This hypothesis comes despite recent research to the contrary. A survey of the global wealth management industry delivered the verdict that large wealth managers handle much of the money accumulated by the high net worth community.

The top 20 global private banks manage nearly $9.2 trillion of private client assets, according to the survey, by London-based consultant Scorpio Partnership. "This represents 63% of the total market and challenges the widely expressed view the global wealth industry is fragmented," the survey said.