財富管理市場中的主要企業動向

本報告已在2011年07月19日停止出版。

簡介

目錄

Abstract

Overview

Introduction

This Strategic Insight Report assesses the issue of organizational scale in the private wealth management market. It looks at the forces behind the emergence of large scale international private banks and compares and contrasts the strategic development of five of the world' s largest players. It profiles the key players and discusses their current strategies and progress.

Scope

• Covers the top wealth managers globally, taking into consideration their global assets under management and their strategic initiatives globally
• Includes key financial data relating to the top wealth managers, such as assets under management, costs and income, and comparing growth over time
• Discusses major strategic issues relating to the industry in the context of the leading wealth managers at present

Highlights

Political and economic liberalization means that the markets available for entry at present is larger than ever before, forcing the top tier of wealth managers to expand to maintain their "global" status. Rapid development of the BRIC economies, creating a significant class of wealthy individuals, makes these markets highly attractive.

UBS Wealth Management continues to be the clear leader among global wealth managers in terms of assets under management, with over double the AuM of its nearest rival, Credit Suisse Private Banking. With EUR880.8bn under management, UBS WM alone holds 34% of the total value of assets under management for the entire top ten in the super league.

Some of the top players in the wealth management super league are undergoing or have recently experienced major changes in their organization, either as part of wider transformations of the parent bank or in the private banking unit. In some ways, significant overhauls that affect the private bank can be beneficial but also present challenges.

Reasons to Purchase

• Provides detailed insight into the financial and strategic performance of 5 key competitors
• Outlines the emerging competitive landscape, allowing wealth managers to identify their place in the increasingly complex competitive picture
• Offers a future focused view of key lessons to be learnt from the successes and failings of the big players

Table of Contents

• Datamonitor View
  • CATALYST
  • SUMMARY
• Market Background
  • The wealth management competitive landscape has become diversified and more aggressive in recent years
    • Alternative investments and technological advances have opened up new opportunities and challenges for the biggest wealth managers
    • New markets have opened up, driving both geographic diversification and competition for a crucial foothold
    • Mergers and acquisitions continue to force wealth managers to define themselves either as super league contenders or niche boutiques
  • Global players have extended their reach and scaled up even further in recent years
    • European regulation has opened up the possibility of a European single market in the foreseeable future
    • The battle for a foothold in emerging markets encourages massive investment and rapid growth
    • Strong market performance continues to drive expansion
  • UBS remains the clear leader of the wealth management super league
    • Three wealth managers have pulled away from the pack to form their own "ultra super league" in terms of AUM
• Wealth manager Case Studies
  • The top five wealth managers are reviewed across a range of criteria
  • In a financial performance comparison, the larger scale operations generate larger profits, but are not the best performers in terms of pure efficiency
    • HSBC Private Bank has seen the greatest assets under management compound annual growth since 2003
    • UBS Wealth Management saw AuM grow most between 2005 and 2006 in absolute terms
    • An analysis of revenues, costs and profits reveals that the smallest wealth manager in the top five manages the best cost-income ratio
  • UBS: Still leading the way
    • UBS appears unstoppable in its plans to dominate wealth management globally
    • UBS Wealth Management has an aggressive attitude towards growth but also maintains organic expansion
    • The bank is adept at leveraging the whole banking network to achieve its aims
    • Although recently the bank' s home market has been less of a priority, it refocused on the Swiss market in 2006
    • The Asian market is key to UBS Wealth Management, and it is a leader and innovator in the region
  • Credit Suisse: Making little headway in the battle with UBS
    • Organic growth is the corporate focus although a strong capital base means acquisitions are also possible
    • Realignment of business focus is moving more of Credit Suisse Private Banking' s operations to emerging markets
    • Integration and leveraging cross business resources is central to Credit Suisse' s new strategic direction
    • Cutting edge product development has remained high on Credit Suisse Private Banking' s agenda
    • Staff retention has been a significant problem for Credit Suisse Private Banking in recent years
  • Goldman Sachs: The dark horse of wealth management
    • Goldman Sachs' rise in the wealth management world has been fast but generally well designed
    • The Goldman Sachs brand has helped to give the private client business a strong head start
    • Being a "new" business means the bank has been able to construct a private client service that best fits its needs and those of its target client base
    • An aggressive approach to global expansion is underlined by large scale investment in emerging markets
    • A sophisticated product range has been necessary to attract the top tier of wealthy individuals
  • Smith Barney: Leveraging Citigroup' s global strength
    • Increasingly close ties to Citigroup have helped Smith Barney to prosper
    • Smith Barney is evolving in line with trends in the wealth management market
    • Ongoing changes have significantly affected Smith Barney and are likely to affect the bank going forward
    • In some cases upheaval has been costly for the firm
  • HSBC: Becoming the world' s local private bank
    • HSBC Private Bank aspires to follow in its parent bank' s global footsteps
    • "Joined-up banking" offers tangible benefits to HSBC Private Bank through the parent network
    • The development of market leading products is a key strategy for organic growth
    • The pursuit of more specific client segments within developed markets ensures ongoing innovation and growth
  • Data tables
• Implications for the industry
  • Measures of financial progress can indicate which private banks are implementing successful strategies
  • The top players in the super league are all developing their presence in emerging markets
  • Major changes can bring large rewards but also present challenges
  • In future, the super league is likely to continue to pursue market entry opportunities as the key driver of global growth
• APPENDIX
  • Note
  • Definitions
    • UBS Wealth Management
    • Credit Suisse Private Banking
    • Goldman Sachs Investment Management
    • Smith Barney Private Client Group
    • HSBC Private Banking Holdings
  • Methodology
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Top 10 global private banks by worldwide assets under management
    • Table 2: Assets under management growth and current size for top ten wealth managers by AuM
    • Table 3: Operating revenues for the five biggest global wealth managers by AuM, 2002-2006 (EURm)
    • Table 4: Operating expenses for the five biggest global wealth managers by AuM, 2002-2006 (EURm)
    • Table 5: Operating profits for the five biggest global wealth managers by AuM, 2002-2006 (EURm)
    • Table 6: Cost-income ratio comparison 2004 and 2006
  • List of Figures
    • Figure 1: Assets under management growth and current size for top ten wealth managers by AuM
    • Figure 2: Operating revenues for the five biggest global wealth managers by AuM, 2002-2006
    • Figure 3: Operating expenses for the five biggest global wealth managers by AuM, 2002-2006
    • Figure 4: Operating profits for the five biggest global wealth managers by AuM, 2002-2006
    • Figure 5: Cost-income ratio comparison 2004 and 2006

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