Merrill Lynch has come out on top in the annual private asset management awards run by wealth advisers Tru-Est, winning three categories and scooping the leaders' position from Goldman Sachs, which dominated last year's awards.

However Goldman, which lost UK wealth management chief Brett Lankester last month, still won the two ultra high net worth categories, which assess the service to individuals or families with at least $10m (€7.8m) in disposable assets.