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Consolidation likely in global wealth management industry: report

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Consolidation likely in global wealth management industry: report

The wealth management industry is ripe for consolidation, with the largest 32 companies having together only 50% of the market, according to a report by JPMorgan cited by the Financial Times.

In contrast, in the business of fixed income, currencies and commodities, the biggest six firms have more than 60% of total revenues, the newspaper said.

According to the JPMorgan report, Swiss wealth managers are "best placed for consolidation" as they have the highest exposure to the wealthiest individuals in Asia, a region that produces at least one billionaire per week.

Wealth management is central to the business of Swiss banks such as UBS Group AG and Credit Suisse Group AG.