For this survey, private banking is defined as banking services targeted at wealthy clients. We asked private banks to identify the companies that they admire as the top providers of both competitive and non-competitive services. It is therefore a peers’ poll.
Respondents were asked to identify the country about which they had the most knowledge. They then nominated the peers in that country they thought were best, second and third in each category. We awarded four, three and two points, respectively, to each of those nominations in that category and country. We also awarded a small number of points to the respondent’s own firm for each nomination provided; this number increased as a function of the square root of the number of votes from that firm in that country.
Respondents were also asked to provide the latest reported audited country figures for assets under management and gross revenue figures in their country. We calculated each firm’s percentage share of the total assets, and of revenues reported, by all voters for that country. Each firm was then awarded the corresponding share of 30% of their country score in the best private banking services category.
Worldwide and regional results are aggregates of country results. Firms that received votes in the best private banking services category from more than one continent were included in global rankings for worldwide, regional and country tables. Firms that did not were included in local rankings for worldwide, regional and country tables.
The poll was conducted from Friday, September 15 2006 until Friday, October 26 2006. We received 558 valid votes, 93% up on 2006 (289 valid votes). A total $3.34 trillion of assets under management, and of $66.2 billion gross annual revenue, were reported to Euromoney by respondents. We had 330 responses for assets under management and 284 for gross revenue – 359 respondents (64.3% of all voters) gave answers for either or both assets under management and gross revenue.
We have used information from banks’ own votes, and follow-up contacts with supporting banks and to voters, to make nominations as accurate as possible. In some cases banks might be nominated for services and or in countries where they do not have operations. In these cases voting reflects perceptions of service provision rather than reality. It is also possible that banks are being nominated for services provided from neighbouring countries, or by other parts of the parent bank.
Any questions about the survey should be referred to Andrew Newby, head of research at Euromoney, at anewby@euromoney.com.