Off With Their Heads! Bank Of America Dethrones UBS

U.S.-based Bank of America Corp. knocked Switzerland's UBS AG off the top spot as the world's largest private-banking group, while the industry which manages the wealthy's funds saw assets shrink by an estimated $2.9 trillion last year, according to an expert study presented Monday.

Switzerland's UBS ceded the top spot to the U.S. bank, which gained assets from its September purchase of rival Merrill Lynch & Co., in an annual study compiled by Scorpio Partnership, a London-based wealth management consultancy.

"Although UBS experienced significant difficulties during 2008, it is notable that it remains in second spot and is effectively still the largest non-U.S. international wealth manager," Scorpio said in a statement.

The backing is a vote of confidence for UBS, which was hit in 2008 because write-downs and losses in its investment bank began seeping into and infecting its flagship private bank. Zurich-based UBS' private bank suffered 123 billion Swiss francs ($113.89 billion) in withdrawals last year, which have continued in the first two quarters in 2009…...


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