UBS ranks No. 1 in the Euro 100, “Institutional Investor’s” ranking of the European money managers; the bank had EUR 1.92 trillion ($2.83 trillion) in assets under management at the end of 2007.
Its the 11th consecutive year when UBS takes the first place. Then goes Barclays Global Investors with EUR 1.40 trillion in assets at the end of 2007 followed by AXA with EUR 1.281 trillion.
Total assets managed by companies in the Euro 100 fell by 1.74 % in 2007, to EUR 20.29 trillion. That’s the first drop in assets since 2002 and represents a stark reversal of fortune after the recent boom, which saw assets grow by 9.6 % in 2006 and 21.5 % in 2005.
With assets and fees falling, many observers expect a shakeout in the industry as banks seek to raise cash by selling asset managers; just last month BNP Paribas bought the asset management unit of Fortis.
L.D.