Private Banking and Wealth Management Survey 2022: JPMorgan – strength in adversity and diversity
JPMorgan is named the world’s best wealth manager in Euromoney’s private banking and wealth management survey 2022.
The US bank is also picked as the best provider of private banking services to the mega-high-net-worth segment (MHNW), classified as families with more than $250 million in personal assets, and the ultra-high net-worth (UHNW) individuals with $30 million to $250 million in assets.
The survey is the product of months of work by analysts and data experts at Euromoney, and involves polling 2,058 senior private bankers, investment managers and relationship managers around the world. The results are headlined by 17 global winners. Beyond that, categories are broken down into eight regions and then into country rankings.
JPMorgan’s success is a dual one. First, its international franchise is second to none for our survey is in effect a peer review, based on the personal views of private bankers around the world.
Its other success is to nudge UBS into second place in this year’s rankings. That’s a significant achievement: the Swiss wealth manager has topped the rankings in 13 of the past 18 years.
UBS has still held a strong year. It leads the overall rankings in Asia and Western Europe, and wins several global categories, including best provider for high net-worth (HNW) clients and family offices, and in serving next-generation clients. It also wins the award for best global provider of environmental, social and governance/sustainable investing services.
“We’re thrilled with the excellent results and grateful for the recognition and for our clients’ trust”
Victor Matarranz, Banco Santander
“2021 was an exciting year of success and triumph,” says Victor Matarranz, head of wealth management and insurance at Banco Santander. “Our global platform, local presence, renewed use of advanced technology and best talent were key. We’re thrilled with the excellent results and grateful for the recognition and for our clients’ trust.”
Credit Suisse’s year was marred by losses related to former clients Greensill and Archegos Capital Management. But its performance in the Euromoney survey held up well. It leads the way in the Middle East, where it is named best private bank/wealth manager and best for HNWIs and mass- and super-affluents.
“It is our goal to remain the partner of choice for wealth management in the Middle East,” says Bruno Daher, Credit Suisse’s head of wealth management in the Middle East, Africa and non-resident Indians. “Our integrated bank approach, spanning investment banking, wealth management and asset management, resonates strongly with our clients and remains a key differentiating factor in this increasingly entrepreneurial region.”
The US bank is also picked as the best provider of private banking services to the mega-high-net-worth segment (MHNW), classified as families with more than $250 million in personal assets, and the ultra-high net-worth (UHNW) individuals with $30 million to $250 million in assets.
The survey is the product of months of work by analysts and data experts at Euromoney, and involves polling 2,058 senior private bankers, investment managers and relationship managers around the world. The results are headlined by 17 global winners. Beyond that, categories are broken down into eight regions and then into country rankings.
JPMorgan’s success is a dual one. First, its international franchise is second to none for our survey is in effect a peer review, based on the personal views of private bankers around the world.
Its other success is to nudge UBS into second place in this year’s rankings. That’s a significant achievement: the Swiss wealth manager has topped the rankings in 13 of the past 18 years.
UBS has still held a strong year. It leads the overall rankings in Asia and Western Europe, and wins several global categories, including best provider for high net-worth (HNW) clients and family offices, and in serving next-generation clients. It also wins the award for best global provider of environmental, social and governance/sustainable investing services.
“We’re thrilled with the excellent results and grateful for the recognition and for our clients’ trust”
Victor Matarranz, Banco Santander
“2021 was an exciting year of success and triumph,” says Victor Matarranz, head of wealth management and insurance at Banco Santander. “Our global platform, local presence, renewed use of advanced technology and best talent were key. We’re thrilled with the excellent results and grateful for the recognition and for our clients’ trust.”
Credit Suisse’s year was marred by losses related to former clients Greensill and Archegos Capital Management. But its performance in the Euromoney survey held up well. It leads the way in the Middle East, where it is named best private bank/wealth manager and best for HNWIs and mass- and super-affluents.
“It is our goal to remain the partner of choice for wealth management in the Middle East,” says Bruno Daher, Credit Suisse’s head of wealth management in the Middle East, Africa and non-resident Indians. “Our integrated bank approach, spanning investment banking, wealth management and asset management, resonates strongly with our clients and remains a key differentiating factor in this increasingly entrepreneurial region.”
New winners
We also see new winners in the survey this year.
Northwood Family Office is an independent and privately owned boutique family office that offers what it describes as “net worth management” services to wealthy Canadian and global families.
The Toronto-based outfit tops the rankings for best private bank/wealth manager in North America and is named best provider to HNW, UHNW and MHNW clients, as well as the best wealth adviser for family offices. It is yet another sign of the growing clout of international multi-family offices.
“In the almost two decades since our founding, Northwood has become Canada’s leading multi-family office,” says its co-founder, chairman and chief executive, Tom McCullough. “In those 20 years, we have developed our unique client service model and built high-quality relationships with our clients, employees and partners in the industry. We are proud of the business we have built and believe we are well positioned to continue growing it in the future.”
There are some standout regional success stories, notably in Africa, where South Africa’s Absa Group is named best private bank/wealth manager for mass- and super-affluents.
Faisal Mkhize, managing executive, relationship banking, Absa retail and business bank, hails the result: “A testament of our dedication to ensure we have a best-in-class offering regarding products, service and client experience in this area of our business. We remain committed to continue our efforts to seek unique ways of being responsive to the ever-evolving needs of our customers.”
Northwood Family Office is an independent and privately owned boutique family office that offers what it describes as “net worth management” services to wealthy Canadian and global families.
The Toronto-based outfit tops the rankings for best private bank/wealth manager in North America and is named best provider to HNW, UHNW and MHNW clients, as well as the best wealth adviser for family offices. It is yet another sign of the growing clout of international multi-family offices.
“In the almost two decades since our founding, Northwood has become Canada’s leading multi-family office,” says its co-founder, chairman and chief executive, Tom McCullough. “In those 20 years, we have developed our unique client service model and built high-quality relationships with our clients, employees and partners in the industry. We are proud of the business we have built and believe we are well positioned to continue growing it in the future.”
There are some standout regional success stories, notably in Africa, where South Africa’s Absa Group is named best private bank/wealth manager for mass- and super-affluents.
Faisal Mkhize, managing executive, relationship banking, Absa retail and business bank, hails the result: “A testament of our dedication to ensure we have a best-in-class offering regarding products, service and client experience in this area of our business. We remain committed to continue our efforts to seek unique ways of being responsive to the ever-evolving needs of our customers.”
Sole domination
One notable trend this year is a tendency for regions and markets to be dominated by a single banking name. This is somewhat surprising, as rising profits in all markets in wealth management are making private banking an increasingly competitive business.
So just as JPMorgan dominates in Latin America, UBS triumphs in Asia and Western Europe, Credit Suisse stands out and shoulders above the competition in the Middle East and Danske Bank leads the way in the Nordic region.
Kudos must also go to the banks that top the rankings in individual markets. Lomon Family Office sweeps the field in Russia, as does Hana Bank in South Korea, MUFG in Japan and Ping An in mainland China.
BNP Paribas does the same in France, as does Banco Santander in Chile and Poland; the latter is a market that Santander has made its own in private banking in recent years.
In Singapore, Asia’s largest and most advanced and innovative wealth management market, UBS wins the main prize, with the other main regional awards shared with DBS and JPMorgan.
In Hong Kong, Asia’s other important private banking market, JPMorgan wins the overall ranking and is named best provider for UHNWIs. Citi is best for HNW families, while HSBC named best bank for mass- and super-affluents.
HSBC will be looking to improve on its performance in Hong Kong and mainland China, its two most important markets. The London and Hong Kong-listed lender is hiring heavily in both. In June 2021, it pledged to hire 3,000 China-facing wealth managers, many of whom will be located in the cross-border Greater Bay Area region that spans Hong Kong and central Guangdong province.
Elsewhere, SEB leads the way in Sweden, with Julius Baer topping the rankings in India – the Swiss firm is almost the last foreign private bank still standing in south Asia’s largest economy.
Julius Baer also grabs top spot in Monaco, a city state quietly positioning itself as a private banking hub and a natural destination for global entrepreneurs and families seeking a range of wealth services, as well as financial and political stability.
So just as JPMorgan dominates in Latin America, UBS triumphs in Asia and Western Europe, Credit Suisse stands out and shoulders above the competition in the Middle East and Danske Bank leads the way in the Nordic region.
Kudos must also go to the banks that top the rankings in individual markets. Lomon Family Office sweeps the field in Russia, as does Hana Bank in South Korea, MUFG in Japan and Ping An in mainland China.
BNP Paribas does the same in France, as does Banco Santander in Chile and Poland; the latter is a market that Santander has made its own in private banking in recent years.
In Singapore, Asia’s largest and most advanced and innovative wealth management market, UBS wins the main prize, with the other main regional awards shared with DBS and JPMorgan.
In Hong Kong, Asia’s other important private banking market, JPMorgan wins the overall ranking and is named best provider for UHNWIs. Citi is best for HNW families, while HSBC named best bank for mass- and super-affluents.
HSBC will be looking to improve on its performance in Hong Kong and mainland China, its two most important markets. The London and Hong Kong-listed lender is hiring heavily in both. In June 2021, it pledged to hire 3,000 China-facing wealth managers, many of whom will be located in the cross-border Greater Bay Area region that spans Hong Kong and central Guangdong province.
Elsewhere, SEB leads the way in Sweden, with Julius Baer topping the rankings in India – the Swiss firm is almost the last foreign private bank still standing in south Asia’s largest economy.
Julius Baer also grabs top spot in Monaco, a city state quietly positioning itself as a private banking hub and a natural destination for global entrepreneurs and families seeking a range of wealth services, as well as financial and political stability.