The curtains have almost come down on 2014, and it has been an exciting year to say the least. I feel fortunate to have taken the Editor’s seat at PBI in this particular year.
The last 12 months have been quite a roller coaster ride for private banks and wealth managers across the globe, and it has been equally exciting for me to have come into my new role and gauge the various (old andnew) dynamics of the industry.
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The year 2014 has been one of changes and adjustments in private banking. More industry consolidation, more technological advancements, more do’s and don’ts from the regulators, more transparency – simply more for banks, wealth managers, family offices and vendors across the world to keep pace with.
Unorthodox strategies are coming into play and competition is coming in from nontraditional quarters. Nothing is as it was even a few years ago.
The year 2014 has also greatly been about social and political events impacting economic activity in a direct manner. This has had a trickle-down effect on the respective wealth markets in certain countries, which has been interesting to witness. The most prominent example is Russia with its interests in Ukraine.
Change of government has also impacted economic forecasts for certain countries such as India with its new Narendra Modi government. Talks about the next general election in the UK, that will take place in May 2015, and its potential impacts on the economy are already rife – as are talks around new wealth taxes being introduced.
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By GlobalDataOur last PBI issue of 2014 encapsulates the flavour of the year gone by. There is the annual round-up piece, which succinctly highlights key trends that have emerged.
There is also a 2015 outlook for millionaires, that has been put together by PBI’s sister company, WealthInsight.
Through 2014, noises about the rivalry between Singapore and Switzerland, as the biggest global wealth hub, were heard loudly.
PBI, with support from Omgeo, put together a whitepaper, ‘The evolving private banking markets in Switzerland and Singapore: comparable or contrasting?’ to understand this much talked about ‘rivalry’ better. Some major findings of the whitepaper are detailed in this issue.
The Swiss private banking market itself has had to focus on transparency and move away from its tax haven reputation this year, due to US regulators cracking down on banks with fines and inquisitions. Many are worried this is damaging Switzerland’s global attractiveness. Three of Switzerland’s banks – Pictet, Mirabaud and Lombard Odier – for the first time in over a century, had to publicly report results, and some even had to change their legal structure.
An executive round table was organised in Zurich by PBI to discuss these current industry issues with select representatives from private banks, as well as reveal findings from the above-mentioned whitepaper. An exclusive panel discussion was organised that threw up various opinions and solutions. An overview of the day highlights essential, industry insights.
Moving on to the other side of the world, with wealth in Latin America increasing and markets in the region becoming more mature, we have put together a country survey that reveals useful nuances about Mexico’s private banking industry. We also have an informative comment piece about the wider LatAm wealth landscape.
Finally, I would urge you, our readers, to give us your feedback. I am keen to hear any suggestions that you may have. Season’s greetings from team PBI and wish you all a happy, prosperous and wealthy 2015.
Meghna Mukerjee is the editor of Private Banker International
meghna.mukerjee@uk.timetric.com
