The wealth management industry reported an 11.7 percent decline in client business volumes (CBV) – a measure including assets under management (AUM) and loans – in 2022, according to the latest global wealth report from Boston Consulting Group (BCG).
The report said this was due mainly to shrinking AUM, which declined by 10.5 percent.
BCG argued the decline in AUM was driven by poor capital markets performance (-12.1 percent), which was only partly offset by an increase i...
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