The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Surveys

Private Banking and Wealth Management Survey 2013: A decade of private banking

Euromoney celebrates the 10th anniversary of its private banking survey this year. It has been a decade of changes driven by globalization and transparency. Despite a global financial crisis, a eurozone meltdown and a regulatory overhaul, the top-five global private banks have retained their standings.

Market volatility remained high in 2012 as the eurozone crisis intensified, fears persisted about China’s slowing growth, and the US offered its own uncertainties with an election and a fiscal cliff. For the world’s private banks, it was a continuing battle to find yield for clients and to protect their wealth from geopolitical risk – all in the face of increasing regulatory requirements and pressure to cut costs and increase revenues. The cost of compliance is 10% of the turnover of private banks and wealth managers, according to research by ComPeer. "With costs and the time that is required to be compliant with the tsunami of regulations that have been introduced over the last decade, only those truly committed are able to maintain a business today," says Bruce Weatherill, a private banking consultant and board member of ComPeer.

It is a marked change from when the first Euromoney private banking survey was published in January 2004. Back then the private banking industry was enjoying rapid growth. Survey participants reported growth in assets under management over 2003 to be 16.7%. This year participants reported annual AUM growth of just under 11%. In 2003, markets were reliably producing annual double-digit returns, M&A activity was everywhere, salaries were climbing and the biggest concern was how to keep a client’s money secret.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree