UBS Global Wealth Management was voted the best global private bank in this year in Euromoney’s 16th annual private banking survey.
UBS co-president of global wealth management Martin Blessing said: “It highlights the necessity of having a global footprint and reinforces the need not to be international – which a lot of firms are – but actually to be global, onshore in every region.”
In compiling the ranking, Euromoney polled 737 institutions across 56 countries.
UBS was followed by Credit Suisse, another Swiss banking major, which also took the top spot in Asia Pacific.
JPMorgan grabbed the third spot in global rankings. The bank was in the topmost position for research and asset allocation.
Santander bagged the top spot in Latin America.
BlackRock continued to rule the rankings within asset management.
Trends beyond rankings
The study also found private bankers positive about revenue increases in 2019, with 66% holding the view. However, it is less compared to 2018, when 78% predicted higher revenues.
Moreover, banks across all regions were found planning to increase hiring.
Of those polled, 59% said that they intend to increase hiring, with the Middle East and Western Europe being most bullish in this regard.
Notably, nearly three-quarters of respondents this year said that their firms are responding to the increasing wealth among women.
Offering targeted marketing to female clients and hiring female advisers were the common approaches taken to address the issue.
Technology improvement continued to remain the focus of private banks.