JP Morgan has been named the world’s greatest wealth supervisor in Euromoney’s Private Banking and Wealth Administration Survey 2022.
US Financial institution has additionally been chosen because the Finest Supplier of Personal Banking Companies for the Mega-Excessive Web-Value Section (MHNW), labeled as households with greater than $250 million in private property, and Extremely Additionally chosen for Excessive Web-worth (UHNW). People with a web value of $30 million to $250 million.
The survey is the product of months of labor by analysts and information specialists at Euromoney, and contains 2,058 senior non-public bankers, funding managers and relationship managers from world wide. The outcomes are headlined by 17 world winners. As well as, the classes are divided into eight areas after which into nation rankings.
JPMorgan’s success is twin. First, attaining a prime world rating isn’t any small feat. Our survey is definitely a peer assessment primarily based on the non-public views of personal bankers world wide.
Its second success is to propel UBS to second place on this yr’s rankings. It is a vital achievement: the Swiss wealth supervisor has topped the rankings in 13 of the previous 18 years.
UBS continues to be having a powerful yr. It leads the general rankings in Asia and Western Europe, and wins in a number of world classes, together with Finest Supplier for Excessive Web-Value (HNW) People and Household Places of work and Serving the Subsequent Technology of Clients. It additionally receives the award for the most effective world supplier of environmental, social and governance/sustainable funding providers.
We’re thrilled with the wonderful outcomes and grateful for the popularity and belief of our clients
Victor Matanj, Banco Santander
Banco Santander had one other robust yr. The Spanish lender has emerged in recent times as a pacesetter in non-public banking in key development markets in Latin America and Europe. It was a top-three world non-public financial institution serving purchasers with as much as $250 million in property beneath administration.
“2021 was an thrilling yr of success and triumph,” says Victor Matranj, Head of Wealth Administration and Insurance coverage at Banco Santander. “Our world platform, native presence, modern product choices, expertise and best-in-class expertise had been key. We’re thrilled with the wonderful outcomes and grateful for the popularity and belief of our clients. ,
Credit score Suisse’s year-ago purchasers had been hit by losses associated to Greensil and Archegos Capital Administration. However it did properly within the Euromoney survey. It leads the best way within the Center East, the place it has been named Finest Personal Financial institution/Wealth Supervisor and Finest for HNWs and the Huge and Tremendous-Affluent.
“It’s our objective to stay the accomplice of alternative for wealth administration within the Center East,” says Bruno Dahr, Credit score Suisse Head of Wealth Administration for the Center East, Africa and NRIs. “Our built-in financial institution method, spanning funding banking, wealth administration and asset administration, resonates strongly with our purchasers and continues to be a key differentiating issue on this more and more entrepreneurial sector.”
We additionally have a look at the brand new winners on this yr’s survey.
Northwood Household Workplace is an impartial and privately owned boutique household workplace that gives what it describes as “web value administration” providers to rich Canadian and world households.
We’re happy with the enterprise we’ve got constructed and imagine we’re properly positioned to proceed rising it sooner or later
Tom McCullough, Northwood Household Workplace
The Toronto-based group tops the rankings for Finest Personal Financial institution / Wealth Supervisor in North America and has been named the Finest Supplier for HNW, UHNW and MHNW Shoppers in addition to the Finest Wealth Advisor for Household Places of work. That is yet one more signal of the rising dominance of worldwide multi-family workplaces.
“Within the almost twenty years since our founding, Northwood has change into Canada’s premier multi-family workplace,” says its co-founder, president and chief govt, Tom McCullough. “Over these 20 years, we’ve got developed our unparalleled customer support mannequin and constructed prime quality relationships with our clients, staff and friends within the trade. We’re happy with the enterprise we’ve got constructed and imagine we would be the future. I’m in place to proceed rising it.”
There are some distinctive regional success tales, significantly in Africa, the place South Africa’s Absa Group has been named the most effective non-public financial institution/wealth supervisor for the huge and super-rich.
Faisal Mkhije, Managing Govt, Relationship Banking, Absa Retail and Enterprise Financial institution, says the consequence: “A testomony to our dedication to making sure best-in-class choices when it comes to merchandise, service and buyer expertise on this space of our enterprise. We We’re dedicated to persevering with our efforts to search out distinctive methods to be attentive to the ever-evolving wants of our clients.”
A notable development this yr is the tendency for sectors and markets to be dominated by a single banking identify. That is considerably stunning, because the rising features in wealth administration throughout all markets are making non-public banking an more and more aggressive enterprise.
So simply as JP Morgan dominates Latin America, UBS wins in Asia and Western Europe, Credit score Suisse rises above the competitors within the Center East and Danske Financial institution is on the forefront of the Nordic area.
Yash must also go to the banks that prime the rankings in particular person markets. The Leon household workplace broadens the sector in Russia, as does HANA Financial institution in South Korea, MUFG in Japan, and China Service provider Financial institution in mainland China.
BNP Paribas does the identical in France as Banco Santander does in Chile and Poland; The latter is a market that Santander has made its approach into non-public banking in recent times.
In Singapore, Asia’s largest and most superior and modern wealth administration market, UBS wins the primary prize, the opposite important regional awards are shared with DBS and JP Morgan.
In Asia’s different necessary non-public banking market, Hong Kong, JP Morgan achieved the general rating and was named the Finest Supplier for MHNW Shoppers. Citi is the most effective for HNW households, with HSBC named the most effective financial institution for the huge and super-rich.
HSBC is seeking to enhance its efficiency in Hong Kong and mainland China, its two most necessary markets. Each listed banks in London and Hong Kong are doing heavy hiring. In June 2021, it pledged to rent 3,000 China-facing wealth managers, lots of whom could be situated within the cross-border Larger Bay Space area that spans Hong Kong and central Guangdong province.
Elsewhere, SEB leads Sweden, Julius Baer tops the rankings in India – the Swiss agency is nearly the final international non-public financial institution nonetheless standing in South Asia’s largest financial system.
Julius Baer additionally takes the highest spot in Monaco, a metropolis state that has quietly established itself as a non-public banking mini-hub and a pure vacation spot for world entrepreneurs and households with a variety of cash services- Together with monetary and political stability.
World attain pays off at JPMorgan
JP Morgan has lengthy been a powerhouse supplier of providers to the rich world wide. It was forward of the competitors in our class of the most effective supplier of non-public banking and wealth administration providers for mega-high net-worths, which we classify as people and households with greater than $250 million in private property.
The survey named the US agency the most effective supplier to UHNW people with property starting from $30 million to $250 million. Its success comes at a very troublesome time for personal bankers and cash managers all over the place, as they navigate the nonetheless unfolding affect of COVID.
Mary Callahan Erdow, chief govt of JP Morgan Asset & Wealth Administration, defined the character of the problem for Euromoney after the outcomes had been introduced. “Social distancing was a stark reminder of the significance of human connection,” she says. That is why we’re centered on increasing our attain in order that our advisors can present JP Morgan’s first-class recommendation, world insights and a world-renowned platform to our purchasers domestically.
She provides: “We at present have 100 workplaces in 26 nations worldwide, and couldn’t be extra excited to develop our staff and our footprint. For over 150 years we’ve got been perfecting our imaginative and prescient And we’re very happy that our purchasers – and our companions – see the worth our consultants carry to households and their companies.”
JPMorgan has topped a number of different world classes on this yr’s survey, underscoring its prominence. The worldwide non-public banking group named it a number one supplier of non-public wealth administration providers in analysis and asset allocation recommendation, funding administration, capital markets and advisory, and providers enterprise homeowners.
In Latin America, the financial institution has been named the most effective regional supplier of wealth administration providers. It topped the rankings in a bunch of particular person markets together with the US, UK, Saudi Arabia, Hong Kong, Italy, Egypt and Indonesia. The financial institution can also be opening new non-public banking workplaces as cash strikes into smaller cities and rural areas in main economies, largely as a result of affect of COVID. JP Morgan’s non-public financial institution now has representations in Stockholm, Amsterdam, Luxembourg and Copenhagen.
In all, it now boasts of 56 pure-play non-public banking workplaces within the US in addition to seven in Latin America, its presence in seven European markets in addition to two in Asia, Hong Kong and Singapore.