Until recently the world of private banking and wealth management
in Europe was fairly cosy, both for bankers and their clients. The
super-rich handed over some of their spare cash to the banks.
These invested it on their behalf and with the utmost discretion.
In fact secrecy, rather than performance, was the order of the day.
But things are changing, not least because upstarts, large numbers
of them, are garnering wealth and starting to demand attention, and
performance, from their financial advisers.
Above all, the rise of a generation of newly affluent
investors, spurred on by the growing equity culture in Europe, has
forced banks to take a long hard look at the market and try to come
up with the right products and delivery channels to meet demand.
There are different definitions of a mass affluent individual, but
the most widely-quoted figure is anyone with $100,000 of...
