BofA Tops Private Banking List

Bank of America (BAC Quote) took over the top spot among global asset managers following its deal for Merrill Lynch, according to a new survey by a London market research group.

BofA, with $1.5 trillion under management, took over the top spot from UBS (UBS Quote), according to Scorpio Partnership's Global Private Banking KPI Benchmark 2009. UBS, with $1.39 trillion under management, took second place, followed by Citigroup (C Quote) in third with $1.32 trillion and Wells Fargo in fourth with $1 trillion.

Charlotte, N.C.-based BofA, which acquired Merrill at the start of the year, maintain the core of its assets under management in the U.S., leaving UBS as the leader in international wealth management, Scorpio says. ...