Family Offices and Wealth Management Firms ranked by Assets Under Management

Bloomberg issued its first-ever rankings of Family Offices in 2011, a market space that’s heating up with top wealth management firms clamoring to ramp up with marketing and personnel. Included here is information from the Bloomberg rankings, supplemented with additional background about these firms that market their services to ultra high net worth individuals and institutions.

1. HSBC Private Wealth Solutions
Assets: $102 billion
New client minimum: None
Main office location: Hong Kong

HSBC Private Wealth Solutions says it assists wealthy families with cross-border, international wealth management and advice. HSBC is targeting the Asian market, touting on its web site that it is the first private bank to offer an independent private family office platform in Asia. HSBC also offers services such as art and design advisory services in addition to other personal services. HSBC says that when advising wealthy families with international interests it offers a specialized approach. “Not only should the tax, inheritance and wealth transfer implications of citizenship be considered, but so too must the regulations and laws of jurisdictions in which family members invest, work and reside.”

2. Bessemer Trust
Assets: $60.4 billion (As of Sept. 30, 2011)
New client minimum: $10 million
Main office location: New York

Founded in 1907, Bessemer Trust emphasizes that it is privately owned and that it boasts a small client to advisor ratio of 3 to 1. The form also says that average client has $25 million in assets under management. In addition to wealth management services, the firm offers estate planning, tax planning, family company advisory services, philanthropic advisory services and advisory services on real estate and insurance.

3) UBS Wealth Management
Assets: $34 billion
New client minimum: $100 million
Main office location: New York

Private Wealth Management is a business unit within UBS Financial Services Inc. and UBS Financial Services is a subsidiary of UBS AG, according to company information disclosed on its web site. UBS has 26 Private Wealth Management offices including offices in Atlanta, Bellevue, Charlotte, Boston, Chicago, Coral Gables, Dallas, Florham Park, Houston, Kenwood, Lincoln, Los Angeles, Louisville. Minneapolis, Naples, Nashville, Newport Beach, New York, Orlando, Palm Beach, Palo Alto, Philadelphia, San Francsico, Seattle, Stamford and Washington, D.C.  Investors with a minimum net worth of $25 million can consult with private wealth advisors at UBS, according to the firm’s web site. UBS Private Wealth Management, like its competitors, has been ramping up its presence in Asia in recent months to grab market share.

4. Wilmington Family Office
Assets: $26.5 billion
New client minimum: $10 million
Affiliation: Wilmington Trust/M&T Bank
Main office location: Wilmington, Delaware

Offices in Wilmington, Delaware and also Stamford, Conn. Wilmington Family Office specializes in financial management, tax and accounting issues and risk management.

5. Wells Fargo Wealth Management
Assets: $21 billion
New client minimum: $50 million
Main office location: Minneapolis

Wells Fargo will launch a new boutique brand catering to high net worth clients with $50 million or more in April 2012 called Abbot Downing. Wells Fargo is combining subsidiary Lowery Hill private asset management  and Wells Fargo Wealth Management to create Abbot Downing, which the company said would have 300 staff members.  Aside from an office in Chicago, Abbot Downing will open in offices in San Francisco, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Philadelphia, Charlotte, Winston-Salem, Raleigh, Naples, Jacksonville and Palm Beach. Wells Fargo, in its Abbot Downing announcement, estimated that that 10,000 U.S. households have $50 million or more in investable assets and together control $1 trillion. Abbot Downing takes its name from the 19th century New Hampshire builder of Wells Fargo signature stagecoach.

Asset Information and rankings provided by Bloomberg. Assets as of 08/2011.