Private banks: BofA ranks No 1

The top five firms in the private banking industry still come from America and Switzerland, led by Bank of America Merrill Lynch in first place with $2.1 trillion (£1.3trn) of assets under management, according to the annual Private Asset Managers Global 50.

Britain's HSBC is in sixth place on $377bn, a long way behind the top five, which all have about $1trn or more.

Wealth management is increasingly seen as a reliable revenue stream as investment banking comes under pressure, with Goldman Sachs saying this week it planned to expand in private banking.