Product Code: GDFS0277IA
This report benchmarks the world's leading wealth managers by managed client assets and financial performance. The report covers the 44 most prominent institutions, including standalone private banks and wealth managers, as well as competitors that are part of larger universal financial groups. All international public wealth managers with over $100bn in private client AUM are featured in the report.
The leading wealth managers around the world entered 2020 in a relatively strong position with a stellar year for client assets, driven both by a buoyant market and positive client inflows. The cost-to-revenue ratio also improved after a couple of stagnant years, driven mostly by higher revenues significantly outpacing growth in costs.
- lient assets ended 2019 at an all-time high, before crashing in March.
- Half-year data in 2020 suggests the big wealth brands will grow client assets under management (AUM) by the end of 2020.
- Cost/revenue ratios improved in 2019, putting wealth managers in a good position for the crisis.
- COVID-19 did hammer the portfolios of all major wealth managers, but a swift recovery in client AUM is already underway, driven by positive net inflows and market performance.
Reasons to Buy
- Benchmark your AUM and financial performance against the biggest players in the industry.
- Understand the challenges in growing client assets in different geographies.
- Learn about your competitors' strategies related to expanding client books.
- Find out how profitable the wealth management business is.
- Identify the industry's best practices in managing operating costs and boosting revenues.
- Discover how wealth managers' M&A activity affects their financial performance.
Table of Contents
Table of Contents
1. EXECUTIVE SUMMARY
- 1.1. Leading wealth managers entered the COVID-19 crisis in great shape
- 1.2. Key findings
- 1.3. Critical success factors
2. BENCHMARKING WEALTH MANAGERS BY CLIENT AUM
- 2.1. Client assets ended 2019 at an all-time high, before crashing in March
- 2.1.1. The top wealth managers gained back market share as markets propelled portfolios forward
- 2.1.2. Continued positive net new money in the first half of 2020 positions top banks well in the crisis
- 2.2. Neither the buoyant 2019 results nor the pandemic appear able to shift the top rankings
- 2.2.1. The largest wealth managers retained their grip in fair and foul industry conditions
- 2.2.2. After key investment management acquisitions, M&A has fallen away from strategy discussions
- 2.2.3. Notable M&A in 2019 was few and far between for the largest wealth managers
- 2.3. The pandemic is less of an issue for big brands than the overall market
- 2.3.1. In H2 2020, the top private wealth managers are beating the market
3. BENCHMARKING WEALTH MANAGERS BY FINANCIAL PERFORMANCE
- 3.1. 2019 represented a peak in profitability for major wealth managers
- 3.1.1. Wealth managers entered the COVID-19 crisis and recession on a profit high
- 3.1.2. Revenue was the big driver behind the sunnier profit total for most wealth managers
- 3.2. Group performance was weak, making wealth a lone bright spot
- 3.2.1. Group profits were marginally down after a couple of years of growth
- 3.2.2. Wealth management divisions' relatively stable 2020 revenue will likely see growth in share of group income
4. COMPETITIVE TRENDS
- 4.1. Sustainable investing is increasingly a priority for major wealth managers
- 4.1.1. ESG and SRI capabilities are now a point of differentiation and competition
- 4.1.2. Wealth managers have been building up sustainable investing for some time
- 4.1.3. Asia, previously skeptical, is increasingly embracing the trend
- 4.2. Thresholds for private wealth are likely to rise after the recession
- 4.2.1. Leading wealth managers are still primarily operating in the HNW space
- 4.2.2. Retail and mass affluent wealth is still a minority,but its proportion is increasing
- 4.2.3. Family office support is growing in the wealth divisions of the largest private banks
- 4.3. Next-gen programs are endeavoring to limit churn with holistic wealth management
- 4.3.1. The growth opportunity and threat of wealth transfer have focused attention on the next gen
- 4.3.2. Wealth managers have to adapt to a new generation of HNW clients
- 4.3.3. Revamped and new next-gen programs are increasingly becoming an important service among top players
- 4.4. Regulatory issues and digital transformation have both been heavily disrupted by the pandemic
- 4.4.1. Digital transformation, a long-term issue for wealth, was refocused onto remote working
- 4.4.2. Regulatory issues are a constant worry for wealth managers,but market turmoil causes a spike
- 5.1. Supplemental data
- 5.2. Abbreviations and acronyms
- 5.3. Secondary sources
- 5.4. Further reading