The wealthy are moving their money as never before. Last year more money shifted between wealth managers than at any other period in the history of private banking.
From Wealth Bulletin:
The wealthy are moving their money as never before. Last year more money shifted between wealth managers than at any other period in the history of private banking.
With the world’s biggest wealth manager UBS reporting an outflow of $100bn (€79.5bn), Financial News estimates – based on extensive conversations with analysts – is that with others included, about $1 trillion of the assets of the wealthy relocated to new homes in 2008.
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Sebastian Dovey, head of consulting at Scorpio Partnership, says: “We would estimate 10% of assets has moved ‘between’ banks. We track the financials of more than 200 for the benchmark, and last year they managed more than $12.9 trillion.”
The biggest beneficiary of this shift – at least in terms of banks reporting new money flows – was Credit Suisse. In 2008 Switzerland’s second largest bank managed to vacuum up more than $38bn, as the bank benefited from the woes of its biggest competitor in Switzerland, UBS. However, last year’s inflow was down on the $45bn scooped up by Credit Suisse in 2007.
To read the full article, visit wealth-bulletin.com
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