UBS loses top wealth manager spot to BoA | The Daily Star
11:00 PM, July 07, 2009 / LAST MODIFIED: 11:00 PM, July 07, 2009

UBS loses top wealth manager spot to BoA

Swiss banking giant UBS has lost its top spot as the world's biggest wealth manager to the Bank of America, research firm Scorpio Partnership said Tuesday.
The US bank managed 1.501 trillion dollars' worth of assets at the end of 2008, while UBS managed the equivalent of around 1.285 trillion dollars' worth, according to the firm. UBS reported its assets in Swiss francs.
Citigroup came third and then fellow American bank Wells Fargo.
"M&A activity has influenced the top 10 with Bank of America now becoming the world's largest wealth manager although the core of its asset base remains inside the United States," said the research.
Bank of America agreed to buy Merrill Lynch last September in a bid to save the latter from a meltdown as the credit crunch intensified.

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