Wealth management units are expected to face little growth throughout 2016 as market volatility throughout EU continues to affect the ability of big US banks to expand their operations in this area. Morgan Stanley, Bank of America and Wells Fargo are among the banks that will face a 'below trend growth' of wealth management operations this year as the profit margins of their respective wealth management arms fell by up to 16% in the first quarter. The report also highlights how the UK is set for an increase in its share of global wealth, with London accounting for more than half (52%) of world wealth.
Wealth management units are expected to face little growth throughout 2016 as market volatility throughout EU continues to affect the ability of big US banks to expand their operations in this area. Morgan Stanley, Bank of America and Wells Fargo are among the banks that will face a 'below trend growth' of wealth management operations this year as the profit margins of their respective wealth management arms fell by up to 16% in the first quarter. Barclays has projected that the profit margins of Morgan Stanley Wealth Management will stay around 21% in the second quarter but will reach 25% next year alongside UBS.