Bloomberg -- UBS AG, the Swiss lender shrinking its investment banking business, overtook Bank of America Corp. to top a ranking of the world’s biggest wealth managers compiled by Scorpio Partnership.

UBS boosted managed assets by 9.7 percent to $1.7 trillion in 2012 as it benefited from clients invested in emerging markets, the London-based research company said in a study of more than 200 firms published today. That outstripped a 5.9 percent gain to $1.67 trillion at Bank of America.

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