View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
March 10, 2009

WB: Wealthy move $1 trillion

By Spear's

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.

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

Content from our partners
Stoneweg, Icona, and CBH Strengthen Partnership with Cromwell Acquisition, Adding €4 Billion AUM to Stoneweg
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network