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Article: U.S. wealth managers go global; Report confirms growing number of rich in emerging markets.(News)
- Article from:
- Investment News
- Article date:
- June 30, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Charles Paikert
Merrill Lynch is leading the charge as top U.S. wealth managers increasingly seek to grow their businesses by expanding overseas.
That trend was underscored last week when the much anticipated Capgemini World Wealth Report drew attention to the surging number of individuals with more than $1 million in investible assets who live in countries outside the United States, particularly in emerging markets.
India, China and Brazil saw the fastest percentage growth of wealth, according to the report, which is published annually by Paris-based Capgemini and New York-based Merrill Lynch & Co. Inc.
The report reinforced ...