Private banking CEO roundtable: Has the volatile year in markets and economic uncertainty led clients to move money offshore or onshore?
Private banking CEO roundtable participants
PdW, Deutsche There are some trends of clients in problematic countries in the eurozone moving money outside their home country in fear of a worsening crisis or the potential break-up of the euro.
TK, Barclays We haven’t seen much change. Clients want the flexibility to book in London, Singapore, Geneva or New York; those core booking centres continue to draw the bulk of client money.
JF, Citi With political volatility and economic uncertainty, clients are looking for places like London, New York and Singapore to book their money. Diversifying currencies away from the euro is also happening. Many European clients are buying property in London, for example. It’s also about where the opportunities are. Brazilian clients, for example, are happy to have their money in Brazil.
George Lewis, RBC