Banks For The Wealthy

Specialized banking services cater to the very wealthy.

All banks are not created equally, and not every bank is particularly
suited for catering to the affluent market. Those that are tend to
share a few characteristics, including a sizable amount of assets under
management (AUM), a healthy profitability and a ratio of clients to
relationship managers that favors its clientele.

They also
tend to share a number of services that fall under the mantle of wealth
management, including a broad range of investment management services,
such as portfolio allocation and asset management; a variety of
planning strategies, from taxes to retirement to succession and inheritance; and access to various investment opportunities not typically available to retail customers.


In setting themselves apart from one another, the private banking
divisions of these banks are making efforts to provide unique and
highly individualized services unavailable elsewhere. As a result,
these services provide a reasonable means by which to determine which
banks are best suited for the wealthiest clientele.

UBS

Voted the best global private bank four years running by Euromoney,
UBS is the second-largest bank in Europe and the largest manager of
private wealth assets in the world. The company came together in 1998
following a merger of the Bank of Switzerland and Swiss Bank
Corporation, and the acquisition of Paine Webber & Co. in 2000 gave
them a tremendous foothold in the area of retail stock brokerage.
Headquartered in both Basel and Zurich, Switzerland, UBS also has
retail offices in the U.S. and in over 50 other countries.

Service highlights:

• Wealth
  management clients have access to Art Banking (art research,
  acquisitions and sale, estate planning and curatorial management) and a
  number of numismatic services, including valuation of coins and
  precious metals and auction representation.
  
• UBS Funds allows access to a comprehensive range of mutual funds.
  
• UBS
  Optimus Foundation facilitates client contribution to philanthropic and
  humanitarian projects. All administrative costs are paid by UBS,
  allowing 100% of client funds to go straight to the various projects.
  

Citigroup


Headquartered in New York City, Citigroup was formed in the 1998 merger
of Citicorp and Traveler’s Group. Its assets total $2.02 trillion,
putting the firm at the top of the Forbes Global 2000 list as the
world’s largest firm for 2006 and 2007. Furthermore, Euromoney has ranked Citigroup second among private banks worldwide for the past two years.

Service highlights:

• A
  comprehensive Multiple Residence and Farm Advisory Service advises
  clients on the management and maintenance of multiple properties. This
  service includes taking inventory of valuables as well as the training
  of domestic staff on the proper care of furnishings.
  
• The Art Advisory Service includes strategies to build collections, curatorial management services, estate planning, and assistance in financing pieces of art.
  
• An in-house finance team provides clients assistance in the process of acquiring and financing private aircraft.
  

HSBC

Headquartered in London, HSBC Holdings PLC has retail
offices in 68 cities worldwide. With assets totaling over $1.8
trillion, it ranks third in the Forbes Global 2000 list of the world’s
largest firms and has also ranked third among the world’s best private
banks by Euromoney for the past two years. HSBC’s private
banking business has been growing through the recent acquisition of The
Bank of Bermuda, Republic New York Corporation and Safra Republic
Holdings.

Service highlights:

• HSBC’s
  Specialist Advisory Services feature not just property, taxes and
  family office, but also charities and foundations, immigration services
  and diamonds and jewelry.
  
• An advisory service for onshore dollar deposits, global fund strategy and emerging markets.
  

JPMorgan Chase



The 2000 merger between Chase Manhattan Corporation and JPMorgan &
Co. created JPMorgan Chase & Co. Headquartered in New York City,
its assets total over $1.3 trillion, and it boasts the biggest hedge fund in the United States, with $34 billion in assets. In 2006, Euromoney ranked JPMorgan Chase the No. 4 private bank in the world.

Service highlights:

• Access
  to financial advisers available to serve as agents in the negotiation
  of contracts and leases, in addition to providing asset, investment,
  and risk management.
  
• Assistance with asset, investment and risk management.
  

Barclays


Barclays was founded in 1896, and is headquartered in London under the
holding company of Barclays PLC. At the moment, Barclays is poised to
become the fourth largest financial services provider in the world if
the proposed merger with ABN AMRO, the biggest bank in the Netherlands,
is approved.

Service highlights:

• Bespoke
  services for clients in financial asset leveraging, foreign exchange
  and derivatives, residential and commercial property finance, and
  marine and aircraft finance.
  
• Banking services include multi-currency cash funds, overseas asset structuring, foreign currency, and foreign exchange.
  
• Wealth structuring services include pension solutions and structures that address different legal jurisdictions.
  
• Its private bankers provide independent advice, as Barclays Private Bank is not tied to any product provider.
  

Credit Suisse


Founded in 1856, and headquartered in Zurich, Credit Suisse is the
second-largest bank in Switzerland. Its private banking division is one
of the largest such organizations in the world, and for the last two
years it has ranked in Euromoney’s list as one of the top five private banks worldwide.

Service highlights:

• Private
  investment opportunities, including private equity funds (minority
  co-investments, leveraged buyouts and mezzanine investments), hedge
  funds, collateralized bond funds, and venture capital.
  
• Bond
  portfolio structuring in a wide variety of securities, including
  municipal, government, corporate, and high yield securities.
  
• Private client brokerage services, including acting as a broker, executing trades and in-depth portfolio allocation.
  

the personal touch



More and more, the world’s wealthiest individuals are migrating towards
private banks. According to a recent survey by Tulip Financial
Research, in the recent past, those individuals preferred private banks
largely due to the personalized service afforded to them. However, they
are now turning to private banks because of the range of wealth
investment advice and wealth management services available. Private
banks are responding in kind, and one can safely expect the services
they offer to become more and more specialized.


Resources
http://en.wikipedia.org
www.ubs.com
www.999today.com
www.citibank.com
www.hsbcprivatebank.com
www.jpmorgan.com
www.barclays.co.uk
www.credit-suisse.com
www.csfb.com
www.tulipresearch.co.uk