20. Hirtle, Callaghan & Co.
com Private-Client Managers: 654
Top Wealth Managers
account sizes are up from $1 million-plus in previous Barron’s rankings, to reflect the industry’s increased emphasis on the very wealthy. Big mergers, like Bank of America’s with Merrill Lynch, contibuted to a
reshuffling of the ranks. “N.A.” means data not available. This ranking includes corrections to an earlier version.
1. Bank of America Global Wealth
& Investment MaNAgement (including
Merrill Lynch and U.S. Trust)
Rank ’08: 3 (BofA/U.S. Trust), 1 (Merrill)
U.S. Private-Client Assets: $685 bil
Minimum Account: N.A.
Median Account: N.A.
Private-Client Managers: 18,976
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 871
Specialties: Trust services, wealth structuring,
credit, concentrated stock, investment and
asset management, personal and institutional
retirement, philanthropy, tax and estate plan-
ning, and family-office services.
Websites: www.totalmerrill.com; www.ustrust.
com; www.pbig.ml.com
Tel: 800-MERRILL and 800-USTRUST
2. Morgan Stanley Smith Barney
Rank ’08: 5 (Morgan Stanley), N.A. (Smith
Barney)
U.S Private-Client Assets: $482 bil
Minimum Account: N.A.
Median Account: $8 mil
Private-Client Managers: N.A.
Clients Per Manager: Approx. 200
U.S. Private-Banking Offices: 1,000
Specialties: Non-discretionary and discretion-
ary management of equity, fixed income and
alternatives, U.S. and non-U.S. portfolios; re-
tirement and estate planning, asset allocation,
private placements, risk management and
investment banking.
Website: www.morganstanleysmithbarney.com
Tel: 212-761-4000
e-mail: Click “Contact Us” at Website
3. Wells Fargo and Company
(including former Wachovia Securities)
Rank ’08: 4 (Wachovia); 10 (Wells Fargo)
U.S. Private-Client Assets: $374.9 bil
Minimum Account: N.A.
Median Account: N.A.
Private-Client Managers: 17,369
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 1,494
Specialties: Investment management, broker-
age, private banking, estate planning strate-
gies, trust, insurance and retirement services.
Family Wealth unit provides services to ultra-
high net worth clients with at least $50 million.
Websites: www.wellsfargo.com/theprivate-
bank and www.wellsfargoadvisers.com
Tel: 866-243-0931, 800-627-8625
4. JPMorgan
Rank ’08: 7
U.S. Private-Client Assets: $350 bil
Minimum Account: N.A.
Median Account: $29 mil for Private Bank;
$1 mil for Private Wealth Mgmt
Private-Client Managers: 1,847
Clients Per Manager: 25 for Private Bank;
Tel: 215-419-6100, Chip Wilson
Here are the top wealth-management businesses in the U.S., based on assets under management in accounts of $5 million or more, as of June 30. The
70 for Private Wealth Mgmt
U.S. Private-Banking Offices: 86
Specialties: Disciplined risk-adjusted portfolio
construction, thematic trading and alternative
investment opportunities, trust and estates
planning, banking services, and balance-sheet
lending/advisory.
Website: www.jpmorgan.com/privatebanking
Tel: 212-464-1088, Catherine Keating
e-mail: catherine.keating@jpmorgan.com
5. UBS Wealth Management
Rank ’08: 6
U.S. Private-Client Assets: $219.6 bil
Minimum Account: N.A.
Median Account: N.A.
Private-Client Managers: 7,584
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 395
Specialties: Financial planning, balance-sheet
management focused on investment, financial
and transactional needs; ongoing reviews and
market updates, open architecture access to
leading products.
Website: www.ubs.com
Tel: 212-821-7000, John Straus
6. Goldman Sachs
Rank ’08: 11
Private-Client Assets: $215 bil (Global total.
U.S. total is N.A.)
Minimum Account: $10 mil
Median Account: N.A.
Private-Client Managers: 350
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 13
Specialties: Wealth advisory services, as-
set, liability and risk management, financial
planning, and traditional and alternative
investments.
Website: www.gs.com/pwm
Tel: 800-323-5678 ext 4-3919
e-mail: gsinfo@gs.com
7. BNY Mellon Wealth Mgmt
Rank ’08: 12
U.S. Private-Client Assets: $113.7 bil
Minimum Account: $2 mil
Median Account: N.A.
Private-Client Managers: 834
Clients Per Manager: 50-75
U.S. Private-Banking Offices: 67
Specialties: Investment management, wealth
and estate planning, asset servicing, informa-
tion management, family-office services.
Tel: 877-267-0198, Tom Hurlbrink
Website: www.bnymellonwealthmanagement.
com
e-mail: wealthmanagement@bnymellon.com
8. Northern Trust
Rank ’08: 13
U.S. Private-Client Assets: $111.3 bil
Website: www.veritablelp.
Minimum Account: Typically $1 mil, but in
some regions, $10 mil
Median Account: N.A.
Private-Client Managers: N.A.
Clients Per Manager: N.A.
U.S. Private-Client Offices: 82 offices in
18 states
Specialties: Financial planning, investment
management, trust services, wealth and estate
planning, private banking and family office
services.
Website: www.northerntrust.com
Tel: 312-630-6000, James Rauh
9. Fidelity
Rank ’08: 8
U.S Private-Client Assets: $109 bil
Minimum Account: $1 mil
Median Account: N.A.
Private-Client Managers: 400
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 131
Specialties: Investment products and plan-
ning, brokerage, trust, charitable services,
family office services and cash management.
Website: www.fidelity.com
Tel: 800-Fidelity
e-mail: fidelitycorporateaffairs@fmr.com
10. Charles Schwab
Rank ’08: 9
U.S. Private-Client Assets: $82.3 bil
Minimum Account: N.A.
Median Account: N.A.
Private-Client Managers: 4,002
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 304
Specialties: Brokerage, banking, trust, mutual
funds, investment advice, stock ratings, finan-
cial planning, managed accounts, insurance,
annuities, banking.
Website: www.schwab.com
Tel: 866-232-9890
11. Credit Suisse Private Bkg USA
Rank ’08: 16
U.S. Private-Client Assets: $63 bil
Minimum Account: $3 mil
Median Accounts: N.A.
Private-Client Managers: 407
Clients Per Manager: 60
U.S. Private-Banking Offices: 16
Specialties: Trust and estate advisory,
private equity, hedge funds, structured prod-
ucts, volatility management.
Website: www.credit-suisse.com
Tel: 800-647-2516, Dale Miller
e-mail: Dale.miller@credit-suisse.com
12. RBC Wealth Management
Rank ’08: 17
U.S. Private-Client Assets: $55.5 bil
Minimum Account: N.A.
Median Account: $8 mil
Private-Client Managers: 2,173
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 213
Specialties: Investment advisory services,
retirement services, lending, trust and estate
planning.
Website: www.rbcwm-usa.com
Tel: 612-371-2711
13. Bessemer Trust
Rank ’08: 20
U.S. Private-Client Assets: $53 bil
Minimum Account: $10 mil
Median Account: $10 mil
Private-Client Managers:126
Clients Per Manager: 50
U.S. Private-Banking Offices: 14
Specialties: Investment management, tax,
legacy, insurance, and philanthropic planning.
Website: www.bessemer.com
Tel: 212-708-9140, Robert C. Elliott
e-mail: Elliott@bessemer.com
14. Deutsche Bank Private
Wealth MANAGEMENT
Rank ’08: 14
U.S. Private-Client Assets: $52 bil
Minimum Account: N.A.
Median Account: N.A.
Private-Client Managers: 346
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 24
Specialties: Global investment management,
capital markets and risk management, global
custody, banking and structured lending, and
family-office services.
Website: www.pwm.db.com
Tel: 212-454-3600, Thomas Bowers
15. SunTrust Banks
Rank ’08: 18
U.S. Private-Client Assets: $45.1 bil
Minimum Account: N.A.
Median Account: $8.6 mil
Private-Client Managers: 295
Clients Per Manager: 154
U.S. Private-Banking Offices: 77
Specialties: Investment management, bank-
ing solutions, trust and estate, risk. Serving
clients in sports and entertainment.
Website: www.suntrust.com/wealth
Tel: 404-813-8002, Jenner Wood
e-mail: PrivateWealthManagement@SunTrust.com
16. Raymond James Financial
Rank ’08: 15
U.S. Private-Client Assets: $28.7 bil
Minimum Account: N.A.
Median Account: $7.3 mil
Private-Client Managers: 4,508
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 1,564
Specialties: Portfolio management, securities
and brokerage services, trusts, retirement ser-
vices, alternative investments.
Website: www.raymondjames.com/wealth-
management
Tel: 800-248-8863 ext. 76345, Patrick
O’Connor
e-mail: wealthsolutions@raymondjames.com
17. HSBC Private Bank
Rank ’08: 24
U.S. Private-Client Assets: $26.9 bil
Minimum Account: $5 mil
Median Account: $55.8 mil
Private-Client Managers: 28
Clients Per Manager: 30-60
U.S. Private-Banking Offices: 7
Specialties: Discretionary portfolio manage-
ment, alternative investments, banking and
liquidity management, financing, trust and
fiduciary services.
Website: www.hsbcprivatebank.com
Tel: 212-525-0508
18. The Private Client Reserve
at U.S. Bank
Rank ’08: 23
U.S. Private-Client Assets: $20 bil
Minimum Account: $1 mil
Median Account: $8.5 mil
Private-Client Managers: 354
Clients Per Manager: N.A.
U.S. Private-Banking Offices: 41
Specialties: Financial and estate-planning
services, individual private-banking services,
investment-management services, personal
trust services, including fiduciary services,
insurance services.
Website: www.usbank.com
Tel: 866-481-2077
e-mail: wmmarketing@usbank.com
19. Harris Private Bank
Rank ’08: 26
U.S. Private-Client Assets: $19.7 bil
Minimum Account: $1 mil
Median Account: N.A.
Private-Client Managers: 270
Clients Per Manager: Under $25 mil,
50-200; over $25 mil; 5-40
U.S. Private-Banking Offices: 25
Specialties: Personal and business financial
management, business-succession planning
and liquidity events, philanthropy, investment
advisory, multigenerational wealth transfer.
Website: www.harrisprivatebank.com
Tel: 877-782-9386, Chris Paoli
e-mail: clientinfo@harrisbank.com
Rank ’08: 33
U.S. Private-Client Assets: $17.15 bil
Minimum Account: $10 mil
e-mail: chip.wilson@glenmede.com
25. Barclays Wealth
Tel: 610-540-2036, John Scuteri
e-mail: jscuteri@veritablelp.com
Clients Per Manager: 405
U.S. Private-Banking Offices: 63
Specialties: Asset-allocation strategies, investment re-
Median Account: N.A. Rank ’08: 19 search and management, financial and retirement planning,
Private-Client Managers: 19 U.S Private-Client Assets: $13.3 bil 30. Fiduciary Trust Company Intl estate and philanthropic planning, business-succession
Clients Per Manager: 10-25 Minimum Account: N.A. Rank ’08: 37 planning.
U.S. Private-Banking Offices: 7 Median Account: N.A. U.S Private-Client Assets: $7.0 bil Website: www.rwbaird.com
Specialties: Integrated asset management, capital Private-Client Managers: 233 Minimum Account: $2 mil Tel: 800-RWBAIRD, Karen Sweeney
allocation, sensitivity to behavioral finance, alternative and Clients Per Manager: N.A. Median Account: $10.3 mil e-mail: pwmmarcom@rwbaird.com
long-only investments. U.S. Private-Banking Offices: 12 Private-Client Managers: 30
Website: www.hirtlecallaghan.com Specialties: Portfolio advisory, wealth advisory, credit and Clients Per Manager: 51
35. Thomas Weisel partners
Tel: 610-828-7200, Jonathan Hirtle lending, alternative investments. U.S. Private-Banking Offices: 6
Rank ’08: 39
e-mail: inquiries@hirtlecallaghan.com Website: www.barclayswealthamericas.com Specialties: Investment management, strategic wealth
U.S. Private-Client Assets: $5 bil
Tel: 866-954-7904, Jack Petersen planning, trust and estate administration, tax reporting and
Minimum Account: $2.5 mil
e-mail: inquiries@barclayswealthamericas.com services, master custody, and private banking.
Median Account: $10 mil
21. Wilmington Trust Website: www.fiduciarytrust.com
Private-Client Managers: 9
Rank ’08: 27 Tel: 877-384-1111, Luke Fowler
Clients Per Manager: 50
U.S Private-Client Assets: $17.1 bil 26. City National Bank e-mail: lfowler@ftci.com
U.S. Private-Banking Offices: 1
Minimum Account: $3 mil Rank ’08: 31
Specialties: Strategic asset allocation and customized port-
Median Account: N.A. U.S Private-Client Assets: $12.4 bil
folio construction, alternative asset classes, hedging and
Private-Client Managers: 60 Minimum Account: $1 mil 31. William Blair & Co.
monetization strategies, 10b5-1 sales plans, tax and estate
Clients Per Manager: 50 Median Account: $9.8 mil Rank ’08: 34
planning, venture distributions services and corporate
U.S. Private-Banking Offices: 21 Private-Client Managers: 116 U.S Private-Client Assets: $6.5 bil
repurchase plans.
Specialties: Private banking, wealth planning, trustee ser- Clients Per Manager: N.A. Minimum Account: $250,000 for brokerage, $3 mil for
Website: www.tweisel.com
vices, investment management services. U.S. Private-Banking Offices: 19 investment management
Tel: 415-364-2500, Toni Dobel
Website: www.wilmingtontrust.com Specialties: Open architecture advisory, portfolio manage- Median Account: N.A.
e-mail: tdobel@tweisel.com
Tel: 302-651-1936, Mark A. Graham ment, fixed income brokerage, 401(k) and trust. Private-Client Managers: 72
e-mail: mgraham@wilmingtontrust.com Website: www.cnb.com Clients Per Manager: N.A.
Tel: 800-708-8881, Richard Gershen U.S. Private-Banking Offices: 1 36. Neuberger Berman
e-mail: Richard.gershen@cnb.com Specialties: Money management services, research, open Rank ’08: 21
22. PNC Wealth Management architecture, multigenerational financial planning and ad- U.S. Private-Client Assets: $4.4 bil
(including former National city) visory services; planning, advice and transactional support Minimum Account:$1 mil
Rank ’08: 22 (PNC), and 28 (National City) 27. Brown Brothers Harriman PRIVATE for family businesses and corporate executives. Median Account: $8.6 mil
U.S. Private-Client Assets: $16.2 bil Wealth MANAGEMENT Website: www.williamblair.com Private-Client Managers: 68
Minimum Account: $1 mil Rank ’08: 35 Tel:, 312-236-1600, or 312-364-8274, John Brennan Clients Per Manager: 5
Median Account: N.A. U.S. Private-Client Assets: $10.9 bil e-mail: info@williamblair.com, U.S. Private-Banking Offices: 19
Private-Client Managers: 523 Minimum Account: $ 5 mil Specialties: Portfolios focused on after-tax performance,
Clients Per Manager: N.A. Median Account: $ 10 mil asset allocation, stress tests, equities, fixed income and al-
U.S. Private-Banking Offices: 87 Private-Client Managers: 27 32. Brown Advisory ternative investments, proprietary research, estate planning,
Specialties: Investment consulting and management, separate Clients Per Manager: 40 Rank ’08: N.A. trustee and executor services.
accounts, trust services, estate and tax planning, private banking. U.S. Private-Banking Offices: 5 U.S. Private-Client Assets: $6.3 bil Website: www.nb.com
Website: www.pnc.com Specialties: Investment management, tax, estate and Minimum Account: $5 mil Tel: 800-234-9840, Kenneth Rende
Tel: 888-762-6226 financial planning. Median Account: $9.4 mil e-mail: krende@nb.com
e-mail: wealthmanagement@pnc.com Website: www.bbh.com Private-Client Managers: 17
Tel: 704-370-0500, Charles O. Izard Clients Per Manager: 20
e-mail: charles.izard@bbh.com U.S. Private-Client Offices: 5 37. Legg Mason Investment Counsel
23. Citi PRIVATE BANK Specialties: Investement management, asset allocation, Rank ’08: 40
Rank ’08: 2 private equity and other alternatives, green investing, advice U.S. Private-Client Assets: $4.3 bil
U.S. Private-Client Assets: $15.5 bil 28. Atlantic Trust Private Wealth Mgmt on tax, charitable, and generational planning. Minimum Account: $5 mil
Minimum Account: N.A. Rank ’08: 32 Website: www.brownadvisory.com Median Account: $9.8 mil
Median Account: N.A. U.S Private-Client Assets: $9.2 bil Tel: 800-645-3923, 410-537-5455, Bill Paternotte Private-Client Managers: 24
Private-Client Managers: 139 Minimum Account: $5 mil e-mail: bpaternotte@brownadvisory.com Clients Per Manager: 10
Clients Per Manager: N.A. Median Account: $9.3 mil U.S. Private-Banking Offices: 6
U.S. Private-Banking Offices: 20 Private-Client Managers: 48 Specialties: Customized portfolios, complete family-office
Specialties: Investment management, tailored lending and Clients Per Manager: 9.8 33. Boston Private Wealth Mgmt services, proprietary equity research.
banking services, estate planning and trust services, alter- U.S. Private-Banking Offices: 12 Rank ’08: 29 Website: www.lmicus.com
native investments. Specialties: Investment management and asset allocation, U.S. Private-Client Assets: $6.1 bil Tel: 888-770-LMIC, Harry O’Mealia
Website: www.privatebank.citibank.com open architecture, fiduciary and trust services, and business Minimum Account: $1 mil e-mail: HOM@leggmason.com
Tel: 800-870-1073 and family advisory planning. Median Account: N.A.
Website: www.atlantictrust.com Private-Client Managers: 61
38. T. Rowe Price
Tel: 404-881-3400 or 866-517-3400, Jack S. Markwalter, Jr. Clients Per Manager: 12
Rank ’08: N.A.
24. Glenmede e-mail: inquiry@atlantictrust.com U.S. Private-Banking Offices: 44
U.S. Private-Client Assets: $3.2 bil
Rank ’08: 30 Specialties: Private banking, mortgages, cash management,
Minimum Account: $3 mil
U.S. Private-Client Assets: $14 bil financial planning, asset allocation, portfolio management.
Median Account: N.A.
Minimum Account: $3 mil 29. Veritable Website: www.bostonprivate.com
Private-Client Managers: 5
Median Account: $10.6 mil Rank ’08: 38 Tel: 617-912-3767, Catharine Sheehan
Clients Per Manager: 34
Private-Client Managers: 33 U.S. Private-Client Assets: $7.9 bil e-mail: csheehan@bostonprivate.com
U.S. Private-Banking Offices: 1
Clients Per Manager: 19 Minimum Account: $20 mil
Specialties: Fundamental research, portfolio construction,
U.S. Private-Banking Offices: 5 Median Account: $49 mil
tax-efficient management, all major asset classes.
Specialties: Traditional and alternative investment through Private-Client Managers: 12 34. Robert W. Baird
Website: www.troweprice.com
proprietary products or externally managed vehicles. Per- Clients Per Manager: 14-15 Rank ’08: 25
Tel: 866-291-7977, Josh Slater
sonal, estate, generational and retirement planning; U.S. Private-Banking Offices: 1 U.S. Private-Client Assets: $5.6 bil
e-mail: PrivateAssetManagement@troweprice.com
fiduciary, tax and philanthropic services. Specialties: Tax-efficient investment, extensive experience Minimum Account: N.A.
Website: www.glenmede.com in business, finance, taxation, and investments. Median Account: $7 mil Note: Data based on survey by Barron’s and estimates. Excludes institu-
tional and custodial accounts.