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Rediff.com  » Business » 25 banks that target only richest families in the world

25 banks that target only richest families in the world

September 30, 2013 08:07 IST

Image: An employee walks past a logo of Swiss bank UBS in Zurich, Switzerland.
Photographs: Michael Buholzer/Reuters

While almost all banks cater to general public, there are some financial institutions that target only the wealthy.

Let's take a look at some banks that manage the wealth of richest families in the world.

Source: Bloomberg Visual Data

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25 banks that target only richest families in the world

Image: Office of HSBC in Zurich, Switzerland.
Photographs: Arnd Wiegmann/Reuters

HSBC Private Wealth Solutions

Main office: Hong Kong

Number of families: 340

Assets under advisements: $137.3 billion

Year-on-year change: Plus 11 per cent

Overall rank: 1

HSBC Private Bank provides services to high net-worth individuals and their families through more than 80 locations in about 36 countries and territories in Europe, Asia-Pacific, the Americas, the Middle East and Africa.

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25 banks that target only richest families in the world

Image: Homepage of Northern Trust website.
Photographs: Source, northerntrust.com

Northern Trust

Main office: Chicago

Number of families: 3,457

Assets under advisements: $112.0 billion

Year-on-year change: Plus 23 per cent

Overall rank: 2

Northern Trust has been delivering banking solutions to affluent customers for more than 120 years.

...

25 banks that target only richest families in the world

Image: Homepage of Bessemer Trust website.
Photographs: Source, bessemertrust.com

Bessemer Trust

Main office: New York

Number of families: 2,200

Assets under advisements: $77.9 billion

Year-on-year change: Plus 25 per cent

Overall rank: 3

Bessemer Trust, which was founded by Henry Phipps in 1907, has a 3:1 client-to-employee ratio, with nearly 2,200 clients and 700 employees.

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25 banks that target only richest families in the world

Image: BNY Mellon's headquarters in New York city's financial district.
Photographs: Source, Brendan McDermid

BNY Mellon Wealth Management

Main office: New York

Number of families: 400

Assets under advisements: $76.0 billion

Year-on-year change: Plus 18 per cent

Overall rank: 4

The Bank of New York, the company's earliest predecessor organisation, was formed by Alexander Hamilton and other prominent citizens in 1784.

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25 banks that target only richest families in the world

Image: A sign bearing the logo of family owned private bank Pictet is pictured at the company headquarters in Geneva, Switzerland.
Photographs: Denis Balibouse/Reuters

Pictet

Main office: Geneva, Switzerland

Number of families: 50

Assets under advisements: $57.3 billion

Year-on-year change: No change

Overall rank: 5

Pictet, which was founded in Geneva in 1805, focuses solely on managing the wealth of private and institutional investors. It does not engage in any form of investment banking, nor does it issue any commercial, mortgage or unsecured loans.

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25 banks that target only richest families in the world

Image: People walk in front of a branch of Swiss bank UBS in Zurich, Switzerland.
Photographs: Michael Buholzer/Reuters

UBS Global Family Office

Main offices: Zurich, London, Singapore, Hong Kong and New York

Number of families: N/A

Assets under advisements: $47.5 billion

Year-on-year change: Plus 27 per cent

Overall rank: 6

UBS, which was founded in Switzerland in 1856, has a network of offices in more than 50 countries on five continents.

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25 banks that target only richest families in the world

Image: Homepage of CTC Consulting Harris myCFO website.
Photographs: Source, harrismycfo.com

CTC Consulting Harris myCFO

Main office: Chicago

Number of families: 312

Assets under advisements: $35.0 billion

Year-on-year change: Plus 6 per cent

Overall rank: 7

CTC Consulting Harris myCFO serves clients across the US from 12 offices.

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25 banks that target only richest families in the world

Image: Homepage of Abbot Downing website.
Photographs: Source, abbotdowning.com

Abbot Downing

Main office: Minneapolis, United States

Number of families: 594

Assets under advisements: $32.2 billion

Year-on-year change: Plus 5 per cent

Overall rank: 8

Abbot Downing provides comprehensive services to ultra-high-net-worth clients. These services include planning and family dynamics, asset management, private banking and trust, fiduciary and administrative services.

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25 banks that target only richest families in the world

Image: Homepage of US Trust website.
Photographs: Source, ustrust.com

US Trust

Main office: New York

Number of families: 162

Assets under advisements: $31.1 billion

Year-on-year change: Plus 5 per cent

Overall rank: 9

US Trust, which was founded in 1853, provides access to investments across a broad spectrum of traditional, alternative and non-financial asset classes.

...

Tags: US , New York

25 banks that target only richest families in the world

Image: Homepage of Wilmington Trust website.
Photographs: Source, wilmingtontrust.com

Wilmington Trust

Main office: Wilmington, Delaware

Number of families: 436

Assets under advisements: $24.6 billion

Year-on-year change: Down 23 per cent

Overall rank: 10

Wilmington Trust, which was founded in 1903, has customers in all 50 states in America and 35 other countries.

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25 banks that target only richest families in the world

Image: Homepage of Hawthorn website.
Photographs: Source, hawthorn.pnc.com

Hawthorn (PNC Financial)

Main office: Philadelphia

Number of families: 580

Assets under advisements: $23.1 billion

Year-on-year change: Plus 8 per cent

Overall rank: 11

Hawthorn, which was founded in mid-1800, is one of the largest US multi-family office service providers with hub concentrations in Philadelphia, Pittsburgh, Baltimore, Wilmington and Cleveland.

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25 banks that target only richest families in the world

Image: Homepage of Rockefeller & Company website.
Photographs: Source, rockefellerfinancial.com

Rockefeller & Company

Main office: New York

Number of families: 259

Assets under advisements: $23.1 billion

Year-on-year change: Plus 10 per cent

Overall rank: 12

Rockefeller & Company, which was founded in 1882, serves a wide range of individuals and institutions.

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25 banks that target only richest families in the world

Image: Homepage of Glenmede website.
Photographs: Source, glenmede.com

Glenmede

Main office: Philadelphia

Number of families: 211

Assets under advisements: $21.4 billion

Year-on-year change: Plus 7 per cent

Overall rank: 13

Glenmede, which was founded in 1956, has 6:1 client-to-employee ratio and offices in all 50 states in America.

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25 banks that target only richest families in the world

Image: Homepage of Atlantic Trust website.
Photographs: Source, atlantictrust.com

Atlantic Trust (Invesco)

Main office: Atlanta

Number of families: 2,296

Assets under advisements: $19.5 billion

Year-on-year change: Plus 9 per cent

Overall rank: 14

Atlantic Trust provides services to affluent individuals, multi-generational families as well as foundations.

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25 banks that target only richest families in the world

Image: Homepage of GenSpring Family Offices website.
Photographs: Source, genspring.com

GenSpring Family Offices (affiliate of Suntrust Banks)

Main office: Jupiter, Florida

Number of families: 442

Assets under advisements: $15.8 billion

Year-on-year change: Down 5 per cent

Overall rank: 15

GenSpring Family Offices, which was founded in 1989, oversee and manage the financial lives of wealthy families and have the freedom to invest their money with providers around the world.

...

25 banks that target only richest families in the world

Image: Homepage of Veritable website.
Photographs: Source, veritablelp.com

Veritable

Main office: Newtown Square, Pennsylvania

Number of families: 203

Assets under advisements: $11.3 billion

Year-on-year change: Plus 10 per cent

Overall rank: 16

Veritable, which was founded in 1986, has three primary functional areas: chief investment officers, research analysts and trading, operations and technology specialists.

...

25 banks that target only richest families in the world

Image: Homepage of Silvercrest Asset Management website.
Photographs: Source, silvercrestgroup.com

Silvercrest Asset Management

Main office: New York

Number of families: 365

Assets under advisements: $10.6 billion

Year-on-year change: Plus 4 per cent

Overall rank: 17

Silvercrest Asset Management Group is an independent, employee-owned, registered investment advisor which provides asset management and family office services to families and select institutional investors, according to its website.

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25 banks that target only richest families in the world

Image: Homepage of Oxford Financial Group website.
Photographs: Source, ofgltd.com

Oxford Financial Group

Main office: Carmel, Indiana

Number of families: 232

Assets under advisements: $10.4 billion

Year-on-year change: Plus 3 per cent

Overall rank: 18

Oxford Financial Group, which was founded 30 years ago, offers a complete range of services and access to global investment opportunities and best-in-class multi-generational estate and financial planning strategies, according to its website.

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25 banks that target only richest families in the world

Image: Homepage of Whittier Trust website.
Photographs: Source, whittiertrust.com

Whittier Trust

Main office: South Pasadena, California

Number of families: 290

Assets under advisements: $8.9 billion

Year-on-year change: Plus 16 per cent

Overall rank: 19

Whittier Trust, which was founded in late 1980s, is the largest independently owned family office headquartered on the West Coast in the United States.

...

25 banks that target only richest families in the world

Image: Homepage of Commerce Family Office website.
Photographs: Source, commercebank.com

Commerce Family Office

Main office: St Louis, Missouri

Number of families: 79

Assets under advisements: $8.8 billion

Year-on-year change: Plus 35 per cent

Overall rank: 20

Commerce Family Office provides various services to wealthy families around the world.

...

25 banks that target only richest families in the world

Image: Homepage of ATAG Private and Corporate Services website.
Photographs: Source, atag-pcs.ch

ATAG Private and Corporate Services

Main office: Basel, Switzerland

Number of families: 50

Assets under advisements: $8.0 billion

Year-on-year change: Plus 8 per cent

Overall rank: 21

ATAG Private and Corporate Services offers services to high-net-worth families around the world.

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25 banks that target only richest families in the world

Image: Homepage of Tiedemann Wealth Management website.
Photographs: Source, tiedemannwealth.com

Tiedemann Wealth Management

Main office: New York

Number of families: 96

Assets under advisements: $7.5 billion

Year-on-year change: Plus 15 per cent

Overall rank: 22

Tiedemann Wealth Management, which was founded in 1999, offers customised, comprehensive and objective wealth management advice to families and institutions.

...

25 banks that target only richest families in the world

Image: Homepage of TAG Associates website.
Photographs: Source, tagassoc.com

TAG Associates

Main office: New York

Number of families: 103

Assets under advisements: $7.0 billion

Year-on-year change: Plus 3 per cent

Overall rank: 23

TAG Associates, which was founded in 1983, is a leading multi-client family office and portfolio management services firm.

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25 banks that target only richest families in the world

Image: Homepage of Spudy & Co website.
Photographs: Source, spudy.de

Spudy & Co

Main office: Hamburg, Germany

Number of families: 80

Assets under advisements: $6.6 billion

Year-on-year change: Plus 27 per cent

Overall rank: 24

Spudy & Co manages wealth of some of the richest families in the world.

...

25 banks that target only richest families in the world

Image: Homepage of Bedrock website.
Photographs: Source, bedrockgroup.ch

Bedrock

Main offices: Geneva, Monaco and London

Number of families: 70

Assets under advisements: $6.0 billion

Year-on-year change: Plus 20 per cent

Overall rank: 25

Bedrock provides multi-asset investment solutions ultra-high-net-worth individuals and families, endowments and foundations.