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Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial assets.
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.
Private banks have a long tradition in Switzerland, dating back to at least the Revocation of the Edict of Nantes (1685). Private banks also have a long tradition in the UK where C. Hoare & Co . has been in business since 1672.
Bank of America Merrill Lynch United States: $1,080 billion 3 Morgan Stanley United States: $1,045 billion 4 Credit Suisse Switzerland: $792 billion 5 J.P.Morgan Private Bank United States: $526 billion 6 Citi Private Bank United States: $460 billion 7 BNP Paribas France: $436.7 billion 8 Goldman Sachs United States: $394.3 billion 9 Julius Baer
Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
The role was created by large-capitalization private equity groups when the importance of driving corporate change to add value increased as sellers became more sophisticated and financial engineering less central to private equity investments in the 2000s. [1]
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