(Bloomberg) — UBS Group AG and Morgan Stanley increased the assets they manage for the world’s wealthiest people to more than $2 trillion for the first time, according to a study.
Assets under management at Zurich-based UBS rose 3.5 percent to $2.04 trillion last year, the most globally, according to an annual study by Scorpio Partnership, a London-based consulting firm. Morgan Stanley ranked second with $2.03 trillion as assets grew 6.1 percent.
“The global wealth management industry had a solid business year in 2014 in terms of financial results for the operating model,” Scorpio said. “In spite of financial market uncertainties and currency volatility, most lead players experienced overall growth in client volumes.”
The wealth-management industry managed $20.6 trillion in investible assets of high net worth individuals at the end of December. The top 10 managers accounted for 47 percent of the market, with UBS controlling 9.9 percent, Scorpio said.