Twenty-three global private banks now hold over $100 billion of assets under management for their clients, according to new research by UK-based Private Asset Managers. The PAM research shows UBS and Merrill Lynch tying for the top position, both managing just over $1.6 trillion on behalf of client assets as at the end of 2006. Third-ranked bank in the global rankings is Citigroup, just behind with its $1.44 trillion of assets. Merrill Lynch is helped by its huge US domestic private client base while UBS can be regarded as the most international of the major private banks, says PAM, citing the fact that UBS is the largest private bank in Asia, reporting $93.3 billion of assets under management in the region at the end of 2006. Of the major banks, Morgan Stanley and HSBC show the most progress in attracting private client wealth, adding 20 per cent more in assets under management last year. PAM’s data is based on each institution’s private client assets invested, including cash portfolios and/or client money on deposit, but excluding assets under administration or custody. The research notes that some banks do not publicly disclose an AuM figure for their private banking businesses, so estimates are used for certain institutions. So, for example, the research shows that Goldman Sachs, with a large hedge fund operation, is a much more powerful force in global wealth management than generally realised, with an estimated $237 billion of AuM, close on the heels Deutsche Bank. Notes 1 Assets in clients accounts, Private Client Group 2 Total client assets Global Wealth Management 3 AuMs, GWM division. Excludes US Trust 4 AuMs, clients with more than $ 1milion, GWM division 5 Estimated, based on other data sources 6 AuMs for whole group 7 Excludes Capitalia, acquired May 2007 8 AuMs for whole group; private banking only would be SFr26.1 billion and 15 per cent 9 Wealth management division - Funds under management 10 Only Sarasin, only private clients; Rabobank does not disclose private banking AuMs alone, only together with AuCS 11 Like-for-like basis; 2005 numbers exclude Banco Urquijo's AuMs, sold 2006