Banks, private banks, and trust companies are well positioned to gain market share in an environment that, for the first time in four years, is dominated by pessimism among the wealthiest investors, says an executive of U.S. Trust Corp., the private banking arm of Charles Schwab Corp.

The wealthiest 1% of Americans have soured on the stock market by comparison with last year, according to an annual survey by U.S. Trust Corp., whose index of affluent investors' assessment of market conditions declined sharply, to 48 from 66 the year earlier. It was the first decline in four years.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.