Growing Pains: Bär–BAML Deal Highlights IT’s Role in Wealth Management Consolidation

Private banking and wealth management, which historically value high-touch service and relationships, can be counted among the technology skeptics within the broader financial services industry. As investment banking margins have shrunken over the past few years, wealth management has also become a prime target for acquisition and consolidation.

The trend is expected to continue according to the June 2011 biennial survey of managers by PricewaterhouseCoopers, which found that 30 percent of wealt