Wealth / PB Review 4Q23/FY23

New arrival: AllianceBernstein Private Wealth The FY23 in-scope revenue for banks in this report reached $142bn, 9% ahead of FY22. The growth was driven by net interest income (which jumped 18% y/y, despite a slowdown in 4Q23) and, to a lesser extent, brokerage and discretionary fees. EMEA and APAC outperformed. Operating costs rose faster, however, lowering the aggregate pre-tax profit margin from 26% in FY22 to 24% in FY23. AuM surged 20% to $16tn, supported by strong net new money inflows, particularly from upper-bracket client segments.# In Jan-24, in a historic – and wise – move, the SEC simultaneously approved 11

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