THE global top 20 “mega-wealth managers” have rebounded strongly after their assets under management (AUM) grew 10.9 per cent last year, according a survey of the industry.
Swiss bank UBS reclaimed the top spot among private banks, edging out rival Bank of America which slipped to number two on research group Scorpio Partnership’s annual Private Banking Benchmark.
The growth among the top 20 outpaced the 200 wealth managers the company has tracked for the survey for 12 years, where AUM grew 8.7 per cent to $18.5 trillion (£12.5tn).
Lena Wilson’s firm buys drugs tester
INTERTEK, the FTSE 100 industrial giant for which Scottish Enterprise chief executive Lena Wilson is a non-executive director, has bought a drug testing company.
More than 80 scientists from Cambridge-based Melbourn Scientific will join Intertek under the deal.
Privately-owned Melbourn, which was founded 24 years ago, turned over about £4 million last year.
Intertek remained tight-lipped over how much it had paid for the firm, which tests asthma drugs and equipment such as inhalers and nebulisers.
Harbour trust eyes renewables work
EYEMOUTH Harbour Trust has hired alternative energy consultancy Caithness Renewables to draw up a report on how the Borders port can capitalise on the growing offshore wind industry.
Grahame Sinclair, chairman of the trust, said that the harbour was suited to serve “survey companies, vessel operators and workboats for crew transfer” working on potential projects including Mainstream Renewable Power’s Neart na Gaoithe offshore wind farm, Seagreen Wind Energy’s Firth of Forth scheme and the Repsol-EDPR Inch Cape site.