All articles by Shubh Shukla

Shubh Shukla

BCG: Wealth managers must act to thrive

External asset managers, family offices, and online wealth managers have taken advantage of the disruption caused by the financial crisis to challenge the position of the globes top private banks, according to Boston Consulting Groups (BCG) new report. The Battle to Regain Strength: Global Wealth 2012 is BCGs 12th annual review of the global wealth management industry, and addresses the markets current size, offshore banking, leading institutions performance levels, the emergence of alternative models, and key trends. Traditional wealth managers should aim not only to defend their turf but also to profit from evolving client preferences by adapting their own business modelsborrowing different elements from those of unconventional competitors and making sure that they keep their finger on the pulse of what their clients want, said reports co-author Monish Kumar.

JP Morgan, Wells Fargo Q1 revenues down

Net revenue at JP Morgans asset management (AM) division slid 1%, or $36m, to $2.4bn in the first quarter of 2012 Revenue at JP Morgans Private Bank, which accounts for the majority of revenues at its AM unit, was $1.3bn 3% lower than the first quarter of 2011.