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by chollida1
3572 days ago
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Some one is bound to mention PG's submarine article, http://www.paulgraham.com/submarine.html so it might as well be me. I mean yesterday we had an article about how Goldman was making its SecDB available to high networth individuals and today we've got another article about how UBS is targeting the same group. UBS hasn't traditionally been held in the same tier as Goldamn Sachs etc as far as trading and quant jobs go, but one area they do excel in is a more traditional banking are, Wealth management for high worth individuals. This is the area of the bank the article is talking about. They are trying to be for high worth people, what Wealthfront or Betterment is for middle class people in that they are trying to bring money strategies that previously were the area of hedge funds to high net worth individuals. |
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See p. 59 - http://www.goldmansachs.com/investor-relations/financials/cu...
p. 51 - http://www.goldmansachs.com/s/2012annual/assets/downloads/GS...
~10% YoY growth since 2010; Investment Banking has actually grown a bit quicker than that.
As much as the Volcker Rule has been watered down, it's still having a big impact on banks' ability to take on risk via their trading desks, so you're seeing them shift back into the classic businesses of making deals (investment banking), making rich people richer (private wealth), and making rich institutions richer (investment management in general).