Largest private banks in the US: Ranking the top eight

The largest private banks in the US · 1. Morgan Stanley: $1,046 billion · 2. Bank of America Merrill Lynch: $1,021 billion · 3. JPMorgan Private ... Receiveournewsletter–data,insightsandanalysisdeliveredtoyou TheUSishometosomeofthelargestprivatebanksintheworld.ButwhichactuallyarethelargestasksOliverWilliams? Inthepasttwoyears,PrivateBankerInternationalhasjoinedforceswithGlobalData(bothpartofthesameparentcompany)toproduceanannualrankingofglobalprivatebanksbytheirassetsundermanagement(AuM). LastweekwerevealedthelargestprivatebanksinSwitzerlandbasedonthisdata. ThisweekwetakealookatthelargestprivatebanksintheUnitedStatesrankedbytheirAuM: 1.MorganStanley:$1,046billion MorganStanleyWealthManagementwinsitsmajorrivalryoverBankofAmerica(BoA),comingsecondinthisyear’sranking.However,thisleadwasmoredowntoBoA’s6%fallinAuMthanMorganStanley’sfigure,whichremainslargelystatic. Related Companynews BancoEspiritoSantotowrapupHongKongoperation News BroadridgepartnerswithBI-SAMtolaunchnewtoolforassetmanagers News IFGGroupsellsitsUKtraditionalIFAbusinesstoAscotLloyd TheUSbankislookingabroadtoexpanditswealthyclientbase.Earlierintheyear,itacquiredaminoritystakeinFrenchassetmanagerTikehauCapitalAdvisors.ItnowintendstoacquireamajoritystakeinitsChinesejointventure(JV). Data,insightsandanalysisdeliveredtoyou Viewallnewsletters BythePrivateBankerInternationalteam Signuptoournewsletters Signuphere MorganStanley’sinterestinthewealthyChinesemarketcomesafter UBSbecamethe foreignbanktotakeacontrollingstakeinitsChinabusiness. 2.BankofAmericaMerrillLynch:$1,021billion TherivalrybetweenAmerica’stwowealthmanagementgiantsisnotover.‘Just’$25billionseparatestheAuMofBoAandMorganStanley.Bycomparison,UBSmanagesmorethanbothMorganStanleyandBoAputtogether. 3.JPMorganPrivateBank:$552billion Theonlytop5USprivatebanktoexpanditsAuMbetween2017and2018,JPMorgan’swealthmanagementdivisiongrewby5%overthose12months,thankslargelytoglobalexpansion. Earlierintheyear,theUSbankannouncedplansto increaseitsfrontlineprivatebankerheadcountinLatinAmericaby15%. LikeMorganStanley,JPMorganisnowlookingtoChinatoexpanditsAuM. JapanesebrokerageNomuraandJPMorganChasehavesecuredthego-aheadfromtheChinaSecuritiesRegulatoryCommission(CSRC)tolaunchsecuritiesjointventures(JVs)inChina. ThingsaregoinglesswellatJPMorgan’sinvestmentbank,whichhasunveiledplanstocuthundredsofjobs. 4.Citigroup:$460billion TheassetsundermanagementinCiti’sprivatebankremainedunchangedbetween2017and2018. Privatebankrevenueswere$880minthefirstquarterof2019,afallof3%from$904mlastyear. 5.GoldmanSachs:$391billion LikeCiti,AuMatGoldmanSach’swealthmanagementbusinesssawlittlemovementbetween2017and2018.Infact,thefigurefellby0.5%accordingtoGlobalData. ThisisdespiteGoldmanSachs’s effortstofocusmoreonthelessaffluentendofwealthmanagement.Inthepast12months,ithasinvestedinseveraldigitalbankscateringtotheretailbankingmarketand,inOctoberlastyear,itmoveditsowndigitalbank,Marcus,underitswealthmanagementunit. 6.RaymondJames:$366billion RaymondJames’wealthmanagementdivisiongrewitsassetsundermanagementfasterthananyotherbankonthislist.Between2017and2018itsAuMincreasedby24%. Partofthisincreasecanbeputdowntoacquisitions–earlierthisyear RaymondJamesagreedtobuySilverLaneAdvisors–andexpansionsithasmadeintheUKandothercountries. However,suchariseinAuMcannotbecreditedtothesetwofactorsalone.WealthmanagerswillbeeyeingupothertacticsthatRaymondJamesusedtoexpanditsAuMbynearlyaquarterwhenmostsawlosses. 7.NorthernTrust:$278billion NorthernTrustWealthManagementwitnessedanear4%AuMdeclineinthe2017-2018period.However,itsfortuneslookedsettochangeatthebeginningofthisyear: Assetsundermanagementorcustodyinitswealthmanagementdivisionwereup5%inthefirstquarterof2019. 8.WellsFargo:$224billion Anear10%dropinAuMbetween2017and2018confirmsWellsFargo’spositionatthebottomofthislist.However,adisappointingsetofresultsforthefirstquarterof2019signalthatitmightoccupybottomplacenextyearaswell. ThewealthandinvestmentmanagementdivisionofWellsFargoreportedanetincomeof$577mforthefirstquarterof2019,a19%slumpfromlastyear’sfigure.Meanwhile,clientassetsatthewealthmanagementbusinessweredown4%onayear-on-yearbasis. oliverwilliams NEWSLETTER Signup Ticktheboxesofthenewslettersyouwouldliketoreceive. PrivateBankerInternationalWeeklyRoundup Aweeklyroundupofthelatestnewsandanalysis,senteveryWednesday. PrivateBankerInternationalDigitalEdition Theindustry'smostcomprehensivenewsandinformationdeliveredeverymonth. IconsenttoGlobalDataUKLimitedcollectingmydetailsprovidedviathisforminaccordancewiththePrivacyPolicy Signup SUBSCRIBED THANKYOU