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. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
BANKING

Private banking: Global managers lose their shine

Global wealth managers lose out to local players; Client expectations set to change playing field

A survey of high-net-worth clients and wealth management executives reveals a large gap between their perceptions. The report, Wealth management after the crunch, shows that while about 80% of wealth management executives believe they have performed well, only 20% of clients agree.

As Euromoney went to press, some large international banks were bidding on private banking units being put up for sale at the insistence of EU competition authorities following state-support operations. These include the private banking business of ING and Kleinwort Benson, which Commerzbank is auctioning off. It’s to be hoped these bidders know what they are getting themselves into.

What about me?

Consultant Bruce Weatherill, co-author of the report, says it is not just a case of clients being upset at performance during the market collapse since the survey was conducted in April and May this year. "Things that wealth management firms claim to offer are being called into question. Clients are asking themselves: ‘What has my wealth manager really done for me?’," says Weatherill. As a result, 40% of the 150 clients surveyed said they are thinking of changing their wealth manager.

Weatherill says it is the global players that are losing out.

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