News just in today, Royal Bank has become the 7th largest wealth management firm in the world coming at $379 billion of fee-based assets. This is the first time the Royal Bank has every achieved this level. Yet another testament to Canada's handling of the global recession and having one of the world's most stable banking systems.
Rank Rank Firm Assets under Management
2009 2008 ($ billions)
1 1 Bank of America Corp. 1,741
2 2 UBS AG 1,594
3 7 Morgan Stanley 1,508
4 4 Wells Fargo & Co. 1,218
5 5 Credit Suisse Group AG 775
6 6 JPMorgan Chase & Co. 636
7 - Royal Bank of Canada 379
8 8 HSBC Holdings Plc 367
9 9 Deutsche Bank AG 272
10 10 - Pictet & Cie. 243
Interesting to note, Goldman Sachs Group Inc. and Citigroup Inc. dropped out of the top 10.
Also, a bit of trivia, what is the most profitable company in the world? If you answered Russsia's Gazprom you would be correct. The Russian oil and gas company generated $24.6 billion last year. Interesting to note, 49% of the company is owned by the Russian government.
In 2nd place, Exxon Mobile although having lost 57.4% of its value.
Finally, environmentalists will be pleased to know that BP came in as the 4th most profitable.
Interesting ... still oil companies dominating the top of the list ...
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