Rise in banks' total AUM

Money flows in the wealth management industry increased by 24.6% in 2005, according to the latest Private Banking Benchmark survey. The research found UBS had the most assets under management (AUM) with more than $1.3 trillion (£7.2bn), while money flows increased by 8.75% for the year. Citigroup hit $1.3 trillion, a rise of 14% and Merrill Lynch also topped $1 trillion. Wealth managers targeting high net worth individuals (HNWI) with a minimum investment of $1m also saw significant growth, according to the survey. UBS saw its business in this sector increase 29.96% to $966bn, while Bank...