RIVALS for the RICHE$T Five Firms Fight It Out For the Wealthiest Clients
On Wall Street, August, 2006 by Tony Chapelle
They have thrived on high-net-worth and ultra-high-net-worth clients-generally customers with assets of $10 million or more-long before those labels were in vogue. Bear Stearns, Credit Suisse, Deutsche Bank Alex. Brown, Goldman Sachs and Lehman Brothers have earned their elite status because of their high-end customers, superior levels of broker production and tony bank pedigrees.
And they've done so with fewer advisers compared to the sales forces of giant financial services firms like Merrill Lynch and Morgan Stanley. But some observers question the growth prospects for the group as a whole. These firms suffer from a lack of scale, says Michael Campbell, former retail chief at Donaldson Lufkin & Jenrette and Credit Suisse First Boston. "The bigger firms [such as Merrill]...
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