Preview of the Private Banker International Wealth Summit and Awards 2009.
No doubt the financial crisis has hit private banking revenues, but WilliamCain, Editor of PBI, believes that the declines in revenue and profit have been generally milder, certainly compared to other financial sectors, but also many non-financial areas as well.
He said: "That's part of the reason many companies and individuals are setting up wealth management firms because the recurring revenues generated by fees are seen as a good way of withstanding wildly fluctuating economic conditions."
"There is also evidence that demand for structured products are increasing, which are big fee-earners for private banks. Though these received a fair amount of criticism during the crisis, particularly following the collapse of Lehman Brothers and AIG and subsequent problems with their structured products, they offer investors a way of dipping their toes back into volatile markets while protecting their capital to a certain extent," he added.
But has the investment landscape changed? And what do high net worth clients really want post-crisis?
According to Cain, clients are waking up to the idea that they need to get independent advice, which is driving an increasing shift towards open architecture in the industry.
"A number of firms are moving in this direction. Recommending other firm's products isa tough commitment at a time when margins are being squeezed. But it will become more and more important in this new era of transparency," he said.
"It's David against Goliath in the wealth industry - and at the moment, David's winning. The evidence is that smaller, boutique wealth managers serving clients with US$500,000 to US$20 million are the winning business models."
"But we write off the big hitters in the industry at our peril. These businesses have huge scope to cut costs in the coming years, particularly after consolidation, and we write them off at our peril," says Cain.
Still, the main challenge facing the private banking industry is compliance with the raft of new legislations being introduced at national and international levels. And one of the areas wealth managers, particularly in the ultra high net worth space was found to be lacking is their ability to give their clients a snapshot of their entire holdings. This client reporting discipline, says Cain, is an area where there is big room for improvement.
These issues and more will be discussed at the summit with an international panel of speakers from Europe, the Americas and Asia.
Hear from speakers such as:
Chris Meares, CEO, HSBC Group PrivateBanking
Daniel Truchi, Global CEO, SG Private Banking
Thomas Meier, CEO Asia, Middle East and Eastern Europe, Julius Baer
Francois Monnet, Head Private Banking Southeast Asia and Australasia, Credit Suisse
Markus Kobler, COO, Julius Baer
Samuel Luft, Global Chief Market Strategist, Folio Asset Management
John Ricciardi, Partner, Iveagh Ltd
James Benoit, CEO, Afrasia Bank
Flavio Souza, CEO of International Private Banking, Itau Private Bank
Leonardo Drago, Chief Investment Officer, AL Wealth Partners
James Sellon, Managing Partner & Co-founder, Maseco Financial
Catherine McDowell, MD, ANZ Private Bank
Meet your peers from organisations such as:
ABN AMRO Private Banking, Afrasia Bank Limited, Allianz Global Investors Singapore Limited, ANZ Private Bank, Bangkok Bank, Bank Julius Baer, Barclays Wealth, CIMB Investment Bank, CIMB Niaga, Commonwealth Bank, Credit Agricole, Credit Suisse, Ernst & Young, HSBC Private Bank, ING Private Bank, Iveagh Private Investment House, Julius Baer, Karllestone Capital, Kasikorn Securities, Maybank, Karllestone Capital, Oracle Capital Advisors Ltd, PricewaterhouseCoopers, PT Bank Central Asia Tbk, PT. Bank Mandiri (Persero), Tbk., RBS-ABN AMRO, Religare Macquarie, Saxo Capital Markets, SG Private Banking, Siam Commercial Bank PCL, Standard Chartered Private Bank and UOB.
About Private Banker International Wealth Summit
The 19th Private Banker International Wealth Summit & Awards Dinner 2009 is organised by VRL Financial News - a unique global brand renowned for innovative, independent thinking in financial services and professional services markets. We offer over 25 years' experience in the provision of authoritative, value-added information, research and analysis via newsletters, news services and magazines, research reports, conferences and other events. Please visit www.vrlknowledgebank.com.
Source: Private Banker International Wealth Summit
Titien Ahmad (Ms) Regional Director, Asia Pacific VRL Tel: +65 6383 4688 HP: +65 9478 6908 / +60 (0) 12 344 6908 firstname.lastname@example.org Rosemary Pang (Ms) Media Relations VRL Tel: +65 6383 4688 email@example.com
Copyright 2009 ACN Newswire. All rights reserved.
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|Date:||Sep 24, 2009|
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