher than the growth of wealth management in other countries. Here are the 15 largest wealth management in the world.
15. The Industrial and Commercial Bank of China (ICBC)
With an AUM of USD206 billion equivalent to Rp2,870 trillion (exchange rate of Rp13,931 per USD). One of the big four state-owned banks. ICBC is one of the world’s largest banks in terms of assets and is ranked 15th in the world for AUM.
Industrial and Commercial Bank of China or commonly known as ICBC is the record holder as the largest bank in Asia as well as the largest bank in the world in terms of assets. The ICBC logo, which is identical to the old red Chinese coin, is very easy to find in major cities around the world. This indicates that the bank’s operations are reaching globally in many countries. ICBC itself is a state-owned bank owned by the Chinese government and is headquartered in Peking. The bank’s assets with 460,000 employees in 2020 reached 4.91 trillion US dollars.
14. Wells Fargo – $248 billion
The bank, headquartered in San Francisco, United States, has a leading wealth management division and became one of the big names in U.S. banking. It was founded in March 1852 by Henry Wells, William Fargo, and their associates. Wells Fargo first opened a few months later with branches in San Francisco and Sacramento, California.
Today, the company’s website makes it easy for customers to log in and view their account or open a new account. Customers must specify their state as account details vary somewhat by country. Checking and savings accounts are designed to attract customers at different levels of finance. In the AUM field, Wells Fargo is ranked 14th in the world with a total AUM of USD248 billion.
13. Deutsche Bank Wealth Management – USD256.8 billion
The 17th largest bank in the world in terms of total assets. Wealth management is one of the three pillars of the German bank’s business.
Deutsche Bank AG is one of the world’s largest providers of financial and banking services. It is headquartered in Deutsche Bank Twin Towers, in Frankfurt, Germany, and is a German bank. His name has been listed as one of the world’s giant companies according to the Fortune Global 500 in 2020.
According to Fortune, deutsche bank’s total wealth or total revenue is $41.78 billion per year. Unfortunately, 2020 is a bad time for the bank because it recorded a loss of thousands of percent to its profit of -6.03 billion dollars.
12. HSBC Private Bank – USD258 billion
HSBC Private Bank manages the wealth of a number of wealthy individuals and families in 43 countries with subsidiaries spread across the UK, Switzerland, Luxembourg, Monaco and the Cayman Islands. The HSBC is named after its original place of establishment, Hongkong and Shanghai Banking Corporation Limited, which was founded in 1865 to finance growing trade between Europe, India and China.
The originator of the idea behind the establishment of this bank was Thomas Sutherland, a Scot who at the time worked for the Peninsular and Oriental Steam Navigation Company. He realized there was a considerable need for local banking facilities in Hong Kong and coastal China, and he helped establish the bank for the first time in Hong Kong in March 1865 and in Shanghai one month later.
Soon after it was established, the bank began to open branch offices to expand the services that can be provided to customers. From the very beginning, trade finance was the bank’s flagship business both locally and internationally, a strength that has been recognize throughout its history. By the end of the 19th century, the bank became the most prominent financial institution in Asia.
In the 20th century banks face challenges and changes, arising from international conflicts to the Great Economic Depression in the 1930s. By the end of the century, through growth, acquisitions and diversification, HSBC had gone from being an important regional bank to one of the world’s leading financial institutions.
HSBC establishe a new holding company, HSBC Holdings plc, in 1991, and successfully made an offer to gain full ownership of Midland Bank in 1992. Hsbc is headquartered in London.
11. Northern Trust – USD289.8 billion
It is reporte that more than 20% of super-rich families in the United States are clients of wealth management Northern Trust. Unlike many other competitors, the company is dedicate to serving corporations and super-rich individual investors.
10. China Merchants Bank – USD292.8 billion
Headquartere in Guandong on china’s east coast, China Merchants Bank has expande both domestically and internationally. Its AUM growth continues to strengthen as the interest of the rich in China increases in financial services.
9. Julius Baer – USD388.3 billion
It is the oldest bank in Switzerland and specializes in the wealth management industry.
8. Goldman Sachs – $394.3 billion
A multinational investment bank from the United States, has a strong wealth management division and an excellent reputation. The ranking is unchange from last year.
7. BNP Paribas Wealth Management – USD436.7 billion
The French bank is the largest bank in the European Union and became the fifth largest bank in the world after the 2008 financial crisis. They have an impressive wealth management division that takes them to no. 7 in the world.
6. Citi Private Bank – USD460 billion
Focusing on ultra-wealthy individuals, citigroup’s subsidiary requires that individuals who are their clients must have a net worth of at least USD25 million (RP348 billion). In October 2017, Citi Private Bank was name the best private banking company in the world.
5. JP Morgan Private Bank – USD526 billion
The second largest banking in the United States, contains respecte wealth management clients in the United States. They hold more than half a trillion dollars in assets under management.
4. Credit Suisse – USD792 billion
It earne the nickname “Bulge Bracket Investment Bank”, a slang term to describe the largest and most profitable multinational investment banks with clients of large institutions, corporations, and governments.
3. Morgan Stanley Wealth Management – USD1.04 trillion
Create after the 2008 financial crisis, Citigroup bought a 51% stake in Smith Barney from Morgan Stanley. Then the investment bank Morgan Stanley name the results of this merger as Morgan Stanley Wealth Management. The combination of these two great powers brings their AUM to more than USD1 trillion.
2. Bank of America Merrill Lynch – USD1.08 trillion
The New York-base division of Bank of America employs more than 15,000 financial professionals and has $1.08 trillion in AUM.
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1. Union Bank of Switzerland (UBS) – USD2.40 trillion or equivalent to Rp33,436 trillion!
UBS became an undispute giant in the sector. This Swiss bank manages much of the wealth of the world’s largest individuals. It is reporte that about half of the world’s billionaires are their clients.
UBS Group AG is multinational financial services and investment bank base in Switzerland. Known as one of Switzerland’s largest banking institutions, the company is include in the ranks of the world’s giant fortune global 500.
In 2020, UBS recorde $41.48 billion in revenue a year. but unfortunately, this achievement turne out to be down 3.4 percent when compare to the previous year in 2019. for profit, the company recorde a decline of about 4.7 percent, bringing its total profit that year to $4.30 billion. As a bank, UBS earne $972.18 billion in assets.
That was the bank that has the largest wealth management service in the world. some of these banks also open branches in Indonesia such as HSBC, UBS, and others. Good luck!