Bank holding companies raked in $118.4 billion in wealth management income in 2011, up 1.35% from $116.9 billion in 2010, according to the just-released Michael White - IPI Bank Wealth Management Report.

The increase comes despite a lackluster fourth quarter in which wealth management income swooned to $26.11 billion, down 17.8% from $31.75 billion the year before and the industry's weakest quarter since the beginning of 2009.

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