HSBC Private Wealth Solutions, part of UK/Hong Kong-listed HSBC, has retained its title as the world’s number one family office business in terms of assets under advisement, according to the second annual ranking of the sector by Bloomberg Markets.
The ranking, which features in the September issue of Bloomberg Markets magazine, puts HSBC Private Wealth Solutions’ AuA figure at $123.6 billion, derived from 297 client families. Importantly, the business has grown its AuA by 21 per cent year-over-year, putting it in fifth place in terms of greatest year-over-year growth. In the 2011 ranking HSBC Private Wealth Solutions recorded $102 billion in assets under advisement.
The top ten
Turning back to the rest of the top five for 2012, Chicago-headquartered Northern Trust was ranked second, with an AuA figure of $90.0 billion and 4,101 client families, while BNY Mellon Wealth Management came third with $64.5 billion in AuA from 424 client families. Rounding out the top five were Bessemer Trust ($62.4 billion in AuA from 2,100 client families) and Geneva-based Pictet ($57.3 billion in AuA from fewer than 50 client families).
Just outside the top five was Switzerland’s UBS Global Family Office, which recorded $37.3 billion in AuA and 125 client families.