Benchmarking Wealth Managers 2002

Published by: Datamonitor

Published: Sep. 19, 2002 - 126 Pages

Table of Contents

Scope

Analysis of annual reports, industry interviews and use of industry publications went into creating this report.

30 different companies are analyzed, by 30 different strategic and financial variables. Companies are all European and US-based, and are divided into global, regional and single country players.

Report Highlights

Royal Bank of Scotland is the outright winner in our benchmarking survey. Its segmentation and its strong internal referral system helped seal the victory Goldman Sachs, Julius Baer, Credit Agricole and Citigroup also performed well. Commerzbank, Bank Vontobel and Lloyds TSB Private Banking came last on the survey, all three were poor on strategic alliances/expansionist aspirations and scored badly on targeting intermediaries.

Reasons to Purchase

This report shows you how your wealth management operation compares to its peers

Benchmarking Wealth Managers identifies the strategies needed for success going forward in wealth management

This report shows who your main competitors are in wealth and how to beat them

Benchmarks on strategy and financials give the clearest and most detailed picture yet of today's wealth landscape.

CHAPTER 1 EXECUTIVE SUMMARY

Results of Datamonitor’s financial benchmarking

Results of Datamonitor’s strategic benchmarking

The results and the success stories

CHAPTER 2 INTRODUCTION

What is this report about?

Who is the target reader?

How to use this report

CHAPTER 3 FINANCIAL BENCHMARKING

Introduction

Assets under management

Assets under management growth 2000-2001

Income

Operating income

Operating income growth

Interest income/fees and commissions

Fees and commission income per asset under management

Expenses

Operating expenses growth 2000-2001

Personnel expenses

Results

Cost/income ratio 2000-1

Results 2000-1

CHAPTER 4 STRATEGIC BENCHMARKING

Introduction

Diversification

Reliance on the home market

Reliance on stockbroking

Expansion and strategic alliances

Strategic alliances

Expansionist aspirations

Specialist capabilities

Alternative Investments

Offshore focus

Expatriate services

Distribution

Use of intermediaries

Use of internal referrals

Dedicated transactional client website

Business alignment and future investment

Use of customer segmentation to align products, services and distribution

CHAPTER 5 THE RESULTS & THE SUCCESS STORIES

Introduction

The results

The Winners

Royal Bank of Scotland - customer segmentation

Goldman Sachs - the hard sell

Credit Agricole - Strategic alliances

Citigroup - today the world

Rabobank: Deal of the year

Threads drawn together

CHAPTER 6 ACTION POINTS

CHAPTER 7 APPENDIX

Self-assessment form

The results

Definitions

Research methodology

Future readings

SPP writing team

LIST OF TABLES

Table 1: The benchmark for assets under management, 2001

Table 2: Global players, assets under management benchmarked, 2001

Table 3: Regional players, assets under management benchmarked, 2001

Table 4: Single country players, assets under management benchmarked, 2001

Table 5: Assets under management growth benchmarked, 2000-01

Table 6: Global players: Assets under management growth benchmarked, 2000-01

Table 7: Regional players: Assets under management growth benchmarked, 2000-01

Table 8: Single country players: Assets under management growth benchmarked, 2000-01

Table 9: Operating income, including number of staff and operating income per staff member benchmarked, 2001

Table 10: Operating income 2000 and operating income 2001, with growth benchmarked

Table 11: Net interest income, net fee income and the percentage of the total made up of net interest income benchmarked, 2001

Table 12: Fees and commissions income per asset under management benchmarked, 2001

Table 13: Operating expenses 2000-01 and percentage change benchmarked

Table 14: Personnel expense, staff numbers and expense per staff, 2001

Table 15: Cost/income ratio 2000 and 2001 (benchmarked) with percentage point change

Table 16: Cost/income ratio 2000 and 2001 (benchmarked) with percentage point change benchmarked, global players

Table 17: Cost/income ratio 2000 and 2001 (benchmarked) with percentage point change, regional players

Table 18: Cost/income ratio 2000 and 2001 (benchmarked) with percentage point change, single country players

Table 19: Results 2001 and percentage change from previous year benchmarked

Table 20: Competitors ranked on their reliance on their home market

Table 21: Dependence on stockbroking ranked (1)

Table 22: Dependence on stockbroking ranked (2)

Table 23: Strategic alliances: ranking the players (1)

Table 24: Strategic alliances: ranking the players (2)

Table 25: Expansionist aspirations ranked (1)

Table 26: Expansionist aspirations ranked (2)

Table 27: Alternative investments focus ranked (1)

Table 28: Alternative investments focus ranked (2)

Table 29: Offshore capability ranked (1)

Table 30: Offshore capability ranked (2)

Table 31: Expatriate focus ranked

Table 32: Targeting IFAs ranked

Table 33: Internal referral schemes ranked (1)

Table 34: Internal referral schemes ranked (2)

Table 35: Dedicated transactional client websites ranked (1)

Table 36: Dedicated transactional client website (2)

Table 37: Customer segmentation ranked (1)

Table 38: Customer segmentation ranked (2)

Table 39: Grade yourself against the benchmark: financials

Table 40: Grade yourself against the benchmark: strategy

Table 41: Benchmarking league table (1)

Table 42: Benchmarking league table (2)

Table 43: Benchmarking league table (3)

LIST OF FIGURES

Figure 1: Bank Vontobel and Merrill Lynch have been the most successful at keeping costs down

Figure 2: Citigroup, UBS and Credit Suisse are the best diversified of the competitors

Figure 3: The players benchmarked, Benchmarking Wealth Managers 2002

Figure 4: Bank Vontobel and Merrill Lynch have been the most successful at keeping costs down

Figure 5: Global players, assets under management benchmarked

Figure 6: Regional players, assets under management benchmarked, 2001

Figure 7: Single country players, assets under management benchmarked

Figure 8: Global players: Assets under management and growth 2000-01

Figure 9: Regional players: Assets under management and growth 2000-01

Figure 10: Single country players: Assets under management and growth 2000-01

Figure 11: Operating income growth 2000-01 by player, benchmarked

Figure 12: Fees and commission income per asset under management, 2001

Figure 13: Merrill Lynch and Bank Vontobel have seen the most marked decline in operating expenses between 2000 and 2001

Figure 14: Personnel expense per staff member benchmarked, 2001

Figure 15: Cost/income ratio 2001 and percentage point growth from previous year benchmarked, global players

Figure 16: Cost/income ratio 2001 and percentage point growth from previous year benchmarked, regional players

Figure 17: Cost/income ratio 2001 and percentage point growth from previous year benchmarked, single country players

Figure 18: Citigroup, UBS and Credit Suisse are the best diversified of the competitors

Figure 19: Citigroup, UBS and Credit Suisse are the best diversified of the competitors

Figure 20: Rabobank and Credit Agricole are the best at expansionist and strategic alliances

Figure 21: ERSTE and BBVA vie for bottom place in our offshore/expat survey

Figure 22: Credit Suisse is among the top performers in wealth distribution

Figure 23: The results: RBS and Goldman Sachs win the league

Figure 24: RBS has a host of private banking brands

Figure 25: Citigroup’s online advertisements emphasize its global strength

Figure 26: The Rabobank/Sarasin deal exposes other Swiss private banks as likely takeover targets for larger players

Abstract

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