top 40 wealth managers - barron's
TRANSCRIPT
September 17, 2012 B A R RON ’ S P9
tially a big, dirty, impoverished city of 1.4 million. Smogand dust are everywhere. People burn their trash in thestreets. The stench of sewage is at times overwhelming.The tap water is completely undrinkable. Power outagesare frequent. As all of this suggests, Nepal’s governmentis dysfunctional. Over the years, it has swung between pa-ralysis and upheaval, and that shows no signs of stopping.During our visit, the latest iteration of the government, ademocratic republic, missed an important deadline foradopting a constitution.And yet, Meg seemed at home. In just four months, she
had learned Nepali surprisingly well, and in a land wherevirtually all prices are up for negotiation, she had learnedhow to haggle with style—firmly but in good humor. She rou-tinely cut cabbies’ offers by 20% or more. She knew moreabout doing business in a truly foreign country than mostAmerican professionals know before they’re sent to one, beit Nepal, Ghana, or Bolivia.Meg knew what it was like to really live in the place. For
two weeks of her earlier stay, she’d lived alone above a cafein a small room with two beds and a shared bathroom in thehall. We stayed in the same guesthouse—in fact, in the sameroom—for most of our time in Kathmandu. We dined almostexclusively on her favorite dish, daal bhaat, which is ricesmothered with lentils, often topped with bits of chicken andsometimes quite spicy. I, too, came to love it. Over heapingplates of daal bhaat, we talked about Nepal, school, and ourlives. We talked about Meg’s twin brother and his interest incooking, and her older brother and his new job in Washing-ton. We talked about books, music, the world, and the future.There is nowhere else I would rather have been.
Suffice it to say, not all students decide to go to Nepal. Itdoes not even rank among the top 25 countries for U.S. stu-dents studying abroad. The U.K. is No. 1, followed by Italy,Spain, and France. China has roared up to No. 5 as stu-dents prepare for roles in the global economy of tomorrow.But Meg had her reasons for choosing Nepal: It fit with hermajor, anthropology; she likes to go hiking; and, she con-cluded, she might other-wise never get there.Kenyon connected her
with SIT Study Abroad,which runs programs forU.S. students around theworld. Part of a Vermont-based nonprofit, SIT spe-cializes in “experiential”education—students areimmersed in the local lan-guages and cultures andpushed to find their way inthe communities.When Meg and I approached the residential house
where SIT operates in Kathmandu, three of her languageteachers came out to greet the long-lost “Mahimaa,” the lo-cal name she’d been given for the semester. I immediatelytook a shine to one of them, Chandra Rana. A pensive manwho peers at the world through thick glasses, Rana, 40, hadgrown up in a village in the Himalayas, earned a mastersdegree in sociology in Kathmandu and written an authorita-tive guide to Nepali for English-speaking students. At SIT,he both teaches language and tends to logistics for the stu-
dents’ extensive trekking. Periodically, he gets on his motor-cycle and rides five hours into the mountains to visit his rel-atives. Rana struck me as the real deal, a perfect instructorfor Meg about the ways of Nepal.For nearly two hours, Mahimaa and her teachers sat out
on a lawn and bantered, first in English, then in Nepali. As Iwatched, I made a judgment: The $22,000 all-in cost for theprogram had been money well spent. Even if Meg never cameto Nepal again, learning a complex language like this, andmastering the culture, was sure to enrich her understandingof words and the world. The fact that so many other Americanstudents are going abroad, it seemed to me, bodes well forthe character of the country and the strength of its businesses.One man, however, thinks
I’m dead wrong. Leon Bot-stein, president of Bard Col-lege outside New York, ar-gues that most semestersabroad, whether experientialin Nepal or academic at Ox-ford, amount to glorifiedtourism. Almost none ofthem, he says, can substitutefor the rigors of an Americancollege. When I told Botsteinwhat Meg had done, and howpleased I was about it, a toneof pity crept into his voice.“You sound like a kindly fa-ther,” he said.
Frankly, I don’t see theharm in enjoying a little tour-ism with your studies. So, justas Meg’s class had done, we prepared to fly on a 20-seat pro-peller plane deep into the Himalayas. Knowing what lay aheadand her father’s aversion to heights, Meg asked a pointedquestion of our local travel agent: “Is this flight safe?” Theagent glanced at his boss, who didn’t miss a beat: “There’sonly one crash a year, and it’s already happened.” We pro-ceeded to buy two round-trip tickets.Since the plane couldn’t fly as high as the peaks, it weaved
and tilted its way around them, sometimes floating so closeto the mountain sides that you could practically see individualtrees and branches. Then, suddenly, the pilot pointed theplane sharply downward and dove, pulling the nose up justin time to land on the tiny airstrip at Jomsom, Nepal. Wewere not only alive, we were at the entry point to the An-napurna range, a spectacular array of 43 peaks ranging inheight from 17,000 feet to 27,000 feet. Meg had lived with afamily here for a week, so once again she knew the terrain.Soon we were on a long day-hike along the Kali Gandaki
River, which cuts a deep gorge through the mountains. Theriver was dried out for our visit, but within a few weeks itwould be flooded by the monsoons. We passed the rusticJimi Hendrix Restaurant, where the guitar god had stayedback in the days when hippies flocked to Nepal for enlight-enment and hashish. We picked through the rocks of the ri-verbed for fossils, and rested in the shade beside cliffs. Atone of them, Meg did our bit for eternity, etching our namesnext to those of many other travelers.We walked, talked, and sometimes did nothing but listen
to the mountain wind. Quiet times like that became some of
my best memories of the trip. Once, while out in a rentedskiff on a lake closer to Kathmandu, we stopped paddlingand just drifted, silently enjoying each other’s company andtaking in the beautiful scene.
Heading into the final day of the trip, there was only onething I wanted to see that we hadn’t seen: the bowlingmonks. They had gone to Texas, for some reason. But wehad plans to visit Boudha, one of the holiest Buddhist sitesin Kathmandu, and there was no telling who we mightmeet. As we sipped coffee in a cafe, we spotted a monkwho was clearly American and probably in his mid-50s. Hewas reading a newspaper and complaining about the news
to a friend. I imagined that in an earlier timethis monk had been a tax lawyer. Meg leanedover to me and whispered: “He looks like hecould be someone’s da-a-a-ad.”Ah, that tone. It was the sound of young
Americans talking about their elders—incredu-lity mixed with embarrassment and a touch ofscorn. It was pleasing to see there was stillsomething of the child in Meg. And she had a
point: I hadn’t come all the way to Nepal to meet anotherda-a-a-ad. We stopped looking for monks, went outside andjoined the throngs walking clockwise around a big, circularstupa, or temple. This form of walking is said to help medita-tion, and I did some thinking of my own. Without the help ofa young monk or an older one, I had made the kind of discov-ery that every parent hopes to make: My child had becomeproficient at life. Now in her 21st year, she had learned howto find her way in this often difficult world. She had gainedbiswass, the Nepali word for confidence.There were only a few hours left before we had to be at
the airport, so we did what we wanted to do the most: Wekept on walking, around and around.
!%$#$$$
!$$#$$$
"%$#$$$
"$$#$$$
%$#$$$
$
‘90 ’94 ‘96 ’98 ‘00 ’02 ‘04 ’06 ‘08 ’10
U.S. STUDENTSSTUDYING ABROAD
Source: Institute of International Education
Meg pilots a skiff on LakePhewa. Above, the twotravelers left their markon a cliff in the Himalayas.
P28 B A R RON ’ S September 17, 2012
1. BANK OF AMERICA GLOBALWEALTH & INVESTMENT MGMT(Including Merrill Lynch Global WealthManagement and U.S. Trust)Rank ’11: 1U.S. Private-Client Assets: $792 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 21,712Clients Per Manager: N/AU.S. Branch Offices: 805Specialties: Trust services, wealth structur-ing, credit, concentrated stock, investmentand asset management, personal and insti-tutional retirement, philanthropy, tax andestate planning, and family-office services.Websites: totalmerrill.com and ustrust.comTel: 800-637-7455 and 800-878-7878
2. MORGAN STANLEY SMITH BARNEYRank ‘11: 2U.S. Private-Client Assets: $673 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 16,934Clients Per Manager: N/AU.S. Branch Offices: 740Specialties: Equities, fixed income, and alterna-tives; retirement and estate planning; assetallocation; private placements of traditional andalternative investments; risk management; invest-ment banking; private banking, and lending.Website: mssb.comTel: 800-634-9855 or 212-761-4000
3. JPMORGANRank ‘11: 3U.S. Private-Client Assets: $518 bilMinimum Account: $5 milMedian Account: $12.9 milWealth Managers: 1,528Clients Per Manager: 25U.S. Branch Offices: 75Specialties: Risk-adjusted portfolio con-struction, thematic trading and alternativeinvestment opportunities, trust and estateplanning, banking services, and lending/balance-sheet advisory.Website: jpmorgan.com/privatebankingTel: 212-622-7423e-mail: [email protected]
4. WELLS FARGO AND COMPANYRank ‘11: 4U.S. Private-Client Assets: $379.3 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 15,306Clients Per Manager: N/AU.S. Branch Offices: 1,407Specialties: Comprehensive wealth planningand advice, investment management, broker-age, private banking, fiduciary services.
Websites: wellsfargoprivatebank.com,wellsfargoadvisors.comTel: 877-636-0501, 866-243-0931
5. UBS WEALTH MANAGEMENTRank ‘11: 5U.S. Private-Client Assets: $321.9 bil*Minimum Account: N/AMedian Account: N/AWealth Managers: 7,021Clients Per Manager: N/AU.S. Branch Offices: 326Specialties: Investment management,retirement planning, estate and Insuranceplanning, liability management; advicedelivered through leveraging superior intel-lectual capital, internal or external.Websites: ubs.com, ubs.com/us/en/wealth.html,ubs.com/us/en/wealth/find-a-financial-advisor.htmlTel: 201-352-3000e-mail: [email protected]
6. FIDELITYRank ‘11: 6U.S. Private-Client Assets: $188 bilMinimum Account: $1 milMedian Account: N/AWealth Managers: 1,322Clients Per Manager: N/AU.S. Branch Offices: 170Specialties: Tax-efficient managed accounts,capital-market transactions, internationaltrading, annuities, family-office services,charitable services, trusts.Website: fidelity.comTel: 800-343-3548
7. GOLDMAN SACHSRank ‘11: N/AU.S. Private-Client Assets: $181.6 bil*Minimum Account: $10 milMedian Account: N/AWealth Managers: 400Clients Per Manager: 30U.S. Branch Offices: 13Specialties: Financial planning and trustservices, investment strategy, portfolioconstruction, open architecture managerselection, private-banking services.Website: gs.com/pwmTel: 800-323-5678e-mail: [email protected]
8. BNY MELLON WEALTH MGMTRank ‘11: 7U.S. Private-Client Assets: $147.4 bilMinimum Account: $2 milMedian Account: N/AWealth Managers: 862Clients Per Manager: 50-75U.S. Branch Offices: 39Specialties: Investment management, wealthand estate planning, private banking, family-
office services, planned giving services.Website: bnymellonwealthmanagement.comTel: 877-267-0198e-mail: [email protected]
9. NORTHERN TRUSTRank ‘11: 8U.S. Private-Client Assets: $129 bilMinimum Account: $2 milMedian Account: N/AWealth Managers: N/AClients Per Manager: N/AU.S. Branch Offices: 72Specialties: Comprehensive trust advisoryand estate settlement services; specializedadvisory services, including family business;real estate, oil/gas/minerals management;family-office services, with a focus on assetservicing and risk analytics.Website: northerntrust.comTel: 941-329-2645e-mail: [email protected]
10. CHARLES SCHWABRank ‘11: 9U.S. Private-Client Assets: $117 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 3,100Clients Per Manager: N/AU.S. Branch Offices: 304Specialties:Managed investing solutions;financial-planning and retirement services;banking; research, analytic tools, performancereports, market analysis, and educational tools;brokerage services; and investment products.Website: schwab.comTel: 866-232-9890
11. CITIGROUP GLOBAL MARKETS(Including Citi Private Bank and PersonalWealth Management)Rank ‘11: 10U.S. Private-Client Assets: $81.7 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 477Clients Per Manager: N/AU.S. Branch Offices: 226Specialties: Global investment advice, capitalmarkets, alternative investments, wealthadvisory, investment finance.Website: citiprivatebank.comTel: 212-816-8022e-mail: [email protected]
12. CREDIT SUISSERank ‘11: 12U.S. Private-Client Assets: $71.4 bilMinimum Account: $0.5 milMedian Account: $2.2 milWealth Managers: 415Clients Per Manager: 46U.S. Branch Offices: 16Specialties: Comprehensive wealth
planning, with focus on philanthropy andentrepreneurship; investment-managementadvice and portfolio construction; traditionaland alternative products; lending.Website: credit-suisse.comTel: 212-538-3372e-mail: [email protected]
13. PNC WEALTH MANAGEMENTRank ‘11: 16U.S. Private-Client Assets: $67.2 bilMinimum Account: $1 milMedian Account: N/AWealth Managers: 893Clients Per Manager: N/AU.S. Branch Offices: 83Specialties: Investment consulting andmanagement, separate accounts, trustservices, estate and tax planning, privatebanking.Website: pnc.comTel: 888-762-6276e-mail: [email protected]
14. DEUTSCHE BANK PRIVATEWEALTH MANAGEMENTRank ‘11: 11U.S. Private-Client Assets: $65 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 330Clients Per Manager: N/AU.S. Branch Offices: 24Specialties: Customized wealth manage-ment; capital and advisory solutions for en-trepreneurs, families, and select institutions.Website: pwm.db.comTel: 212-454-3600
15. RBC WEALTH MANAGEMENTRank ‘11: 13U.S. Private-Client Assets: $60.8 bilMinimum Account: N/AMedian Account: $8 milWealth Managers: 2,000Clients Per Manager: N/AU.S. Branch Offices: 200Specialties: Comprehensive wealth manage-ment, investment-advisory services, retirementservices, lending, trust and estate planning.Website: rbcwm-usa.comTel: 612-371-2711
16. BESSEMER TRUSTRank ‘11: 14U.S. Private-Client Assets: $54.4 bilMinimum Account: $10 milMedian Account: $21.2 milWealth Managers: 140Clients Per Manager: 50U.S. Branch Offices: 14Specialties: Investment management; tax,legacy, insurance, and philanthropic planning.Website: bessemer.com
Tel: 212-708-9349e-mail: [email protected]
17. SUNTRUST BANKSRank ‘11: 15U.S. Private-Client Assets: $49.5 bilMinimum Account: N/AMedian Account: $8.7 milWealth Managers: 240Clients Per Manager: 89U.S. Branch Offices: 62Specialties: Financial planning, investmentmanagement, private banking, trust andestate, insurance and risk management.Website: suntrust.com/wealthTel: 404-813-8002e-mail: [email protected]
18. BARCLAYS WEALTHRank ‘11: 18U.S. Private-Client Assets: $35.5 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 250Clients Per Manager: N/AU.S. Branch Offices: 12Specialties: Customized portfolio construc-tion, traditional and alternative investments,ultrahigh-net-worth wealth advisory, capitalmarkets, and customized credit.Website: barclays.com/wealth/americasTel: 800-392-5000 or 212-526-2039
19. U.S. BANKWEALTHMANAGEMENT(Including Ascent Private Capital Manage-ment, The Private Client Reserve, The PrivateClient Group, and U.S. Bancorp Investments)Rank ‘11: 17U.S. Private-Client Assets: $35 bilMinimum Account: N/AMedian Account: N/AWealth Managers: 730Clients Per Manager: N/AU.S. Branch Offices: 116Specialties: Investment management,private banking, trust and estate services,financial planning, multigenerational wealthplanning, family dynamics and governance.Website: usbank.com
20. ROCKEFELLER FINANCIALRank ‘11: 19U.S. Private-Client Assets: $35 bilMinimum Account: $30 milMedian Account: N/AWealth Managers: 15-20Clients Per Manager: 15-20U.S. Branch Offices: 5Specialties: In-house, proprietary equity andfixed-income strategies; customized portfoliosand multimanager vehicles for hedge fundsand private equity; technology and profes-sionals for portfolio-information management.Website: rockefellerfinancial.comTel: 212-549-5100
TOP 40 WEALTH MANAGERS Here are America’s largest wealth managers, ranked by client assets in accounts of $5 million or more as of June 30.
*Barron’s estimate. Source: Barron’s survey
CYAN
MAGENTA
YELLOW
BLACK
Composite
Composite
CMYK
P2B
W261000-0-P
00900-1--------XA
CL,C
N,C
X,D
L,DM
,DX
,EE
,EU
,FL,H
O,K
C,M
W,N
C,N
E,N
Y,P
H,P
N,R
M,S
A,S
C,S
L,SW
,TU
,WB
,WE
BG
N,B
MT
,BR
X,C
CA
,CH
R,C
KP
,CP
D,C
XT
,DN
V,D
RG
,HLD
,LAG
,LAT
,LKD
,LON
,MIA
,MLJ,P
HI,P
VN
,SE
A,T
DM
,WO
K
P2B
W26
1000
-0-P
0090
0-1-
----
---X
A
September 17, 2012 B A R RON ’ S P7
An investor should consider the investment objectives, risks, charges, and expenses of Direxion Shares carefully before investing. The prospectus and summary prospectus containthis and other information about Direxion Shares. To obtain a prospectus please visit www.direxionshares.com. The prospectus and summary prospectus should be read carefullybefore investing.Investing in the Funds may bemore volatile than investing in broadly diversified funds. The use of leverage by a fundmeans the Funds are riskier than alternatives which do not use leverage. These Funds are not designed to track the underlyingindex for a longer period of time.
There is no guarantee that the funds will achieve their objectives. The ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged investmentresults and intend to activelymonitor andmanage their investments. Due to the daily nature of the leverage employed, there is no guarantee of amplified long-term returns.
Risks:An investment in theFunds involves risk, including thepossible lossofprincipal. TheFundsarenon-diversifiedand include risksassociatedwith concentration risk that results fromtheFunds’ investments inaparticular industryor sectorwhichcan increase volatility. The use of derivatives such as futures contracts, forward contracts, options and swaps are subject to market risks that may cause their price to fluctuate over time. The Funds do not attempt to, and should not be expectedto, provide returnswhich are amultiple of the return of the Index for periods other than a single day. For other risks including correlation, leverage, compounding,market volatility and specific risks regarding each sector, please read the prospectus.
The S&P Indexes noted herein are trademarks of Standard & Poors (S&P) and have been licensed for use by Direxion Shares. These funds are not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding theadvisability of investing in the funds.MSCI indexes are the exclusive property ofMSCI and its affiliates. All rights reserved. Indexes are unmanaged and cannot be invested in directly. Distributor: Foreside Fund Services, LLC.
Long or Short Exposure: Expectation that a securitywill rise or fall in value.
Direxion daily leveraged and inverse ETFs
Expose yourself tothe S&P 500® and more!Leveraged long and short exposure to many ofthe most popular stock and bond indexes –including the S&P 500.For Traders, Direxion Matters.
Scan this for our completelineup of daily leveraged ETFsand to receive a free iPad skin!
For more information on our ETFs, call 866-476-7523, [email protected], or visit www.direxionshares.com
Index Symbol Fund DailyTarget
Direxion Daily -1x SharesBarclays Capital USAggregate BondIndex
SAGGDaily Total BondMarket Bear 1xShares
-100%
NYSE 7-10 YearTreasury BondIndex
TYNSDaily 7-10 YearTreasuryBear 1x Shares
-100%
NYSE 20 Year PlusTreasury BondIndex
TYBSDaily 20+ YearTreasuryBear 1x Shares
-100%
MSCI US BroadMarket Index TOTS Daily Total Market
Bear 1x Shares -100%
Direxion Daily 3x SharesDomestic Equity
S&P 500®
Index
SPXL Daily S&P 500®
Bull 3x Shares 300%
SPXS Daily S&P 500®
Bear 3x Shares -300%
S&P Mid Cap 400®
Index
MIDU Daily Mid CapBull 3x Shares 300%
MIDZ Daily Mid CapBear 3x Shares -300%
Russell 2000®
Index
TNA Daily Small CapBull 3x Shares 300%
TZA Daily Small CapBear 3x Shares -300%
Index Symbol Fund DailyTarget
Fixed Income
NYSE 7-10 YearTreasury BondIndex
TYDDaily 7-10 YearTreasuryBull 3x Shares
300%
TYODaily 7-10 YearTreasuryBear 3x Shares
-300%
NYSE 20 Year PlusTreasury BondIndex
TMFDaily 20+ YearTreasuryBull 3x Shares
300%
TMVDaily 20+ YearTreasuryBear 3x Shares
-300%
International Equity
MSCI EAFE® Index
DZKDaily DevelopedMarketsBull 3x Shares
300%
DPKDaily DevelopedMarketsBear 3x Shares
-300%
MSCI EmergingMarkets IndexSM
EDCDaily EmergingMarketsBull 3x Shares
300%
EDZDaily EmergingMarketsBear 3x Shares
-300%
Index Symbol Fund DailyTarget
Sector Equity
Energy SelectSector Index
ERX Daily EnergyBull 3x Shares 300%
ERY Daily EnergyBear 3x Shares -300%
NYSE Arca GoldMiners Index
NUGT Daily Gold MinersBull 3x Shares 300%
DUST Daily Gold MinersBear 3x Shares -300%
Russell 1000®
Financial ServicesIndex
FAS Daily FinancialBull 3x Shares 300%
FAZ Daily FinancialBear 3x Shares -300%
MSCI US REITIndexSM
DRN Daily Real EstateBull 3x Shares 300%
DRV Daily Real EstateBear 3x Shares -300%
PhiladelphiaSemiconductorIndex
SOXL Daily SemiconductorBull 3x Shares 300%
SOXS Daily SemiconductorBear 3x Shares -300%
Technology SelectSector Index
TECL Daily TechnologyBull 3x Shares 300%
TECS Daily TechnologyBear 3x Shares -300%
P30 B A R RON ’ S September 17, 2012
21. BMO HARRIS PRIVATE BANKRank ‘11: 20U.S. Private-Client Assets: $30.2 bilMinimum Account: $1 milMedian Account: N/AWealth Managers: 226Clients Per Manager: Relationships below $25mil: 50-200 Relationships above $25 mil: 5-40U.S. Branch Offices: 57Specialties: Financial planning, multigenera-tional wealth transfer, investment advisory,business-succession planning, philanthropy.Website: harrisprivatebank.comTel: 312-461- 2545e-mail: [email protected]
22. RAYMOND JAMES FINANCIALRank ‘11: 21U.S. Private-Client Assets: $28.8 bilMinimum Account: N/AMedian Account: $8 milWealth Managers: 5,489Clients Per Manager: N/AU.S. Branch Offices: 2,350Specialties: Financial planning and wealthmanagement, portfolio management, trustsand estates, retirement services, and alterna-tive investments.Website: raymondjames.com/wealthmanagementTel: 800-248-8863 ext. 76345
23. HSBC PRIVATE BANKRank ‘11: 23U.S. Private-Client Assets: $28 bilMinimum Account: $5 milMedian Account: N/AWealth Managers: 35Clients Per Manager: 45-60U.S. Branch Offices: 6Specialties: Discretionary portfolio manage-ment, alternative investments, banking andliquidity management, financing, trust andfiduciary services.Website: hsbcprivatebank.comTel: 212-525-5080
24. NEUBERGER BERMANRank ‘11: 22U.S. Private-Client Assets: $24 bilMinimum Account: $1 milMedian Account: $10 milWealth Managers: 103Clients Per Manager: N/AU.S. Branch Offices: 10Specialties: Portfolio management focused onafter-tax performance, capital preservation, equi-ties, fixed income, alternatives, estate planning,and comprehensive trustee and executor services.Website: nb.comTel: 800-234-9840e-mail: [email protected]
25. WILMINGTON TRUSTRank ‘11: 30U.S. Private-Client Assets: $19.8 bilMinimum Account: $3 mil
Median Account: N/AWealth Managers: 93Clients Per Manager: 79U.S. Branch Offices: 49Specialties:Wealth planning, trustee servic-es, investment-management services, private-banking services, family-office services.Website: wilmingtontrust.comTel: 302-651-1936e-mail: [email protected]
26. LPL FINANCIALRank ‘11: 26U.S. Private-Client Assets: $18.4 bilMinimum Account: N/AMedian Account: $7.2 milWealth Managers: 1,152Clients Per Manager: N/AU.S. Branch Offices: N/ASpecialties: Investment research, open-architecture investment management andasset allocation, estate and business plan-ning, trust services, insurance services.Website: lpl.comTel: 800-877-7210
27. GLENMEDERank ‘11: 24U.S. Private-Client Assets: $18.3 bilMinimum Account: $3 milMedian Account: $10.2 milWealth Managers: 70Clients Per Manager: 21U.S. Branch Offices: 6Specialties: Investment strategy and imple-mentation, investment research, reportingand client-information management, financialplanning and wealth administration, andtrusteeship services and family philanthropy.Website: glenmede.comTel: 215-419-6100e-mail: [email protected]
28. BROWN BROTHERS HARRIMANPRIVATE WEALTH MANAGEMENTRank ‘11: 31U.S. Private-Client Assets: $18 bilMinimum Account: $5 milMedian Account: $8.5 milWealth Managers: 36Clients Per Manager: 31U.S. Branch Offices: 6Specialties: Investment advisory, wealth planning,trust services, lending, philanthropic planning.Website: bbh.comTel: 212-483-1818e-mail: [email protected]
29. CITY NATIONAL BANKRank ‘11: 27U.S. Private-Client Assets: $17.1 bilMinimum Account: $1 milMedian Account: $10 milWealth Managers: 141Clients Per Manager: N/AU.S. Branch Offices: 31Specialties: Open-architecture advisory,
portfolio management, fixed-income broker-age, 401(K), and trust.Website: cnb.comTel: 800-708-8881e-mail: [email protected]
30. ROBERT W. BAIRDRank ‘11: 36U.S. Private-Client Assets: $16.1 bilMinimum Account: NoneMedian Account: $6 mil**Wealth Managers: 692Clients Per Manager: 184U.S. Branch Offices: 74Specialties: Asset allocation, investmentresearch, retirement planning, estate andphilanthropic planning, business-successionplanning.Website: rwbaird.comTel: 414-298-1714e-mail: [email protected]
31. KEY PRIVATE BANKRank ‘11: N/AU.S. Private-Client Assets: $15.8 bilMinimum Account: $1 milMedian Account: $4.8 milWealth Managers: 373Clients Per Manager: 80U.S. Branch Offices: 36Specialties:Wealth advisory services,investment management, family wealthservices, credit and banking services, riskmanagement.Website: keybank.com/keyprivatebankTel: 216-689-3170e-mail: [email protected]
32. ATLANTIC TRUST PRIVATEWEALTH MANAGEMENTRank ‘11: 28U.S. Private-Client Assets: $15.6 bilMinimum Account: $5 milMedian Account: $9.6 milWealth Managers: 65Clients Per Manager: 37U.S. Branch Offices: 11Specialties: Strategic, customized assetallocation: using proprietary and externalinvestment managers in all major assetclasses; wealth strategies expertise; financial,estate, and philanthropic planning; fiduciary/trust services; family-office services.Website: atlantictrust.comTel: 404-881-3419e-mail: [email protected]
33. GENSPRINGRank ‘11: 25U.S. Private-Client Assets: $15.1 bilMinimum Account: $10 milMedian Account: $12.6 milWealth Managers: 80Clients Per Manager: 8U.S. Branch Offices: 14Specialties: Planning for investing, monitoring,and reporting on investable assets; providing
comprehensive financial, investment, tax, andestate planning; preparing family members forthe responsibilities of life withwealth; developinga sustainable system for making family wealthdecisions; satisfying the requirements and needsof trusts and private foundations.Website: GenSpring.comTel: 866-506-1989e-mail: [email protected]
34. BB&TRank ‘11: N/AU.S. Private-Client Assets: $12.6 bilMinimum Account: $2 milMedian Account: $8 milWealth Managers: 340Clients Per Manager: 75U.S. Branch Offices: 88Specialties: Comprehensive and customizedpersonal financial planning and business transi-tion planning; customized trust, investment-management, and brokerage portfolios;risk-management solutions; life, long-term care,P&C, disability, health, tax, estate-planning andlife-income strategies; strategic credit, personal-banking, and cash-management solutions.Website: bbt.com/bbtdotcom/wealth/start.pageTel: 800-388-3085e-mail:[email protected]
35. FIDUCIARY TRUST INTERNATIONALRank ‘11: 32U.S. Private-Client Assets: $11.6 bilMinimum Account: $5 milMedian Account: $12.4 milWealth Managers: 31Clients Per Manager: 50U.S. Branch Offices: 6Specialties: Strategic wealth planning andadvisory services, investment management,trust and estate advisement and administra-tion, tax-advisory services, master custodyand banking services.Website: fiduciarytrust.comTel: 877-384-1111e-mail: [email protected]
36. WILLIAM BLAIRRank ‘11: 34U.S. Private-Client Assets: $11.4 bilMinimum Account: $3 milMedian Account: N/AWealth Managers: 81Clients Per Manager: N/AU.S. Branch Offices: 1Specialties:Money-management services;research; open-architecture, multigenerationalfinancial-planning, and advisory services;planning, advice, and transactional support forfamily businesses and corporate executives.Website: williamblair.comTel: 312-236-1600e-mail: [email protected] [email protected]
37. FIFTH THIRD PRIVATE BANKRank ‘11: 29U.S. Private-Client Assets: $11.3 bilMinimum Account: $1 milMedian Account: N/AWealth Managers: 107Clients Per Manager: N/AU.S. Branch Offices: 20Specialties:Wealth planning, investmentmanagement, high-net-worth insuranceservices, private banking, trust and estatesettlement services.Website: 53.com/privatebankTel: 866-488-0017e-mail: [email protected]
38. BROWN ADVISORYRank ‘11: 35U.S. Private-Client Assets: $11.3 bilMinimum Account: $5 milMedian Account: $10.2 milWealth Managers: 27Clients Per Manager: 21U.S. Branch Offices: 5Specialties: Performance-oriented invest-ment management; strategic and tacticalasset allocation; strategic advice on tax,charitable, and generational planning;private equity and other alternatives;family offices.Website: brownadvisory.comTel: 410-537-5585e-mail: [email protected]
39. VERITABLERank ‘11: 33U.S. Private-Client Assets: $10.9 bilMinimum Account: $20 milMedian Account: $51 milWealth Managers: 13Clients Per Manager: 14-15U.S. Branch Offices: 1Specialties: Investment strategy and assetallocation; evaluation and monitoring ofinvestment managers and products; fixed-income and cash management; pretax andafter-tax performance measurement.Website: veritablelp.comTel: 610-540-2036e-mail: [email protected]
40. FIRST REPUBLICRank ‘11: 37U.S. Private-Client Assets: $8.4 bilMinimum Account: NoneMedian Account: $1.1 milWealth Managers: 116Clients Per Manager: 65U.S. Branch Offices: 16Specialties: Equity and fixed-incomemanagement, asset allocation and managerselection, financial planning, full-servicebrokerage, trust and custody services.Website: firstrepublic.com/private_wealth_management/index.htmlTel: 310-407-1385e-mail: [email protected]**2011 median.
CYAN
MAGENTA
YELLOW
BLACK
Composite
Composite
CMYK
P2B
W261000-0-P
00700-1--------XA
CL,C
N,C
X,D
L,DM
,DX
,EE
,EU
,FL,H
O,K
C,M
W,N
C,N
E,N
Y,P
H,P
N,R
M,S
A,S
C,S
L,SW
,TU
,WB
,WE
BG
N,B
MT
,BR
X,C
CA
,CH
R,C
KP
,CP
D,C
XT
,DN
V,D
RG
,HLD
,LAG
,LAT
,LKD
,LON
,MIA
,MLJ,P
HI,P
VN
,SE
A,T
DM
,WO
K
P2B
W26
1000
-0-P
0070
0-1-
----
---X
A