From Bloomberg PENTA
Firms ranging from UBS Global Wealth Management and Bank of America Private Bank, to smaller institutions such as U.S. Bank’s Ascent Private Capital Management and Wilmington Trust, are beefing up staff and services to focus attention on serving the country’s wealthiest.
Newer entrants are rapidly gaining assets in this ultra-wealth sector, too, by offering specialized services. Cresset Asset Management, for instance, focuses on private and direct investments for its clients, and offers their employees—and even clients—an ownership stake in the firm, according to Michael Cole, Cresset’s CEO.
A key reason banks are interested in managing money for the ultra rich […] Read more