UBS leads wealth managers with US$1.74t at end-2015: study

New York

UBS Group AG and Bank of America (BoA) Merrill Lynch stand atop the private-banking industry, managing more than US$3 trillion for the world's wealthiest people even as assets slid.

The private bank at Zurich-based UBS oversaw US$1.74 trillion at the end of 2015, compared with US$1.75 trillion a year earlier, according to an annual study by London-based consulting firm Scorpio Partnership. Bank of America was second with US$1.44 trillion, while Morgan Stanley dropped one spot in the rankings to No 3. Assets under management (AUM) shrank at all three private banks.