January 2008
Private banking survey 2008: When the ultra-wealthy bump into the sub-prime
Private banks attached to investment banks have benefited from the access to balance sheet and innovative products that the relationship provides. But with Wall Street suffering dramatic losses as a result of sub-prime mortgage exposure, will that relationship be the private banks’ downfall? Helen Avery reports.
The world's best private banks: Private banking survey results index Private banking 2008: Methodology Press release 8 January More on the Private banking surveyGoldman seeks brand expansion | Morgan Stanley’s Gorman faces up to his latest challenge | Julius Baer’s pure play pays off | Latin American banks work hard to keep up with demand
WHEN UBS ANNOUNCED that it would be selling a stake to investors in Singapore and the Middle East in December, it highlighted the vulnerability of private banks that have investment banking businesses attached to them. As UBS’s chief executive, Marcel Rohner, put it during the announcement: "An investment bank can and will incur losses. But it should never drag the whole group into loss-making territory. Wealth management clients don’t like this uncertainty."...
More information on private banking and wealth management poll
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