Global wealth management profits under pressure despite AUM growth

Operating income up just 0.04% in 2016

The operating income of 200 global wealth managers saw an average rise of just 0.04% in 2016, even though assets under management rose some 4% during the year, according to consultancy Scorpio Partnership.

The wealth management consultancy's Global Private Banking Benchmark report also revealed that cost/income ratios fell below 80% for the first time since 2012, amid a push to cut costs by private banks and wealth managers. Neptune ditches wealth arm plans; Butcher exits According to the, total assets grew at 22 of the top 25 private banks over the 12-month period. By the end of the combined private banking assets of the top 25 firms offering the service stood at $13.3trn, nearly two third of the entire market share. UBS had the largest private banking assets at $2.1trn, followed...