(Bloomberg) -- UBS, Switzerland's biggest bank, leapfrogged Morgan Stanley and Bank of America to become the world's largest wealth manager by client assets, according to a ranking compiled by PAM Insight SA.
Zurich-based UBS increased client assets under management 16% to $2.1 trillion last year, the London- and Geneva- based research firm said in an e-mailed statement today. Bank of America had $2 trillion, while Morgan Stanley oversaw $1.9 trillion for affluent individuals and families. Wells Fargo & Co. came fourth with $1.6 trillion, and Credit Suisse Group AG completed the top five with $887 billion.
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