UBS, Citi and Merrill dominate wealth management

The troika of UBS, Citi and Merrill Lynch are the biggest wealth managers, according to the annual private banking benchmark report from London-based Scorpio Partnership.This report, which excludes wealth management figures in North America, covers 180 private banking entities managing a total of $10.8 trillion of assets. But while the top three players enjoy a combined market share of 39.3% of surveyed private banks, Scorpio notes that the real universe constitutes at least 400 organ…