Swiss banking giant UBS loses place as largest wealth manager

GENEVA - Troubled Swiss banking giant UBS has been surpassed by the Bank of America as the world’s largest wealth manager, media reports on Tuesday showed.

By (DPA)

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Published: Tue 7 Jul 2009, 2:14 PM

Last updated: Thu 2 Apr 2015, 4:42 AM

Bank of America, which last year under distressed conditions purchased Merrill Lynch, had assets worth about 1.5 trillion dollars in its wealth management divisions, while UBS assets were worth 1.39 trillion, according to a survey by the London-based Scorpio Partnership.

While poor market conditions have meant there is less wealth to manage - it is estimated that 16 per cent of this class were wiped out - UBS has also faced a host of other problems.

It lost billions in bad investments last year and required a government bail-out and help from the central bank to get bad assets off its balance sheet. UBS also lost clients to smaller wealth management firms, other banks and institutions like the Post banks.

Citigroup was third on the list of wealth managers, followed by Wells Fargo and Credit Suisse in fifth place.

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