The PAM Global 50 ranking has revealed that the assets of the world’s largest wealth managers grew from $13.01 trillion to $14.79 trillion over the course of 2019 – an increase of 13.7 percent.

Bank of America (BoA) had the largest AUM growth of all ranked firms in absolute terms, its assets rising from $1,021 billion to $1,275 billion – a $254 billion increase in 2019. This enabled BoA to overtake Morgan Stanley and claim the title of the world’s largest wealth manager, despite its rival’s considerable $221 billion increase in AUM to $1,267 billion.

UBS, as the world’s largest global wealth management busin...