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The Rich are Leaving Banks for Family Offices
While the 99% are experiencing financial challenges, the very wealthy are holding up just fine.
In fact, banks that service and cater to the ultra wealthy are seeing a huge increase in business and assets under management.
The following list ranks the top banks that specialize in offering services to high-net-worth clients.
No.1: HSBC Private Wealth Solutions
AP
YoY Change: +21% (No. 1)
Location: Geneva, Lugano and Zurich
Number of Families: 297
Average amount invested per family: ~$416 million (No. 2)
Source: Bloomberg Markets Magazine
No. 2: Northern Trust Corp.
YoY Change: +8% (No. 6-tie)
Location: Chicago
Number of Families: 4,101
Average amount invested per family: ~$22 million (No. 18)
Source: Bloomberg Markets Magazine
No. 3: BNY Mellon Wealth Management
YoY Change: -1% (No. 17)
Location: New York
Number of Families: 424
Average amount invested per family: ~$152 (No.7)
Source: Bloomberg Markets Magazine
Read More: Businessinsider
