Crisis calls for rethinking in wealth management
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EUROFORUM Schweiz AG / Crisis calls for rethinking in wealth management processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
9th Private Banking Summit, 1-3 September 2010, Gottlieb Duttweiler Institute,
Zurich
www.private-banking-summit.com/
* Declining margins in wealth management
* Clients want capital preservation and inflation-protected returns
* New cross-border banking world is changing the product range
Zurich/Düsseldorf, 23 June 2010. The transnational business with private clients
is undergoing massive changes. The days of tax arbitrage are over, and experts
are predicting a further increase of cutthroat competition in the private
banking sector. Bank managers have also observed changes in clients' investment
philosophies: customers now demand quality, security, simplicity and more
transparency for the products. The focus is on capital preservation, as the days
of "buy and hold" investment strategies are over. (Schweizer Bank, April 2010).
In view of the complex range of investment decisions, customers have become more
critical of consulting services - and with increasing uncertainty, clients are
also more willing to change services.
Meeting point for the private banking industry in Zurich
The 9th European Private Banking Summit will focus on ways in which private
banks are adapting to the new world of private wealth management. From 1 to 3
September 2010, over 30 top specialists from the international banking world
will meet in Zurich. For example, Rolf Bögli (Head of Private Banking
Switzerland, Credit Suisse), Peter Flavel (Global Head of Private Bank, Standard
Chartered Bank), René Mottas (CEO Wealth Management Europe Hub, UBS) and
Alexandre Zeller (CEO, HSBC Private Bank Suisse and Country Manager Switzerland)
will speak about the future of private banking. Along with strategies for a
transformation of asset management, topics such as international cross-border
private banking, the war of talents, new developments in the family office area
and developments on the international financial markets are on the agenda.
International bank centres
For many banks, international activities are becoming increasingly important. In
his lecture, Flavel will cover the Asian private banking market. In Singapore,
for example, customer service in accordance with the European MiFID guideline is
standard. In the process, banks regulate themselves to a large extent. Although
Swiss financial companies are not subject to MiFID regulations, there are
certainly interfaces. On the one hand, subsidiaries of Swiss-based securities
companies located in an EEA member state must fully adhere to MiFID guidelines.
On the other hand, to avoid conflicts of interest, the regulations are valid for
entire corporate groups, including the Swiss headquarters. (Schweizer Bank,
April 2010).
Worldwide network of experts to meet customer expectations
Good advisors with sound expertise are urgently needed these days. In his
lecture, Rolf Bögli, Head of Private Banking Switzerland, will presents a model
for an integrated bank that meets the needs of a diversified customer base,
including what are known as "ultra-high net worth individuals", or people who
possess assets of more than 30 million US dollars. "The integrated bank provides
us with enormous opportunities, here. We can combine the special expertise
needed from the entire bank worldwide and offer a one-stop service to the
customer." Bögli cites the example of solution partners, who act as an interface
between the private banking, investment banking and asset management divisions.
They assist consultants around the world to find the best possible solution in a
fast and efficient manner, and are thus "a kind of ad-hoc project corresponding
to the concrete customer demand", explains the director of Private Banking
Switzerland for Credit Suisse. (Interview in Private, 1/2010).
UBS wealth management in the wake of the financial crisis
Once again this year, a representative from UBS will give a talk. René Mottas,
CEO Wealth Management Europe Hub, will present the UBS Bank's strategies
following the crisis, focusing, among other topics, on on-shore and cross-border
business. Ulf Buhne (CEO FIO Partners) will present business models for a modern
family office, and in the power talk directed by Claudia Gabriel
(Editor-in-Chief, Schweizer Bank), Alexandre Zeller will discuss expansion
strategies in turbulent times with Eduardo Leemann, CEO of the Falcon Private
Bank.
The full programme is available on the Internet at
www.private-banking-summit.com/
Contact:
Claudia Büttner
Director Press/Internet
EURFORUM
Prinzenallee 3
40549 Düsseldorf
presse(at)euroforum.ch
http://www.euroforum.ch
EUROFORUM Schweiz AG
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Datum: 23.06.2010 - 10:07 Uhr
Sprache: Deutsch
News-ID 22894
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