UBS, Citi and Merrill dominate wealth management

But despite their combined $4.3 trillion of the global market, the industry remains surprisingly fragmented, says Scorpio.

The troika of UBS, Citi and Merrill Lynch are the biggest wealth managers, according to the annual private banking benchmark report from London-based Scorpio Partnership.

This report, which excludes wealth management figures in North America, covers 180 private banking entities managing a total of $10.8 trillion of assets. But while the top three players enjoy a combined market share of 39.3% of surveyed private banks, Scorpio notes that the real universe constitutes at least 400 organisations managing an estimated...

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