Bank of America/Merrill Lynch is the Number One Wealth Management FirmPosted by in Blog on July 21, 2011
Bank of America was rated the number one wealth management firm for the second year in a row, according to an article in Investment News. Bank of America had 1.9 trillion in Assets under Management with 4.2 % change from last year at year end 2010.
Morgan Stanley Smith Barney was rated the second wealth management firm with 1.6 trillion in assets under management. UBS was rated number three with 1.6 trillion in assets under management. Wells Fargo was rated the fourth wealth management firm with 1.4 trillion in assets under management.
According to an article in Investment News, “market gains helped boost assets managed by these banks by 11 percent last year with the top 20 overseeing a combined $ 11.1 trillion, Scorpio said. The rate of net new money inflows declined on average by almost 19 percent from 2009 and many banks saw margins squeezed, according to Scorpio.”