According to a survey conducted by Scorpio Partnership Ltd, UBS AG, one of Switzerland's leading private banks, came out as the largest private bank in 2001, holding a market share of $2.2 trillion in the HNWI asset management sector.
Morgan Stanley Dean Witter & Co. assumed second place with assets under management increasing from $193 billion in 2000 to around $292 billion last year. However, according to the survey, Merrill Lynch & Co., and the Credit Suisse Group suffered most as a result of this year's tragic events, falling respectively from third to eighth place, and to third from second.
Scorpio revealed last week that the survey did not take into account assets under administration, and mainly focused on assets managed outside the US.
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