Here is the latest roundup of quarterly results from wealth management operations around the world, both stand-alone entities and parts of larger banking groups. Note that data can be revised due to subsequent announcements.

Here is a summary of
results from private banks and other wealth management firms in North America,
Asia, Europe and other locations. Note that
not all the institutions are exactly comparable and may report their wealth
management business in different ways. The figures may be revised at a later
date as more figures come in.

JP Morgan

Private banking revenue rose 13 per cent in the first
quarter of 2013 from a year ago, to stand at $1.4 billion. Assets under
supervision across the whole banking firm achieved a record level of $2.2
trillion, a rise of $158 billion, or up 8 per cent, from the prior year. Assets
under management were a record $1.5 trillion, an increase of $101 billion, or
up 7 per cent, due to net inflows to long-term products and the effect of
higher market levels, partially offset by net outflows from liquidity products.

Custody, brokerage, administration and deposit balances were
$688 billion, up $57 billion, or 9 per cent, due to the effect of higher market
levels and custody and brokerage inflows.

Goldman Sachs

The firm reported total net revenues of $10.09 billion for
the first quarter ended March 31, up 9 per cent from $9.23 billion in the final
quarter of 2012 and up 1 per cent year-on-year. Net earnings fell from $2.89
billion at December 31, 2012, to $2.26 billion in the first quarter of 2013, a
decrease of 22 per cent for the quarter. Net earnings were, however, up 7 per
cent on the previous year (Q1 2012: $2.10 billion).

Net revenues in investment management were $1.32 billion for
Q1 2013, a rise of 12 per cent from the first quarter of 2012, but 13 per cent
lower than for the fourth quarter of 2012.

During the quarter, assets under supervision rose $3 billion
to $968 billion, reflecting net market appreciation of $12 billion - primarily
in equity assets, the firm added.

Total assets under management ended the first quarter of
2013 at $860 billion. This is up from $854 billion in the previous quarter.

Wells Fargo

Net income at the wealth, brokerage and retirement division
dropped 4 per cent from $351 million at the end of December 2012, to end the
first quarter of 2013 at $337 million. Year-on-year, however, net income in
this division is up 14 per cent.

The wealth, brokerage and retirement division of Wells Fargo
includes the Abbot Downing division, which caters to ultra high net worth individuals
and families.

During the first quarter, total revenue rose by 3 per cent
to $3.2 billion, while non-interest expense increased 5 per cent from Q4 2012.
The latter result was primarily due to the seasonal impact on personnel
expenses, higher deferred compensation expense (offset in trading income) and
increased broker commissions.

Northern Trust

The firm
reported net income at $164 million for the first quarter of 2013, up 2 per cent
year-on-year from $161.2 million, but down 2 per cent from $167.7 million in Q1 2012.
“Trust, investment and other servicing fees, which represent 65 per cent of our revenue,
grew 10 per cent compared to last year and assets under custody and under
management grew 9 per cent and 13 per cent, respectively, compared to last year,” said
Frederick Waddell, chairman and chief executive.

Bank of America

The bank
reported that net income at its global wealth and investment management division rose
31 per cent from $550 million at end-March, 2012, to $720 million for the first
quarter of 2013. On a consecutive quarter comparison, net income in this segment rose
by $144 million between end-December, 2012, and end-March, 2013. Assets under
management stood at $745.3 billion at the end of March, 2013, up from $698.1
billion at the end of December, 2012, and further up from $677.6 billion a year ago. The bank
said it posted record asset management fees of $1.6 billion, up 9 per cent from the
year-ago quarter.

Morgan Stanley

The banking
group, which recently agreed to spin off part of its non-domestic wealth management
business to Credit Suisse, said its global wealth arm logged pre-tax income from
continuing operations of $597 million in the first quarter of 2013, up from $403
million a year ago. The quarter's pre-tax margin was 17 per cent; net revenues for
the quarter were $3.5 billion compared with $3.3 billion a year ago. Income after
the non-controlling interest allocation to Citigroup and before taxes was $476 million.
(This point refers to Morgan Stanley’s wealth management joint venture with
Citigroup. Reports have said the firm may buy 100 per cent of this JV from
Citi.) As reported
in late March, Morgan Stanley sold its Europe, Middle East and Africa private
wealth management business in the UK,
United Arab Emirates and Italy
to Credit
Suisse. The financial size of the transaction, expected to be completed in the third quarter
of this year, was not disclosed by Morgan Stanley. Credit Suisse said the acquired
business had a total of $13 billion of assets.

BNY Mellon

Assets under
management hit a record $1.4 trillion at March 31, 2013, an increase of 9 per cent
compared with the prior year and 3 per cent sequentially. Both increases primarily
resulted from net new business and higher market values, it said, as long-term inflows
totaled $40 billion and short-term outflows came to $13 billion for Q1 2013.
Long-term inflows benefited from liability-driven investments, as well as
equity and fixed
income funds. BNY Mellon reported that investment and other income fell from $139
million in Q1 2012 to $72 million in the first quarter of 2013, while the amount was $116
million in the final quarter of 2012.

Citigroup

Private
banking revenues rose by 5 per cent year-on-year to $629 million in the first three months
of 2013, with growth driven by North America and Asia.
The firm provided few
other specifics on its private bank operations. The bank as a whole, across all
divisions, reported net income for the first quarter of $3.8 billion, or $1.23 per diluted
share, on revenues of $20.5 billion. This compared to net income of $2.9 billion, or
$0.95 per diluted share, on revenues of $19.4 billion for the first quarter 2012.

UBS

The pre-tax
profits at the wealth management arms of UBS both in the Americas and other regions
of the world rose in the first three months of 2013 from the previous quarter,
while new business inflows in some segments rose to pre-2008 crisis highs. At Wealth
Management – the segment not including Wealth Management Americas - pre-tax
profit was SFr664 million ($708.9 million), up from SFr398 million, a 67 per cent
quarterly increase; adjusted pre-tax profit was SFr690 million, up from SFr415 million.

Wealth
Management Americas profit before tax was $251 million compared with a profit before
tax of $216 million in the prior quarter. It reported a record adjusted quarterly
profit before tax of $262 million in the first quarter of 2013 compared with an adjusted
profit before tax of $219 million in the prior quarter. UBS said the profit improvement
reflected a 3 per cent decrease in operating expenses, mainly due to lower charges
for provisions for litigation, regulatory and similar matters. Net new money
continued to be strong and improved to $9.2 billion.

Credit Suisse

Private banking
and wealth management arm logged net revenues of SFr3.303 billion ($3.49
billion) in the first quarter of 2013, a 5 per cent year-on-year fall, while
pre-tax income stood
at SFr881 million. The drop in net revenues was primarily driven by the partial sale
of an investment in Aberdeen Asset Management last year, and lower net interest
income, partially offset by slightly higher recurring commissions and fees. Transaction-
and performance-based revenues were stable compared to a year ago. Among the Wealth Management Clients unit, there was a pre-tax income of
SFr511 million, with stable net revenues of SFr2.250 billion compared to the same
quarter a year ago, reflecting higher recurring commissions and fees and other
revenues, which offset the adverse impact of the ongoing low interest rate environment.

Julius Baer

To be
announced on 15 May, 2013.

Deutsche Bank

The asset and
wealth management area saw net revenues increase by €88
million (8 per cent) in the first quarter of 2013, compared to the same period
in 2012.
Discretionary portfolio management and fund management net revenues increased by
€37 million (8 per cent), while net revenues from advisory and brokerage services
increased by €15 million (8 per cent), driven by higher wealth and private client
activity levels. In credit products, revenues decreased by €8 million (8 per
cent), due to
reduced lending volumes mainly in Asia and the Americas.

Commerzbank

The German
bank logged a loss of €24 million ($31.4 million) in the first three months of
this year due to previously announced restructuring costs of €493 million, compared with
a loss of €225 million in the previous quarter. Revenues rose by 4.7 per cent from
the previous quarter; operating expenses fell by 2.9 per cent from the previous
three months. Commerzbank attained an operating profit of €469 million (Q4 2012:
loss of €40 million). The reasons for the increase over the previous quarter were higher revenues,
lower loan loss provisions, as well as lower costs.

Societe Generale

The private
banking arm increased its contribution to group net income to €43 million ($56.3
million) in the first three months of this year, up from €36 million in the
same quarter of
last year. Separately, the French banking giant said it planned a further €900 million
of cost savings in the period to 2015. Assets under management at the private
banking arm reached a total of €87.9 billion at the end of March, a rise of 2 per cent from
the end of December last year. This increase was driven by an inflow of €300 million,
and a market effect of €3.7 billion, while there was a negative foreign exchange
impact of -€2.2 billion.

BNP Paribas

The
investment solutions arm – the division containing much of its wealth management
business – logged a rise in assets under management of 1.9 per cent in the first
three months of the year compared with a year before, standing at €906 billion
($1.184 billion). The rise was due primarily to a positive performance effect driven by the
rise in the financial markets. Net asset inflows were €3.1 billion with “very good
inflows” at the wealth management business, especially in Asia
and in the domestic
markets. Other parts
of the investment solutions division, such as insurance in France, Asia
and Latin America, also had strong asset inflows, along with
personal investors, especiallyin Germany.

HSBC

The private
banking segment of HSBC recorded a pre-tax loss of $125 million in the first three
months of 2013, a sharp decline compared to its profit of $286 million from a year ago,
and its profit of $230 million from the previous quarter. The bank's cost/efficiency
ratio surged, standing at 127.5 per cent in the first quarter of 2013 compared to
71.1 per cent in December 2012, and 64.8 per cent in March of the same year. “The
first quarter loss for global private banking was caused by a number of one-off
items, notably the write-off of goodwill on some non-strategic assets.

Excluding the
impact of these one-offs, profit before tax was marginally lower than the last
quarter of 2012. Assets under management were broadly stable compared with end of
December 2012.”

Barclays

The wealth
and investment arm of UK-listed banking group Barclays - which recently announced
top-level management changes - said it made an adjusted pre-tax profit of £60 million
($91.6 million) in the first three months of 2013, a 20 per cent rise from a year ago.
However, the first-quarter profit fell from £105 million in the previous three months to the
end of December 2012.

Lloyds Banking Group

The bank
announced it was selling retail and private banking operations in Spain;
it reported an
underlying profit of £1.479 billion ($2.289 billion) in the first three months of
2013, up sharply from £497 million a year before. The bank, partly owned by the UK
taxpayer, logged a statutory profit before tax of £2.040 billion (Q1 2012: £280
million).

Royal Bank of Scotland

The wealth
arm of RBS – which includes its flagship Coutts private banking arm - posted a
pre-tax, operating profit before impairment losses of £61 million, up from £53 million a
year before. Its cost/income ratio in Q1 was 78 per cent, vs 82 per cent a year earlier.
AuM, excluding deposits, were £30.8 billion, up 7 per cent from the end of 2012.

DBS

The
Singapore-based banking group posted its 11th consecutive quarterly earnings rise in the
first quarter of 2013, up 2 per cent from the previous year and 25 per cent from the
preceding quarter. Net profit for the three months to 31 March 2013 hit S$950 million
($770 million) as total income grew 18 per cent from Q4 2012 to S$2.32
billion on strong deposit and loan performances. Net interest income went up 3 per cent
from the prior quarter to S$1.33 billion, while non-interest earnings soared 49 per cent
to a record S$990 million.

OCBC

It posted a
16 per cent drop in after-tax net profit for the three months to 31 March, compared to
the previous year, to S$696 million ($564 million). Net interest income declined by 4
per cent from S$591 million from a year ago to S$912 million, as revenue from
asset growth was offset by a persistently low interest rate environment and the re-pricing
of housing loans in the city state as market competition grew.

On the
upside, fee and commission income went up 15 per cent from S$274 million last year to
S$316 million, driven by strong wealth management, loan-related and fund
management performance. The group's first quarter 2013 revenue from overall wealth
management activities remained stable year-on-year at S$520 million, with wealth
management contributing 33 per cent to the firm's total revenue for the period, the banking
group said in a statement. OCBC's private banking unit also expanded by 27 per cent,
with assets under management growing from $35 billion in the previous year to $44
billion as of 31 March.

ANZ

Australian
and New Zealand Banking Corporation posted a 7 per cent rise in after tax profit in the
first half of 2013, compared to the previous half-year period in the bank's financial
calendar, helped by strong returns from its Asian banking businesses and global wealth
operations, among others.