Switzerland enjoys a bumper year
|
“Above all in this business you need patience and that is something you have to learn. Building this sort of business is very different to building a transaction business”
Pierre de Weck, Deutsche Bank |
THESE ARE GOOD times to be a private bank in the UK. Private banking and wealth management is booming. London continues to attract the newly mega-rich from such countries as Russia and India.
These resident non-domiciled clients are classic private banking clients. Likewise the old money of the landed gentry. But there is also a new generation of entrepreneurs springing up all over the country.
Latest research from McKinsey shows that the industry is enjoying average pre-tax margins of more than 35% and a growth rate twice that of retail banking. Profits in 2005 grew by 23%.
McKinsey also says that there is still big potential for growth, with only...
