Private banking: What to focus on?
Which products/services do you see most demand for?
Since every client has different risk/return needs and all are in various stages of their life, there is never one product or service that is needed most. Having said that, we have seen continued increased demand for alternative investments (eg Asian private equity managers, Indian real estate, or concentrated hedge fund managers) and a much-increased focus on fiduciary capabilities. Because our clients have wealth that will generally outlive them, they have a serious need to plan for evergreen co-trustees (corporate co-trustees), philanthropic missions that will span centuries, and family governance structures that can maintain legacies and reduce family infighting.
The product/services demand is still driven by structured products and alternative investments, but it is clear that customers are more likely to switch from risk averse versions to risk enhancing versions as markets show an upward trend.