Wealth Management refers to a comprehensive service that provides financial planning, investment management, estate planning, tax strategies, and other financial services to high-net-worth individuals (HNWIs), families, and sometimes businesses.
Corporate and Institutional Services focus on providing tailored financial solutions for large organizations, businesses, government entities, nonprofits, and institutions. These services are aimed at managing complex financial needs, growing institutional assets, and optimizing corporate financial structures.
Top Wealth Management and Corporate and Institutional Services
Goldman Sachs:
Goldman Sachs Wealth Management manages approximately $558 billion in assets. Their focus is on high-net-worth individuals, offering a wide range of investment vehicles and alternative strategies like private equity and hedge funds. Their institutional services include corporate advisory and asset management
Morgan Stanley Wealth Management:
Morgan Stanley is a major player with $1.24 trillion in assets under management (AUM). The firm serves over 3.6 million customers globally through a network of 16,000 financial advisors, making it one of the largest in wealth management
J.P. Morgan Private Bank:
J.P. Morgan Private Bank manages $677 billion in assets, providing highly personalized services such as custom financial planning, estate management, and tailored investment advice. They are a leader in high-net-worth wealth management
Wilmington Trust:
While Wilmington Trust’s specific AUM isn’t listed, it is known for its relationship-driven wealth management services for high-net-worth clients. Their offerings include trust services, estate planning, and investment management, with a strong presence in corporate and institutional services.
UBS Wealth Management:
UBS tops the list as the world’s largest wealth manager, with $2.6 trillion in AUM. Their wealth management services are spread across multiple regions, with a significant presence in the U.S., Asia, and Latin America.
Bank of America Private Bank:
Bank of America’s wealth management arm, which includes Merrill Lynch, manages $1.2 trillion in AUM. They serve both affluent clients and high-net-worth individuals, offering a range of services including financial planning, investment management, and family office services.
Northern Trust:
Northern Trust manages $303.8 billion in assets. They specialize in wealth management for affluent clients and provide institutional services such as asset servicing and investment management.
Citi Private Bank:
Citi Private Bank manages $500 billion in assets and offers bespoke wealth management services. Their high client-to-advisor ratio ensures personalized attention for clients with a minimum of $25 million in net worth.
Credit Suisse:
Before its acquisition by UBS in 2023, Credit Suisse managed $1.25 trillion in AUM, providing wealth management services for high-net-worth clients globally. They were particularly recognized for their wealth preservation and estate planning services.
BNY Mellon Wealth Management:
BNY Mellon manages $254 billion in assets. They provide a range of services including trust services, estate planning, and investment management for both individual and institutional clients.
Latest Hiring and leadership Updates
Goldman Sachs:
Recently, Goldman Sachs, along with other major financial institutions like Morgan Stanley and JPMorgan Chase, settled a $499 million lawsuit concerning anti-competitive practices in stock lending. While Goldman continues its strong focus on wealth management and corporate services, no specific recent leadership hires have been highlighted, but the company remains a leading player in managing high-net-worth clients
Morgan Stanley:
In recent months, Morgan Stanley has continued to expand its financial advisory services globally. The company has been actively hiring and enhancing its wealth management division, which handles over $1.24 trillion in assets. Additionally, Morgan Stanley has been making strategic moves by promoting top talent internally to strengthen its advisory and wealth management arms.
J.P. Morgan Private Bank:
J.P. Morgan remains a powerhouse in wealth management, managing $677 billion in assets. Recent updates indicate a focus on expanding advisory services globally, with the company enhancing its personalized wealth management offerings by onboarding high-caliber professionals across key markets.
UBS Wealth Management:
UBS has been ramping up its hiring efforts, particularly in Asia and Latin America, to expand its wealth management and corporate advisory teams. UBS continues to top the charts as the largest wealth manager, with $2.6 trillion in AUM, and is recruiting senior-level advisors to enhance its services
Wilmington Trust:
Wilmington Trust continues its focus on relationship-driven wealth management services. The company has been expanding its Southeast team, hiring professionals like Shannon Swanick, as it grows its wealth advisory services.
She is a senior wealth advisor at Wilmington Trust and plays a crucial role in providing comprehensive wealth management advice to high-net-worth individuals and families, as well as business owners and family offices in the Southeast. With over 22 years of experience in financial services, she brings deep expertise in developing financial strategies tailored to meet both current and long-term objectives. Prior to joining Wilmington Trust, she held senior roles at BMO Harris and SunTrust Bank. Swanick coordinates a wide range of services, including investment management, planning, trust, private banking, and family office services.
Her experience in wealth management reflects Wilmington Trust’s relationship-driven approach, focusing on personalized service and long-term client relationships.
Northern Trust:
Recently, Northern Trust has made key hires to strengthen its Private Capital Fund Services and Insurance Solutions teams. Notably, Dean Marziarz joined as a senior business development representative for Private Capital, bringing over 20 years of experience from BNY Mellon and J.P. Morgan. These additions aim to grow Northern Trust’s services for alternative investment managers and insurance companies.
BNY Mellon Wealth Management:
In 2023, BNY Mellon announced plans to reduce its global workforce by 1,500 employees, focusing on management positions, following a 38% decline in net income in the last quarter of 2022. Despite the layoffs, BNY Mellon continues to offer robust services in wealth management, institutional trust, and asset management.
Citi Private Bank:
Citi Private Bank was recognized at the 2023 Private Banking Awards for its leadership in catering to ultra-high-net-worth (UHNW) clients, wealthy women, and for promoting diversity and inclusion. The bank continues to focus on growing its wealth management services globally, especially for UHNW clients.
