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Global private banking profits continue feel the squeeze, even as AUM rise

Unwieldy operating costs continue to impact private banks’ bottom lines, even as industry assets under management and net new money have increased over the past year, according to Scorpio Partnership’s latest industry report.  Specifically, average pre-tax profits for private banks globally increased by 5.3% in 2012, down from 12.3% in the previous year. That’s in spite of an 87% jump…

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