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BoA overtakes UBS in wealth manager league
BANK OF AMERICA (BoA) has officially overtaken Swiss rival UBS as the number one wealth manager for rich investors thanks to its merger with rival Merrill Lynch, a survey has said.
The group now oversees a giant $1.5 trillion (£921bn) in assets, slightly more than UBS that has suffered heavily from client withdrawals of funds during plummeting markets.
The survey, by London-based wealth management analyst Scorpio Partnership, suggests private banks now oversee $14.5 trillion in total.