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Article: Bank of New York Mellon Tops List of Bank Wealth Managers.(Report)
- Article from:
- Insurance Weekly News
- Article date:
- October 2, 2009
CopyrightCOPYRIGHT 2009 NewsRX. 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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The Great Recession overshadowed all business news in 2008 and early 2009, and bank wealth management (WM) was no exception.
Among the 60 banks featured in the 2009 edition of Who's Who in Bank Wealth Management, published this week by the Bank Insurance Market Research Group, only 9 percent increased assets under management (AUM) in 2008. Median AUM declined 17 percent in fiscal 2008 among banks in this study.
The leader in AUM growth, Wisconsin's Marshall & Ilsley Corp., boosted AUM 18 percent, but it did so primarily through acquisitions of registered investment advisory firms, not by organic growth. By comparison, 38 banks lost AUM in 2008. (The ...