Swiss banks hold third highest amount of funds in world: report

GENEVA, Jan 13, 2007 (AFP) – Switzerland is the world’s third largest asset manager with over 6,900 billion Swiss francs (5,532 billion dollars, 4,280 billion euros) deposited in the country’s bank accounts, the Swiss Bankers Association said on Saturday

Switzerland has a nine percent share of the global market, just below the United Kingdom with 10 percent.

The United States is far and away the world leader with a 41 percent market share, the association said in a report.

The Alpine state is the global leader in managing private fortunes, with 28 percent of the global market, the bankers noted.

Swiss bank UBS is also the world’s number one asset manager, followed by Barclays Global Investors and Allianz. Credit Suisse is ranked number 8, the report said.