UK private banks, historically little more than a way for wealthy clients to get a personalised banking service, are diversifying successfully into wealth advice and investment management, according to a new survey.

The study, from wealth management consultancy Tulip, found that nearly a third of the UK's wealthy now use their private bank to run their money as well as bank it. That number is up from 22% two years ago. The rise could represent 80,000 new clients for the banks, Tulip said.