In Euromoney’s 16th annual private banking survey, UBS Global Wealth Management held on to the top spot in the overall global rankings. The Swiss bank also swept the board in the rankings by client type.
Commenting on the ranking, Tom Naratil, co-president of UBS Global Wealth Management, says: “The next decade is going to be more complex and clients will require more advice. Global trade economics, the political environment and the pace of change are concerns for clients and they need guidance.”
Martin Blessing, UBS’s other co-president of global wealth management, adds: “It highlights the necessity of having a global footprint and reinforces the need not to be international – which a lot of firms are – but actually to be global, onshore in every region.”
There were several changes in the top-10 global rankings this year. Credit Suisse moved up to take second place globally from third in 2018. The Swiss bank also ranked first this year in Asia Pacific.
JPMorgan ranked third overall globally, but ousted UBS in first place globally for research and asset allocation. The US bank also ranked first in North America.
Santander ranked first in Latin America, as well as re-entering the top-10 global private banking rankings.
BlackRock retained its position as first for asset management services globally within wealth management.
Key themes this year
• Revenues to increase but at slower pace
Private bankers were still predicting revenue increases this year. Some 66% of respondents said they expected higher revenues at their firms. The mood was less bullish than in 2018, however, when 78% were forecasting higher revenues.
• Hiring to increase in nearly all regions The majority of bankers in every region (59%) expected to increase hiring over the coming year. The Middle East and Western Europe were the most bullish when it came to adding financial advisers over 2019.
• Responding to increasing wealth among women Almost three-quarters of respondents said their firms have plans around the increasing wealth amongst women. Targeted marketing to female clients and hiring female advisers were the most popular responses to the addressing the increase.
• Technology improvements The front office still remained the focus for technology improvements among private banks. Almost 60% said it was the most important area for private banks to innovate in when it came to systems improvements. Some 62% expected to invest more in cyber security in the year ahead.
More detailed data, as well as interviews with the top CEOs of the leading global private banks, in-depth articles on women in wealth, wealth-tech, and the changing competitive landscape can be found on Euromoney’s private banking channel.
Notes to editors
2019 marks the 16th year of Euromoney’s Private Banking and Wealth Management Survey – the industry’s leading barometer of the world’s best service and product providers to the world’s wealthy. It is also the 50th year of Euromoney magazine.
This year, 737 institutions took part in the survey, with 2,230 valid responses. The survey covers 12 different product and client categories on a global and regional basis, and has ranking results in 56 countries. The results are based on a peer review, and a full methodology is published online.
The trends that are shaping the industry are analyzed in detail in the editorial coverage accompanying the survey results, which will be published in the February issue of Euromoney magazine and available online from February 6, 2019 on Euromoney’s private banking channel.
To access the results and coverage of Euromoney’s Private Banking and Wealth Management Survey, visit: www.euromoney.com/PB2019. The awards will be celebrated at a dinner in London on February 21. To book your place, contact: Daniel Elton, commercial director, delton@euromoneyplc.com.
Further contact details
Any queries about the results, including requests for more detailed results and analysis, should be addressed to: Mark Lilley, head of data publishing, mark.lilley@euromoneyplc.com, +34 915 94 60 46; or Chen-Ta Sung, research analyst, chenta.sung@euromoney.com.
To subscribe to Euromoney magazine and Euromoney.com, and for full access to Euromoney survey results, subscribe online or contact: Patrick McCulloch, patrick.mcculloch@euromoneyplc.com, +44 2890 290402.
For editorial questions, contact: Helen Avery, private banking editor, havery@euromoneyny.com.
Banks or clients wanting to view more detailed Private Banking Survey results and analysis can do so by contacting Mark Lilley, head of data publishing, Euromoney: Tel: +34 915946046; email: mark.lilley@euromoneyplc.com.