London has been ranked in the top three for private banking and wealth management success, according to PricewaterhouseCoopers.
The firm ranked London as the third most successful private banking and wealth management centre for its ability to attract private client assets.
In first place was Switzerland followed by Singapore. PwC said it expected London to hold its position over the next two years despite competition from New York and Dubai.
The PwC Global Private Banking and Wealth Management survey questioned 200 firms in 50 countries.
It also found UK firms expect revenue growth of 14 per cent in 2014, up from 11 per cent in 2013 and 56 per cent expect "significant consolidation" in the next two years. This compares to a global average of 34 per cent.
UK firms also expect to gain more clients from professional intermediaries as it moves away from providing products to delivering solutions and advice for clients
Suitability of advice and conduct of business were ranked as the two most rapidly-growing areas of risk for UK firms.
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Jeremy Jensen, EMEA leader of global private banking and wealth management at PwC, said: "Keeping ahead will be challenging and will heavily depend upon the fortunes of local and globally based UK private banks and wealth managers, who see several current barriers that they will need to overcome to achieve success.
"These include meeting increased regulatory demands, difficulty in changing their culture and behaviour, addressing process complexity and insufficient budgets. Managing the speed and effectiveness of change will be key."

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