Asia flows drive rise in wealth-management assets

Asset growth in 2007 from the Asia-Pacific region has buoyed the worldÆs leading wealth-management firms despite difficult market conditions, says Scorpio Partnership, a London-based private banking consultancy.Despite the market upheavals unleashed by the US subprime mortgage crisis in summer 2007, with concomitant write-downs and liquidity crunches, the global wealth-management industry grew assets by 11.6% to $17.4 trillion. The biggest private banks gained the most, with three ban…