Bank Of America Dethrones UBS In Private-Banking Top Spot – Study
July 6th, 2009
Wall Street Journal
ZURICH (Dow Jones)–U.S.-based Bank of America Corp. (BAC) knocked Switzerland’s UBS AG (UBS) off the top spot as the world’s largest private-banking group, while the industry which manages the wealthy’s funds saw assets shrink by an estimated $2.9 trillion last year, according to an expert study presented Monday.
Switzerland’s UBS ceded the top spot to the U.S. bank, which gained assets from its September purchase of rival Merrill Lynch & Co., in an annual study compiled by Scorpio Partnership, a London-based wealth management consultancy.
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