UBS cemented its lead over Bank of America as the world's largest private bank and is within striking distance of managing $2tril on behalf of the wealthy, according to a study on Thursday.
Reuters reports that the study by wealth management consultant Scorpio Partnership found that Morgan Stanley, Credit Suisse and Royal Bank of Canada rounded out the top five overall.
UBS is nearly two years into a plan to cut back on riskier debt trading activities and put its private banking arm at the heart of its strategy, a move it says will drive returns for shareholders.
UBS displaced Bank of America in the top spot last year in the annual benchmark after the bank sold its private bank outside the United States to Julius Baer, which shot up to 12th place in this year's ranking as a result of the acquisition.
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