Banking (MP) With private investment banks pools expected to top $70 trillion over the next four years and the number of millionaires forecast to top 16 million globally by 2016, more high-net-worth people and executives are using the services of private investment banks than ever before.
Sometimes known as personal portfolios — these investment banks are not retail banking or savings banks. Historically, Private banks, were used by wealthy families. Today’s high-net-worth individuals, who have more complex financial requirements than the averaged income person use these banks to manage their finances. They enjoy high levels of income or investments in sizable assets.
What Do Private Investments Banks Do?
Private investment banks go beyond managing portfolios to address a client’s entire financial situation. Services include: protecting and growing assets in the present, providing specialized financing solutions, planning, retirement, and passing wealth on to future generations. With private banking, high-net-worth individuals and families also receive help in a range of areas – from traditional banking needs to investment and trust services – under one roof. These rich clients also benefit from having a dedicated private banker who coordinates all these services and simplifies the communication process.
Who Does Investments Banks Cater to?
While you may be able to get inside personal banking with $50,000 or less in assets, many private investment banks won’t accept clients with less than $500,000 in net worth assets. The rationale that having high levels of wealth will allow you to take part in alternative portfolios such as hedge funds and real estate is really level headed. Why? Because this level of wealth often prevents you have to cash out early because of money (liquidity) problems.
Top Private Investment Banking List
Money Pacers compiled this list making use of entry submissions, market research, advice from industry analysts, and users of personal portfolio banking services:
1. Top Personal Bank in the World: J.P. Morgan Private Banking
2. Best Boutique Private Bank in the World: C. Hoare & Co.
3. Most Innovative Private Bank in the World: DBS Private Bank
4. Top Personal Bank for Socially Responsible Investing: Northern Trust
5. Best Personal Bank for New Customer Segments: Bank of America Merill Lynch Private Wealth Management
6. Top Personal Bank in Emerging Markets: UBS Wealth Management
7. Best Up-and-Coming Private Bank: Bank of Singapore
8. Top Islamic Private Bank: HSBC Private Bank
9. Best Personal Bank for Individuals Under 35: Bank of America Merill Lynch Private Wealth Management
10. Top Personal Bank for Net Worth Under $1 million: Merrill Lynch
11. Best Private Bank for Net Worth Between $1 million
and $24.9 million: U.S. Trust
12. Top Personal Bank for Net Worth of
$25 million or more: Citi Private Bank
13. Best Personal Bank for Generational Wealth Management: Pictet
14. Top Private Bank for Discretionary Mandates: UBS Wealth Management